Wasteless, New York, introduced what is said to be the world’s first machine learning solution for grocery stores.
This patented markdown optimization engine is ideal for perishable goods with a limited expiration date, and is designed to integrate with supermarkets’ existing IT infrastructures.
“Waste prevention solutions such as markdown optimization have the highest profit potential,” says David Kat, vice president business development. “Indeed, our patented algorithm turns waste into profits, and what would normally be garbage headed to the landfill instead goes into the carts of happy shoppers.”
The Wasteless algorithm updates prices for items based on their expiration dates, giving consumers a lower price for products closer to expiring, effectively reducing the amount of food wasted and increasing close-to-expiration sales for retailers. Wasteless also creates pinpointed price reductions multiple times per day for all items close to their expiration dates.
“Solutions don’t have to be hard,” says Ralph de Vries, vice chairman. “Wasteless resolves every retailer’s profound pain points of food waste due to expiration and sell-by dates. Solutions can be elegantly easy.”