Online and now offline companies are changing prices in real-time
The WSJ details how companies are using real-time data to adjust prices.
Airfares have long risen with supply and demand but the WSJ reports on how many companies are adopting dynamic pricing:
- Toll roads
- Taxis (along with Uber)
- Retailer Kohl uses electronic price tags
- French retailer E.Leclerc also uses electronic tags
- Grocery stores are testing electronic price tags
- Toyota is testing tags that change prices based on sales online
- Theme parks
- Sports teams
They even report that Coca-Cola once tested changing vending machine prices based on the weather.
The pricing model is likely to make it much more difficult for statistical agencies to track and maintain accurate data. It's also likely to undermine market/public trust in inflation statistics. Knowing the government, they won't make plans to adapt until it's far too late.