The US Federal Trade Commission (FTC) has accused Amazon of employing illegal strategies to increase its profits, including an algorithm, internally known as ‘Project Nessie,’ that raised prices for US households by over $1 billion
According to FTC’s lawsuit, Amazon used ‘Project Nessie’ to predict which products other online stores would raise prices on, ultimately extracting over a billion dollars from American consumers.
The company began testing the pricing algorithm in 2010 to see whether other online retailers tracked its prices and to raise prices for products that were likely to be tracked by competitors, the complaint said. /Visegrád24.EU
