Build a product for parking (any parking not only cars)

This question is asking you to design a product related to parking. The question is deliberately vague to allow you freedom in demonstrating your creativity, problem-solving skills, and user-centric thinking. The question is not restricted to car parking. However, the 'product' could be physical, digital, or a service. You should consider the problems around parking to identify a specific problem your product will solve. You might find it helpful to use a structured approach like the five steps of Design Thinking: Empathize, Define, Ideate, Prototype, and Test.

Key points to cover in your answer might include:

1. Defining the problem: What are the challenges related to parking that your product will solve? Consider the user's needs and pain points.

2. Explaining your solution: Describe your product and how it solves the identified problem. Be sure to cover the main features and benefits from the perspective of the user.

3. Discussing potential challenges: Identifying potential challenges in implementing or using your product and suggesting how these might be addressed.

One problem in urban areas is the limited availability of parking spaces. My product is a mobile application called ParkEasy, which helps drivers find and reserve available parking spots in real time.

ParkEasy uses GPS and a system of sensors in participating lots to identify vacant spots. Users can view a map of nearby available spots, reserve one, and get directions to it. The app also offers a payment function, allowing users to pay for their parking in advance.

One challenge might be getting owner participation. To attract lot owners, the application could adopt a revenue-sharing model. Each reservation made on the app gives a certain percentage of the fee to lot owners.

Cyclists often struggle to find secure and convenient bicycle parking. My product, BikeLock, is a smart locking system that integrates with an app to enable both security and ease of use.

BikeLock stations are set up in high-traffic areas such as shopping centers, train stations, and universities. The physical product is a sturdy, tamper-resistant lock and rack that can accommodate a range of bicycle types.

Cyclists can reserve and unlock a spot through the BikeLock app. The app will show the availability and location of BikeLock stations. Users can pay for their spot through the app, with the fees varying based on the length of time and location.

A challenge might be the initial investment required to set up the BikeLock stations. A potential solution could be partnering with local businesses or governments for funding, offering them advertising space on the BikeLock stations in return.