Parking Problems: What Over Half of the Drivers in Seoul Suffers from

Parkhere

 

Parking Square Inc., a startup that services Parkhere, a real-time parking information/reservation service, launched an internal survey about the usage of parking lots and consumer perception.

According to the survey, 35% of drivers in Seoul “strongly agree” and 49.1% “agree,” that they are “hesitant to drive because of parking difficulties,” making up a striking 84.1% of the owner-drivers in Seoul who participated in the survey–drivers are certainly not satisfied with the status quo.

The top three areas in Seoul with the highest demand for parking are Gangnam (27%), Hongdae (12%), followed by Jongro (9%). Gangnam is a traditional financial district with heavy traffic, which draws a great demand for parking space, while Hongdae’s steep rise in demand is mostly from the population who seek eateries and places to hang out.

The most uncomfortable parking experiences in Seoul turned out to be from the high price for parking (63%), followed by the scarcity of parking lots (32%). Also, 77% of the participants answered the maximum distance between the lot and the actual destination to be 10-minute walk or less, revealing the most important factors of parking lot are price and accessibility.

Taesung Kim, the CEO of Parking Square Inc. mentioned, “It is profitable for parking lots when most of the lot spaces are taken, yet there are several lots that suffer from empty spaces” and that “Parkhere aims to solve this situation by reflecting opinions of both parking lots and owner drivers, and drawing out the fittest parking price for both parties.”

Parkhere, launched in October 2013, is a mobile service inducing a reasonable transaction between the parking lot and the drivers, by providing real-time parking information. The driver can safely claim a parking space conveniently and quickly with the information and different filters provided. Parkhere’s online transaction system also enables a flexible charging system which allows prices to be set at the intersection of supply-demand curves, ultimately benefiting both suppliers and drivers. The company has  successfully raised funding from The Ventures, Smilegate Investment, Mirae Asset Venture Investment, and KTB networks, and has arranged a strategic alliance with Kakao.   

Inspired by Platum

A curious learner of any kind. A student in Washington University in St. Louis, a UX/UI designer in Universiteam, a 4th year EN-KR translator and language localizer, a researcher in Cognitive Neuroscience, a travel lover who aims to tour around the world, a couchsurfer, an artist and a docent, a videographer, etc etc. If you are interested in what I do, check out my profile on Upwork here. Ye Jin can be reached at yej.lee@techforkorea.com.

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