4 ways to avoid getting ripped off, according to a pricing expert
Companies are increasingly using new technologies like geo-location, browsing data, and algorithms to personalize pricing and deliberately overcharge customers. A consumer advocacy expert, Lindsay Owens, details these tactics and offers advice on how shoppers can protect themselves from being gouged, especially for expensive purchases like flights.
Why it matters
This article highlights a growing concern about consumer exploitation through advanced pricing strategies, impacting individuals' finances and privacy. It empowers consumers with knowledge and strategies to navigate these complex pricing environments and avoid being unfairly charged.
Over the past decade, companies have changed the way they price their products — and shoppers are getting deliberately overcharged.
Hotels are creating prices based on a customer's geo-location. Airlines are using browsing data to determine the cost of airfare. Grocery stores are using technology to test out how much they can charge customers.
"What we're seeing is Big Tech reinventing the rip-off," says Lindsay Owens , head of the consumer advocacy group Groundwork Collaborative. "These are old tricks, but they've been supercharged by new technologies."
Owens, author of a new book published in September, Gouged: The End of a Fair Price — And What That Means for Your Wallet , uncovers pricing schemes that corporations try to hide, and shares advice on how to protect yourself from these tactics.
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