Wasteless offers a turnkey solution optimising food price markdowns based on expiry dates. Retailers sell products with a limited expiration date, marked off along the demand curve. Selling food, rather than wasting it, lifts profits significantly.
A salad with an expiration date of May 15 shouldn’t necessarily be priced the same as one with May 21 as the date. Boosting sell through of the shortest expiration date, allows retailers to apply lower markdowns than current arbitrary food waste measures.
Competences & Capabilities
85% of retail food waste is caused by fresh products running out of date while the cost price of retail food waste stands at more than double retail’s total fresh food profits. Because expiration date waste is a data problem we developed a dynamic pricing algorithm solution.
With a date enabled bar code, Wasteless’ Pricing Engine fits into the existing Retail Operations and Supply Chain practices.
Retailers can reward sustainable buying behavior, as they recapture lost revenues.
Partner in the following EIT Food projects
This project will implement dynamic pricing technology to reduce food waste by up to 40%, ensure a smoother supply chain of perishable goods and bring fairer prices to customers.