Online shoppers in New York are seeing a new warning: "This price was set by an algorithm"
PositiveArtificial Intelligence
- New York has become the first state in the US to mandate that online retailers disclose when prices are set by algorithms, a move aimed at increasing transparency in pricing practices. This regulation is part of a broader budget measure addressing concerns over personalized pricing, often referred to as 'surveillance pricing.'
- The requirement for retailers to inform customers about algorithmic pricing is significant as it empowers consumers with knowledge about how their personal data may influence pricing. This transparency is expected to foster trust between consumers and retailers.
- This development reflects a growing trend towards regulating algorithmic practices in retail, as concerns about data privacy and fairness in pricing continue to gain traction. The law aligns with other recent legislative efforts in New York aimed at ensuring consumer protection and accountability in the use of personal data, highlighting an ongoing dialogue about the ethical implications of technology in commerce.
— via World Pulse Now AI Editorial System
