How Amazon can rip you off by changing prices 300 times | Daily Mail Online

When Alexander Turney Stewart opened a brand new store in New York in the 1820s, he adopted a radical and original policy.

All goods had a fixed price. No longer would salesmen size up the apparent wealth of a customer and see how much they could get away with charging.

Rival retailers predicted the Irishman would be bankrupt within a week. Instead, he became a multi-millionaire and A. T. Stewart & Co was, for some time, the world’s biggest department store.

The idea that shops charge a set price for goods has been the norm for almost 200 years — but that’s changing thanks to the internet.

Most of us assume that prices at Amazon, the online retail giant, are not just low, but stable.

However, remarkable new analysis of the price of 100 random products during the course of year showed prices fluctuated by up to 260 per cent between the highest and lowest points, leaving customers who bought at the wrong time hundreds of pounds out of pocket.

The research, using data from CamelCamelCamel, a price-tracking website, found that a paddle board, for example, could be bought for as little as £234.87 or as much as £699 — a difference of £464.13 over a year.

A Jamie Oliver stainless steel induction saucepan changed price 51 times between first going on sale on Amazon in November 2016 and August this year, ranging in price from £44 to £18.27.

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How Amazon can rip you off by changing prices 300 times | Daily Mail Online.