Can Walmart charge different prices based on income? CEO responds

BusinessCan Walmart charge different prices based on income or need? Its CEO says it won't.CanvaWill we soon be living in a world where stores set the amount they charge you based on your income or how desperately you need their merchandise? It’s not as far-fetched as you might think.But, for the moment, Walmart is saying it is not using dynamic, or “personalized,” pricing at its stores after some consumers expressed concern over the use of AI and digital shelf labels, according to an article by Retail Dive. The possibility exists, according to consumer advocacy organization Groundwork Collaborative. Walmart received a patent in 2023 for remote control technology on electronic shelf labels. “We don’t set different prices based on who you are or the time of day, and we won’t,” CEO John Furner wrote in a public letter. “Your income, shopping history, urgency or what we think you could pay won’t change the price. And whether you’re buying groceries or electronics on a hot afternoon or in a sudden rush for an item, it’s never a reason to charge you more.”Furner also said Walmart is not using its AI assistant Sparky to “increase prices or hide lower-priced items” based on your shopping habits.Furner told Retail Dive the number of Walmart customers using Sparky rose 70% from last year and “those who use Sparky spend 40% more per order than shoppers who don’t use the AI assistant.”Kelly Kazek is an award-winning journalist and author who writes about trends in business and retail news. She is the author of more than 28 books for children and adults. Kelly previously wrote about Southern...