Lyft is rolling out a feature known as Price Lock, a monthly subscription costing under $5, that caps the price per specific route at a specific time to provide pricing certainty to frequent riders.
Lyft CEO mentioned that surge pricing, which he called 'rideshare's most hated feature,' will not completely disappear, but Price Lock will help offer some pricing certainty to customers.
Surge pricing is a type of dynamic pricing adopted by various industries including airlines and concert tickets. As algorithms improve and more companies use digital price tags, surge pricing may become more widespread.
Companies like Walmart and Kroger have implemented digital price tags, which some fear could potentially lead to surge pricing, highlighting concerns about its implications for consumers.
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