The tactic, commonly referred to as surge pricing, or dynamic pricing, was once largely limited to large corporations in the airline and ride-share spaces.
We've all seen airline ticket prices vary based on seat location in the aircraft and the plane's time and date of departure, but other businesses, like restaurants and theaters, are increasingly changing their prices as well to better balance supply and demand.
A restaurant could simply turn away customers it doesn't have room for, or raise prices in real-time"to try to sort out which customers are more willing to pay for that special time," Shumsky said."And it's more and more prevalent in a variety of industries and you'll see it on your apps and when you visit your restaurant or amusement park or even your bowling alley.
"I think people have grown used to the idea that prices can change in real time for some services, so you see it creeping into new industries over time," Shumsky said.
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