#Amazon Used Secret ‘Project Nessie’ #Algorithm to Raise #Prices

source: https://www.forbes.com/sites/willskipworth/2023/10/03/amazon-allegedly-used-secret-algorithm-to-raise-prices-on-consumers-ftc-lawsuit-reveals/

The algorithm was able to track how much Amazon’s power in the e-commerce field would get competitors to move their prices, and in instances in which competitors didn’t move their prices, the algorithm would return Amazon’s prices back down, according to the Journal.

(I don't link to the original source the "Wall Street Journal" because of the paywall.)

Amazon is #neoliberalism in its final stage. It is no longer about manufacturing #costs and fair prices, but only about how to eliminate the #competition with low prices or how high you can rip off your own customers.

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#economy #fail #customer #price #online #marketplace #internet #scam #crime #ftc #news #technology #business