00:00It's Benzinga bringing Wall Street to Main Street.
00:02American shoppers are increasingly concerned that retailers and restaurants are using
00:07artificial intelligence and personal data to charge higher prices, according to the Wall
00:12Street Journal. Walmart, Kroger, and McDonald's deny using the technology for personalized pricing.
00:20Walmart CEO John Furner said the company does not use income, shopping history,
00:25or immediate needs to determine prices. Concerns have also focused on digital shelf tags,
00:31which allow retailers to change prices quickly. Walmart said it typically updates the tags when
00:36stores are closed. Research found that grocers use the technology to discount expiring products
00:42rather than implement surge pricing. Several states have enacted restrictions on data-driven pricing,
00:48while the Federal Trade Commission has proposed penalties for deceptive or unfair personalized
00:53pricing. For all things money, visit Benzinga.com.
