The ride-hailing behemoth has planned to change the ways the fares for the rides are being calculated. They are making changing the system in such a way it will allow the customers to choose for the payment. Uber is planning to apply “price discrimination” to the find which the consumer puts on a particular and how much actually the person is willing to pay.
It is said that the organizations tend to do this by charging the customers with different prices or their willingness to pay a certain amount. If we get close and give it a deeper look into this we say that this approach definitely comes at a cost. On the flip side, we can also say that the society will be benefitted through it to a certain extent.
This new pricing system will allow Uber to explore other markets, decrease the waiting time for the rides and the society will have a fair share of benefit through it as well. There are different in which price discrimination can be applied, like offers provided by the firms on certain days of the week, like discounted movie tickets on a weekday, different prices for the tickets at the theatres and concerts as well.
We can say that the Airline industry is considered to be the champion when it comes to price discrimination. It might come as surprise as it is something which Uber has never followed since the beginning. If this is going to be applied then there are chances for the Uber to grow better.