The sharing economy is an increasingly popular concept where valuable assets, such as houses, clothing and parking spaces are shared among individuals. Value co-creation is a key term in the sharing economy, value is created for different sides of the marking by renting and renting out products. Mobypark is an online platform that offers shared parking as a solution to optimize the use of parking spaces in big cities, it is often referred to as the new AirBnB for parking. Owners of private parking spaces, individuals but also hotels, companies, universities, airports and hospitals can rent out their parking spaces at times they don’t need it. Individuals can easily find a car park through www.mobypark.com or by means of the mobile application.
The platform was developed based on the current customer journey, that starts with the consumer. Mobypark provides a solution to the parking problem many visitors of large cities or airports encounter. From the marketing it is clear directly that Mobypark focusses on their customers and the market and carefully take the business ecosystem into account. Mobypark does not want drivers to focus on parking but just want to provide a parking solution for individuals that want to have fun, parking with a smile. They have combined some of the car parks they offer with hotels, theatres, airport, and events, since parking is never the end goals of a driver. The parking platform of Mobypark is comparable to ParkingPanda and MonkeyParking presented earlier on this blog, both organisations allow people to profit from unexploited resources, however prices on Mobypark are set by the parking owners, they are not set by an auction.
I can hear you think, WOW this is a great idea, how does this work? As an individual looking for an available parking space, long-term and short-term, you go to the homepage of Mobypark and enter the city where you would like to find a car park, most popular cities at the moment are: Amsterdam, Paris, Rotterdam and Brussels. For the city of your choice you will find a list and map of available parking spaces, when they are available, and the price for your stay. You can reserve your parking place prior to your trip, or start searching once you need it and the payment is automatically transferred by credit card. On the other side of the network it is easy and free for parking owners to rent out their parking space: you become a member and indicate when and for what price you want to rent out your parking, Mobypark provides help on reasonable prices if necessary and encourage parking owners to provide photos of the parking space rented out. After the submission Mobypark reviews and approves the offer and from there on you can start renting out your parking place.
The platform of Mobypark is a two sided market that has two groups of users in one network, the parking owners and individuals renting car parks, and therefor have cost and revenue on both sides of the users. A small fee is added on the price of renting the parking place which is paid as service fee to Mobypark. Strong cross-side network effects occur due to the two sided market; the platforms becomes more attractive for drivers if multiple parking spaces are offered, and on the other hand offering available car parks becomes more attractive once the demand for car parks increases.
Mobypark helps drivers to quickly find a parking spot in big cities for low prices, to ensure that no valuable time is lost while parking. By increasing the amount of parking spaces offered in a city congestion, air and noise pollution are reduced and drivers have a more convenient driving experience. On the other side of the network Mobypark allows private parking owners to earn some extra money by renting out their unused parking spaces, a big WIN-WIN for everybody.
Eisenmann, T., Parker, G., & Van Alstyne, M. W. (2006). Strategies for two-sided markets. Harvard business review, 84(10), 92.
Mobypark,. (2016). FAQ. Retrieved 26 February 2016, from https://www.mobypark.com/en/faq/
Moreno, A. (2014). Parking Monkey: Getting paid for leaving!. Consumer Value Creation. Retrieved 26 February 2016, from https://consumervaluecreation.com/2014/05/11/getting-paid-for-leaving/