Ever suspected that Amazon is sometimes changing their prices behind your back? Well – you’re right. Take a look at this article from The Atlantic.
The concept of “pricing” has become much more fluid and variable, and a set price is now an old fashioned notion. Retailers collect data on your shopping habits and price accordingly. Uber hits you with surge-prices, airfares vary mysteriously, and the price of ice-cold vending-machine drinks can even swing with the outside air temperature.
It’s all driven by sophisticated programs that establish the optimal price to motivate you to buy now – but without leaving any profits unspoken for. Algorithms and Big Data make the decisions; there are even machine-on-machine price wars.
And if you’re a pricing-economist, check out Amazon – they’re hiring.