The days when sellers affixed prices to peddle their wares are waning. Watchdogs are concerned and regulators are caught in a bind.
Artificial intelligence is reshaping the marketplace in ways most consumers are oblivious to.
Through AI and algorithms, businesses can now adjust prices in real time based on market conditions and user data, including who you are, where you are, what you browse, and what companies think you are willing to pay. This often happens without the consumers’ knowledge or consent. Some retail apps even change their prices depending on whether you are inside or outside the store.
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