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What's happening?
New Jersey's Senate is currently debating two bills, SB 3612 and SB 3732, to address concerns over dynamic pricing.
SB 3612 would fully ban pricing strategies that depend upon customers' individual preferences or data, while SB 3732 specifically focuses on stopping grocery stores from using such personalized pricing strategies.
If SB 3732 becomes law and grocery stores are found to be using dynamic pricing, they could face five-figure penalties. These would be up to $10,000 upon the first instance and up to $20,000 for each subsequent offense.
Meanwhile, Gov. Mikie Sherrill has indicated that she would sign either or both of these bills into law if they made it to her desk, according to The Sun.
Why is dynamic pricing a concern?
Dynamic pricing allows companies to consider people's personal data when determining what to set as a price for a good or service. This could include your location history, search history, phone battery percentage, or marital status.
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Due to the invasive nature of this practice, it's not surprising that a majority of Americans are very or somewhat concerned about it, according to a Talker Research survey.
And New Jersey and Maryland aren't the only states taking note. One senate candidate in Michigan is making banning the practice a centerpiece of her platform. And other states — like Tennessee, Washington, Arizona, New York, and Oklahoma, among others — have also considered policies to restrict similar pricing practices.
Clearly, decision-makers are seeing how popular it is to limit improper use of AI alongside dynamic pricing to squeeze consumers at a time when inflation is running rampant.
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