Stonegate, Britain’s largest pub company, has implemented “dynamic pricing” at some of its venues, which means that the price of a pint of beer can increase by 20p on busy evenings and weekends. This has caused annoyance among some regular customers, who feel they are already paying enough for their drinks. Dynamic pricing, also known as surge pricing, has been used in industries such as airlines and hotels for years. It involves adjusting prices in response to shifts in supply and demand. With the advancement of algorithms and artificial intelligence, dynamic pricing is becoming more widespread across various consumer industries. Companies like Amazon change their prices every 10 minutes using real-time data, while Stonegate’s move shows that this pricing strategy is now reaching the bar and restaurant industry. While dynamic pricing can boost revenues for businesses, it has faced criticism for being unfair to consumers. The challenge for companies is to communicate this pricing method effectively to avoid frustrating customers.
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