In the Opinion Video above, we tell the story of a little piece of technology that has delivered enormous benefits to consumers — and is in danger of disappearing. It’s called the price tag. Yes, the price tag.
Businesses increasingly are using algorithms to determine prices, and to rapidly adjust those prices throughout the day. This new technology is called dynamic pricing, and it’s poised to change the way businesses set and advertise their prices. Think of the ever-changing electronic signs at gas stations, but for everything.
Businesses can use dynamic pricing to deliver better deals to customers. But they also are using the new technology to jack up prices. As the video says, the humble price tag “was like a little handshake. It represented an agreement, one price for every customer. But now that agreement is breaking.” And we are all going to pay.
James Robinson (@ByJamesRobinson) is a producer and editor for Opinion Video. Binyamin Appelbaum is the lead writer on economics and business for the New York Times editorial board.
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