Changing the price during a shopping venture doesn’t seem ethical, especially when the buyer isn’t alerted between when they selected the items & actually purchased it. That’s an advantage online retailers have over in-store shopping. Seeing weekly changes on staple items is jarring enough when we’re used to stable prices over months or years.

I thought it was interesting it was mentioned at the end that mom and pop shops have started to experiment with dynamic pricing as well. It sounds like a good business opportunity for a software company to create an algorithm specifically for smaller businesses to use so they can compete with larger businesses on trying to be more profitable.

I think reducing labor costs (changing prices) probably is a big factor why going toward digital pricing

Now a days this type of discussion very need. Thank you.

The question I have is what happens when I select an item off the shelf advertised at $1.99 and by the time I reach the checkout, the price has increased/ decreased- what price am I expected to pay and where does false advertising come in?

Some people are equating dynamic pricing with dissemination. Kind of, though not really. If by discrimination you mean "recognition and understanding of the difference between one thing and another", then sure it's _discrimination_ in that they are adjusting the price on demand and what the market will bear. There is nothing wrong with this. If you want and and are willing to pay for it, then you get the product else you don't. Dynamic pricing already exists in retails stores, but N (the period in which the price reevaluated) is becoming shorter right now (with high inflation). This makes sense if there is high inflation, then by not raising prices their margins shrink or it become unprofitable to even have the product itself.

unreliable price expectations for consumers should just demotivate them to visit retailers.

Wonder how long those advertised prices are good for? If you're in a store for an hour or so and have a basket full of items, can those prices change while they're in your basket? The advertised price is what you're supposed to pay for it, so I could see lawsuits coming b'c of this tech.

@gus473

2 жыл бұрын

Sure hope so! (But more likely you will have to start tracking with a app, watch the checkout register and speak up, etc.) ¯\_ಠ_ಠ_/¯

@SaSha-hb5rq

2 жыл бұрын

To my knowledge, the price will probably be synchronized in their database so the price apply to you will be when they scan the product at the counter.

@jeffery_tang

Жыл бұрын

if they change only once a day then it should be fine

Nice video.

All right, so now we need consumer apps that counter dynamic pricing and shrinkflation. Let the arms race begin!

I always use price trackers on Amazon and buy only when the product is at its lowest price.

@kevinraja1022

2 жыл бұрын

Hello ! Which trackers do you use ?

Is it possible multiple different automated algorithms could end up in a sort of loop with each other chasing prices to either zero or infinitely high?

@Arkenism

2 жыл бұрын

Well, yes. As someone who has developed such systems, we do end up stress testing for the edge cases like these and put in barriers. This happened to airline ticketing system at the start of the pandemic and you can see it being summarized here- kzread.info/dash/bejne/epOVzdywqsrOh7Q.html I recall seeing tickets from east coast to Iceland drop from 700-1200 bucks to 90-400

@cheechenc7260

2 жыл бұрын

they will probably set a base price and a price ceiling. I doubt they’ll let the price fall below profitability

@Arkenism

2 жыл бұрын

@@cheechenc7260 Yes, that's one way to do it- and technically that is what you already do have- Minimum Selling Prices are set based on total cost of production/service- Ceils are not as easy to set- India, for instance, has Max Retail Price- which gives manufacturers more power over middlemen but your local cornerstore will have a deadweight loss on the balance sheet when prices fluctuate.

@hivaladeen4892

2 жыл бұрын

@@Arkenism thank you for your answer - very interesting

This is a nightmare for suppliers. Amazon holds suppliers accountable to “guarantee margins” when Amazon matches Walmart or other retailers. In response, supplier increase their costs to Amazon to account for potential disruption. Been happening for years and years.

This is just next level "GOTCHA".

Prices change every single second

how do i know when is the best time (the cheapest) of an item that i want to get?

@SamPockerOfficial

2 жыл бұрын

Someone will make an app to track and consumers will report prices throughout the day, presumably like Ibotta scanning receipts in exchange for rewards. The apps will tell you the estimated "cheapest time/day" to purchase.

So you pick an item, go to the register, and the price has changed?

@benjamindover4337

2 жыл бұрын

No. If you accept an offer, you've locked in the price. But if you don't commit, they don't either.

@Antenox

2 жыл бұрын

@@benjamindover4337 He's talking about the time between picking an item up off a shelf and then walking to the cashier. There is a small chance the price might have changed in that short walk.

@benjamindover4337

2 жыл бұрын

@@Antenox no there isnt. This video is about ecommerce. If stores change prices, they do it during their closed hours.

@James_Moton

2 жыл бұрын

@@Antenox If that were to happen, the right thing to do is to charge the customer the originally advertised price, or the new price, whichever is smaller. In other words, if the price dropped while the customer was ordering the item, they should pay the new price, but if the price increased while the customer was ordering the item, they should pay the original price, assuming that the process was completed within a reasonable time interval.

If inventory and money supply does change price instant to response to investment and supply and consumer

Price depending upon cost of goods, competitors price and HOW MUCH CUSTOMER WILLING TO PAY? if we just consider this last factor the product will become expensive by neighborhoods and if you live in a tourist town then you are further screwed. Choices for the common can go down by this strategy. Consider people from Cali moving to your place and jacking up the prices for you

The proper term is called price gouging.

We should avoid shopping at any retailer that uses dynamic pricing.

I'm still waiting for an explanation of the Price Index, even though I know what it is. But the GPI must be severely affected by this type of pricing.

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nice ad about there is no inflation. good attempt

Crab prices for us Marylanders

How about just a fair price, were the owner makes a ethical profit, the worker gets paid based on merit, and the customer gets value for their money.

So like... the price is gonna change a dozen times between the moment i pick it off the shelf and when i check out?? IRL shopping trips from product selection to check out isn't instantenous like online shopping. This reeks of exploitation

market's invisible hand is with parkinson

Yeah it seems reasonable. Simple supply and demand, I don’t see the issue.

First this was a good video

It has nothing to do with businesses and store owners and everything to do with shareholders who have never stocked shelves or bought their own groceries or cooked their own meals a day in their lives lol. Shareholders shave pennies at the expense of customers, not community residents for the most part. Consumers have enabled it by putting local businesses out of business in favour of Amazon just to save an unnoticeable 32 cents on name brand shampoo

@patrickstar686

2 жыл бұрын

I would look at the government devaluing the currency before I take the blame to shareholders when it comes to consumer prices...

@paxdriver

2 жыл бұрын

@@patrickstar686 except laws are written by people we elect, we don't get to elect the fed members and the Fed's shareholders are private too. The laws surrounding corporate mandates are more to blame, being beholden to shareholders conflicts with all "guiding principles of moral / social responsibility" they teach all these MBAs these days. You can't trade profit for sympathy if it's not in the company's financial interests. That's the problem. They're not allowed to not look out for shareholders, nothing we can do about the fed but we can elect lawmakers to properly steer commercialism.

@patrickstar686

2 жыл бұрын

@@paxdriver sure our current system steers corporations to maximize profits. But stores wouldn't have to raise prices if the money didn't lose ~15% of it's value over the last few years. International tensions that strain the supply chain and the global pandemic can't really be blamed on shareholders either.

dynamic pricing means when you charge any amount whenever and wherever you want

Why isn't this considered price gouging ?

Oh my, my Tik Tok account made it big time =)

Govs should make it illegal for dynamic pricing or whatever business calls it because it is a price gouging!

It's screwing the consumer.... that's all. Video done.

And the same product in different sizes show up. Four different sizes in the same slot for baby spinach at the joint where I shop.

🤣 Trying to explain away the failure of capitalism

@dudewaldo4

2 жыл бұрын

Exactly lol

@nunyadambusiness3530

2 жыл бұрын

finally someone said it. i'm just glad more and more people are realizing that unlimited growth and wealth concentration to the top, just isn't going to end well at all.

Uuu

There's something named MRP in India. Which means Maximum Retail Price. Is it just a third world thing? In capitalist America they can change the price whenever they want?

@benjamindover4337

2 жыл бұрын

If the person selling something doesn't determine the price, then who does?

@wokeymcwokeface1974

2 жыл бұрын

Yes, that’s how free markets work! Anyone artificially meddling in the market will end up ruining it!

@michielvermeulen6485

2 жыл бұрын

@@wokeymcwokeface1974 If you think the US is a free market economy, you might have to look again.

@wokeymcwokeface1974

2 жыл бұрын

@@michielvermeulen6485 there is no perfect free market economy but it’s free in some segments

@gus473

2 жыл бұрын

@@wokeymcwokeface1974 Look up President Nixon's price controls in the early 1970s....

dynamic price guldging

a

Sounds like price gouging to me

@johnsamuel1999

2 жыл бұрын

Its selling the product accoeding to its value oe demand at the time. Not price gouging

Now look plebs, we know you're upset about everything being so expensive, but here's a little lesson on why it's actually sensible. Continue to happily serve us!

audio is a bit quiet. and voice over speaks with a ridiculous amount of vocal fry

Amazing use of electronic price tags. They’re produced largely from Taiwan. And it’s evil if you consistently try to squeeze the biggest profit from people in this way.

Big business doing everything they can to squeeze every cent out of the poor and working class as they can. Just another day in the great USA!

Dynamic pricing = Price Discrimination

Greed

It's price gouging, plain and simple.

@_rob_.

3 ай бұрын

Yep.