Harvard Case - Airparking: Digitalizing Shared Parking
"Airparking: Digitalizing Shared Parking" Harvard business case study is written by Xiao Xiao, Chunmian Ge, Junhui Jiang, Ning Su. It deals with the challenges in the field of Information Technology. The case study is 10 page(s) long and it was first published on : Dec 1, 2020
At Fern Fort University, we recommend Airparking pursue a digital transformation strategy focused on building a robust, user-friendly platform that leverages technology and analytics to optimize parking availability, enhance customer experience, and drive sustainable growth. This involves a multi-pronged approach encompassing IT infrastructure development, data analytics, mobile application development, and strategic partnerships.
2. Background
Airparking is a start-up operating in the shared parking space, aiming to address the growing problem of parking scarcity in urban areas. They offer a platform connecting parking space owners with drivers seeking parking, utilizing a mobile app for booking and payment. The case study highlights Airparking's initial success, but also their challenges in scaling the business, managing operational complexities, and competing with established players.
The main protagonists are:
- Alex: Airparking's founder and CEO, driven by a vision to revolutionize urban parking.
- Maria: Airparking's COO, responsible for managing operations and ensuring smooth platform functionality.
- David: Airparking's CTO, focused on developing and maintaining the platform's technical infrastructure.
3. Analysis of the Case Study
The case study presents several key challenges for Airparking:
- Scalability: Airparking needs to expand its reach to more cities and parking spaces, requiring robust IT infrastructure and efficient operations strategy.
- Competition: Established players like ParkMobile and SpotHero pose significant competition, requiring Airparking to differentiate through innovative features and competitive strategy.
- Customer Experience: Airparking needs to improve user experience with features like real-time availability updates, seamless booking, and secure payment options.
- Data Management: Airparking needs to leverage data analytics to understand user behavior, optimize pricing, and predict demand.
- Financial Sustainability: Airparking needs to develop a sustainable business model to attract investors and achieve profitability.
To analyze these challenges, we can use the Porter's Five Forces Framework:
- Threat of New Entrants: High, due to the low barrier to entry in the shared parking space.
- Bargaining Power of Buyers: High, as users have many alternative parking options.
- Bargaining Power of Suppliers: Low, as Airparking can access a large pool of parking space owners.
- Threat of Substitute Products: High, as alternative parking solutions like public transportation and ride-sharing exist.
- Competitive Rivalry: High, due to the presence of established players like ParkMobile and SpotHero.
4. Recommendations
To address the challenges and capitalize on the opportunities, Airparking should implement the following recommendations:
1. Digital Transformation Strategy:
- IT Infrastructure Development: Invest in a robust and scalable IT infrastructure to support the growing user base and platform expansion. This includes migrating to a cloud-based solution for scalability and flexibility.
- Data Analytics: Implement a comprehensive data analytics framework to collect, analyze, and interpret user data. This will enable data-driven decision-making for pricing, marketing, and product development.
- Mobile Application Development: Enhance the mobile app with features like real-time availability updates, seamless booking, secure payment options, and user-friendly navigation.
- Integration with Other Services: Integrate the platform with existing services like navigation apps, ride-sharing platforms, and public transportation systems to enhance user convenience.
2. Strategic Partnerships:
- Collaborate with Parking Space Owners: Develop strategic partnerships with parking space owners to expand the network and secure exclusive deals.
- Partner with Cities and Municipalities: Collaborate with local governments to integrate the platform with their parking management systems and promote sustainable parking solutions.
- Strategic Alliances with Businesses: Partner with businesses to offer parking incentives to their employees and customers.
3. Marketing and Growth Strategy:
- Targeted Marketing Campaigns: Develop targeted marketing campaigns to reach specific user segments and promote the platform's unique features.
- Leverage Social Media: Utilize social media platforms to engage with users, build brand awareness, and promote special offers.
- Partnerships with Influencers: Collaborate with relevant influencers to reach a wider audience and build trust in the platform.
4. Operations Optimization:
- Implement an ERP System: Implement an Enterprise Resource Planning (ERP) system to streamline operations, manage inventory, and track financial performance.
- Optimize Pricing Strategy: Utilize data analytics to develop a dynamic pricing strategy that reflects demand and market conditions.
- Improve Customer Service: Implement a robust customer service system to address user queries and resolve issues promptly.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Airparking's core competencies in technology and its mission to revolutionize urban parking.
- External Customers and Internal Clients: The recommendations prioritize user experience and address the needs of both parking space owners and drivers.
- Competitors: The recommendations focus on differentiating Airparking from competitors through innovation, strategic partnerships, and data-driven decision-making.
- Attractiveness: The recommendations are expected to increase user adoption, improve operational efficiency, and drive profitability.
Assumptions:
- The market for shared parking will continue to grow in the coming years.
- Airparking will be able to secure funding to support its growth strategy.
- Airparking will be able to attract and retain talented employees to execute its digital transformation.
6. Conclusion
By implementing these recommendations, Airparking can achieve its goal of becoming a leading player in the shared parking space. The focus on digital transformation, strategic partnerships, and data-driven decision-making will enable Airparking to overcome its challenges and capitalize on the opportunities presented by the growing market.
7. Discussion
Other alternatives not selected include:
- Acquiring a competitor: This would provide immediate market share but could be expensive and risky.
- Focusing solely on a specific niche: This could limit growth potential.
Risks:
- Technological advancements: Rapid technological advancements could render the platform obsolete.
- Competition: Existing players could respond aggressively to Airparking's growth.
- Regulatory changes: Changes in regulations could impact the shared parking industry.
Key Assumptions:
- The shared parking market will continue to grow.
- Airparking will be able to secure funding.
- Airparking will be able to attract and retain talent.
8. Next Steps
- Develop a detailed implementation plan: This should include timelines, milestones, and resource allocation.
- Secure funding: Airparking will need to secure funding to support its growth strategy.
- Build a strong team: Airparking will need to recruit and retain talented individuals to execute its digital transformation.
- Monitor progress and adapt: Airparking should regularly monitor its progress and make adjustments as needed.
By taking these steps, Airparking can successfully implement its digital transformation strategy and become a leading player in the shared parking space.
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Case Description
Yueting Network Technology Company Ltd. (Airparking) was founded in Guangzhou in 2015 by a pair of former managers from a large, state-owned real estate company to solve a common problem in Chinese metropolitan cities: a severe lack of parking space. Airparking's business model, based on the sharing economy concept, allowed the company not only to optimize the distribution of parking spaces but also to increase the operational efficiency of parking lots through digital technologies and solutions. As the company grew, the founders pivoted their business model by spinning off an asset-management branch focused on financializing their digital technologies and parking facility management capabilities. By 2019, Airparking was a relatively mature regional start-up, and the co-founders were looking forward to future growth and looking for ways to scale both the Airparking platform and the related asset operation platform. Their dream was a ¥10 billion valuation for each.
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