942 THE FUTURE OF PRICING

Like this video? Subscribe to our newsletter at https://thinkfuture.com --- Get AIDAILY, delivered to your inbox, every weekday. Subscribe to our newsletter at https://aidaily.us --- Last week, the news that Wendy's, the well-known hamburger chain, is contemplating implementing AI-driven surge pricing akin to Uber's model stirred quite a discussion. This concept involves adjusting prices in real time based on demand, time of day, and other factors. This approach isn't new; it's been utilized in industries like airlines and hotels for decades through sophisticated revenue management systems that consider countless variables to set the optimal price at any given moment. However, this model is increasingly permeating everyday consumer experiences, from fast food to retail stores like Kohl's, which uses LCD panels for dynamic pricing. The technology allows for incredible customization and efficiency for businesses, ensuring prices are always set at a point where they're profitable yet attractive to consumers. Yet, this presents a significant challenge for consumers who lack the tools to navigate this complex pricing landscape, potentially leading to a future where prices could vary for each individual based on personal data, including income or even demographics. While beneficial for companies, this raises questions about fairness and accessibility for consumers.

--- Support this podcast: https://podcasters.spotify.com/pod/show/thinkfuture/support