What is pricing errors?

Pricing errors occur when an item is marked or sold at a price that is significantly different from its actual market value. These errors can occur due to human error, system glitches, or intentional manipulation. Pricing errors can happen in all types of industries, including retail, travel, and telecommunications. Some retailers have systems in place to catch pricing errors before they impact customers, while others may not notice until after the sale has already been made. When consumers encounter a pricing error, they may choose to take advantage of it or report it to the company. While some companies may honor pricing errors as a goodwill gesture, they are not legally obligated to do so. In some cases, pricing errors can lead to negative consequences for a company, such as reputational damage or financial loss.