Retail Insight - WasteInsight
Autor: RETAIL INSIGHT LTD
Enables dynamic price reductions on expiring products, reducing waste and maximising sales.
WasteInsight helps food retailers to manage its inventory as products near the end of their shelf-life. Supercharging your existing markdown process, using AI-driven cognitive technology to identify the right products, at the right price. This enables you to reduce waste, improve your carbon footprint and retain gross profit.
When stock is not sold before the end of its sell-by date, it can no longer be sold and has to be thrown away. Store associates discount this stock multiple times a day in order to encourage customers to buy it and avoid food waste. Markdowns account for c. 3-4% of lost sales in a typical grocer, yet only 12% of retailers in Europe and North America implement a dynamic markdown approach.