Dynamic pricing is not a new concept; hotels, Uber, and airlines all use it effectively. The process works simply, businesses change their prices based on factors in real time, based on things such as supply and demand. However, there’s also a concern over surveillance pricing, where it’s more based on the specific consumer. There is currently a large emphasis on grocers and retailers using consumer data to change prices and how it could be perceived as harmful.
This could especially be seen in places such as Wendy’s, who was planning to implement a digital menu in order to change their food prices in real time until public backlash held them at bay. Even in-store, digital shelf labels have slowly been implemented so they can change prices instantly and would allow them to stay consistent with their pricing.
Some figures have addressed this issue directly. Maryland’s governor, Wes Moore, in January addressed this issue head on with proposed legislation that would make grocers keep prices the same for at least one business day. With that, Arizona’s State Representative, Cesar Aguilar, has proposed removing electronic price tags in stores, saying to AZfamily, “What scares me is someone is able to walk into a grocery store and then walk out with a different price. I know that’s not the case right now. We haven’t seen it, but it can happen.”
It’s not just grocery stores or fast food chains either. In fact, this has been a rising concern for all sorts of businesses. Las Vegas and its casinos and hotels are no exception either, as their shops inside have been seen implementing this kind of pricing as well. This could also be worrying for Las Vegas as it could contribute to lower tourism rates in the future, since consumers would be less likely to stay not knowing exactly how much they’re going to be paying.
While not inherently an issue, consumers have been facing more and more economic anxiety as time passes, and companies begin to implement new pricing. It’s key to be aware of these new store policies and get your money’s worth.
