These days, prices on everything from baseball tickets to power tools can change by the hour.
You can thank dynamic pricing, the system that has long guided pricing in airline tickets and hotel rooms and is now touching more areas of consumer life.
“You can do so much more of this with the computing ability that’s available,” said John Simpson, director of Consumer Watchdog’s privacy project. “It’s just a way for maximizing the profits a company can suck up without giving the consumer any adequate way to understand the issue.”according to Crain’s Detroit Business
The New York Times reported
has also been known to change prices
Simpson said consumers don’t tend to mind dynamic pricing that’s transparent, or that benefits them. A mid-week tourist getting a good deal on a “Lion King” show will be happy about the system.
But people who find prices have changed on items in their online shopping cart within days may have cause for frustration.
“It might not be so bad if we all understood how it works,” Simpson said. “At a minimum we need to understand what’s happening.”