Patrick Coffee
speaker
39 appearances
1 recordings
1 series
first heard Sep 2023
last heard Sep 2023
Patrick Coffee’s voice in public audio — every appearance, attributed to the second.
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Appearances
And it was surprising to me.
An increasing number are getting sued.
And this is on a state-by-state basis because the FTC does have guidelines for deceptive pricing.
But generally speaking, they defer to the states because they have other priorities, of course.
And they sort of just let the state attorneys general take care of these sorts of cases.
And they can get significant fines sometimes.
It can be in the tens of millions of dollars if they're found liable.
It really varies from case to case.
A great example is JCPenney, which was sued for doing this about 10 years ago.
And then they brought on a new CEO in 2012, and they attempted to sort of back off from that strategy and go toward more what they would call everyday low prices.
And the result was the opposite of what they expected.
They found that sales declined significantly because consumers were just used to seeing these advertised discounts everywhere, and they didn't really know what to make of it when they disappeared.
And then not a decade later, they were sued for allegedly using the same practice.
It's difficult, but e-commerce has enabled us to do a lot more comparison shopping.
The answer is if we're looking for a specific item, then we need to be
on top of any price changes in that item.
There are also some services that track changes in prices of an individual product on platforms like Amazon.
But generally speaking, it's clear that this practice has led to increased confusion among consumers.
Well, the conclusion of a recently published research paper is essentially that no, it can't.
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