Amazon reportedly used a secret algorithm to jack up prices — A new report details Amazon’s Project Nessie pricing algorithm::Amazon deployed a secret algorithm to gauge how high it could raise prices before its competitors stopped increasing their prices as well.
This is the best summary I could come up with:
The existence of the algorithm, codenamed Project Nessie, was first revealed late last month in a complaint filed by the Federal Trade Commission accusing the e-commerce giant of violating US antitrust law.
“We once again call on Amazon to move swiftly to remove the redactions and allow the American public to see the full scope of what we allege are their illegal monopolistic practices,” FTC spokesperson Douglas Farrar told the Journal Tuesday.
Project Nessie is just one of many ways the FTC has accused Amazon of illegally maintaining its market dominance in the e-commerce industry.
In the agency’s September complaint, the company is accused of using a variety of methods, like burying listings, to deter sellers from offering products at a lower price on competing platforms.
“The complaint sets forth detailed allegations noting how Amazon is now exploiting its monopoly power to enrich itself while raising prices and degrading service for the tens of millions of American families who shop on its platform and the hundreds of thousands of businesses that rely on Amazon to reach them,” FTC Chair Lina Khan said in a statement last month.
Responding to the suit, Amazon said that the FTC was “wrong on the facts and the law and we look forward to making that case in court.”
The original article contains 322 words, the summary contains 214 words. Saved 34%. I'm a bot and I'm open source!