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The Hustle Daily Show
Bad news: Surge pricing is here to stay
Sep 21, 2023
Surge pricing expanding into different industries, Dollar General facing fines, Stanford returning cryptocurrency donations, Walmart's pet center, Taylor Swift's partnership with Google, and consumer opposition to surge pricing explored.
12:09
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Quick takeaways
- Surge pricing is spreading beyond ride-sharing apps to physical stores, with companies using machine learning and AI to implement dynamic pricing tactics.
- Despite consumer dissatisfaction, businesses continue to sell products at higher prices, indicating that surge pricing is likely here to stay.
Deep dives
Surge pricing is expanding across industries
Surge pricing, the practice of setting prices based on demand, is spreading beyond ride-sharing apps like Uber. Physical stores, such as Walmart, are implementing digital price tags to easily update prices in real-time. Companies can use machine learning and artificial intelligence to implement dynamic pricing tactics, making it more common. While businesses see the benefits in increased revenue, consumers have expressed their disapproval, with surveys showing opposition to surge pricing. Despite the backlash, experts suggest that consumers will continue to pay the higher prices, indicating that the practice is likely here to stay.
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