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Friday, May 31, 2024

DTI to start using AI to provide real-time retail prices

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The Department of Trade and Industry (DTI) said over the weekend it will launch an improved E-Bulletin and E-Presyo platform to better serve consumers through retail price monitoring.

Among the improvements to the platforms are a new feature in the suggested retail prices (SRP) bulletin that will indicate unit cost per sack keeping unit (SKU) and the use of artificial intelligence [AI] in the E-Presyo app, said DTI assistant secretary for consumer protection group Amanda Nograles.

“As soon as manufacturers inform us that the new price updates are already effective in retail outlets, we will launch the release the new SRP bulletin and E-Presyo,” Nograles said.

The DTI and the CPG met with manufacturers on Friday to urge them to be more open to the agency about their concerns and consumer issues and discuss a better way to deal with price adjustments.

The SRP Bulletin will display information on prevailing market prices to allow consumers access to more informed options.

Meanwhile, the E-Presyo app will crowdsource information from manufacturers, retailers and consumers, triggering price monitors to input the prices of the products through AI-powered tech.

Nograles said while the app remains active, the CPG ordered a data clean-up to purge out old data.

Once cleansed, the CPG will open the app for inputs from stakeholders and start crowdsourcing information.

“Using AI technology, the app can indicate the location where to source the cheapest BNPC [basic necessities and prime commodities]. The system is AI-powered and has to vet the inputted data,” Nograles said.

The new E-Presyo app will help consumers to be less dependent on SRP which is incomplete and not real-time.

“Prices displayed at the E-Presyo app are all real time,” she said.

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