Dynamic pricing to help grocery stores in US waste less food

Signal of change / Dynamic pricing to help grocery stores in US waste less food

By Marta Melvin / 13 Sep 2017

Wasteless is a real-time tracking solution for grocery stores, which offers customers variable pricing based on a product’s expiration date. This new tech solution promises to recapture one billion dollars worth of lost grocery sales every week. So, a carton of eggs that is set to expire at the end of the week will cost you less than the carton that has until the end of the month. This, the people behind Wasteless say, will help supermarkets sell more and waste less. 

The Wasteless platform, a so-called “Internet of Groceries”, constantly monitors stock levels combining item-level RFID sensing, a dynamic pricing engine (which considers 43 factors including supply, demand, location, holidays, and time when calculating a price), and Electronic Shelf Labeling.

So what?

According to the United States Department of Agriculture, around 133 billion pounds of food is wasted in the US each year, with around 10 percent of that occurring at the grocery store. Given the 'perfect storm' of pressure on land, high emissions from food miles and water crises, cost-effective ways to reduce food waste are to be welcomed.

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What might the implications of this be? What related signals of change have you seen?

This is just the old reduced pricing system but taking the people out. The flip side is surge pricing when you have shortages - this is where the money is for supermarkets so you shouldn't naively assume that this is an algorithm for good.

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