AI is using your data to set personalised prices online. It could seriously backfire
Sydney, Oct 20 (The Conversation) You check prices online for a flight to Melbourne today. It’s USD 300. You leave your browser open. Two hours later, it’s USD 320. Half a day later, USD 280. Welcome to the world of algorithmic pricing, where technology tries to figure out what price you’re willing to pay.
Artificial intelligence (AI) is quietly remaking how companies set prices. Not only do prices shift with demand (dynamic pricing), but firms are increasingly tailoring prices to individual customers (personalized pricing).
