Wasteless allows supermarkets to sell more and waste less. The solution leverages dynamic pricing that lets consumers choose how much they want to pay for a product based on its expiration date. Wasteless continuously monitors stock levels, if an item is almost out of stock, the store is alerted. If it has been on the shelf for too long, the price can be automatically reduced. This means supermarkets never run out of their customer’s favorite products. Wasteless recaptures lost revenue opportunities like food waste cost and out of stock costs, and creates new revenue opportunities by increasing the availability of products.
Supermarkets in the United States lose an average of $2,300 per store, per day from out of date food that ends up in trash cans. This results in a $57B yearly loss for the U.S. grocery industry. Meanwhile, supermarkets lack of ability to manage inventory in real time, creates a $47B loss due to out of stock items, empty shelves and overstock. Food waste and inventory inefficiency stand as two of the top challenges in retail. Wasteless helps solve these issue by:
- Recapturing lost revenue and cost from unsold items
- Continuously monitoring stock levels to anticipate out of stock and low stock instances before they occur
- Increasing sales and shelf turnover through the use of dynamic pricing
Wasteless combines item level RFID sensing, a sophisticated dynamic pricing engine, and Electronic Shelf Labeling. These technologies allow retailers to use the power of Internet of Things and machine learning to impact their sales. Wasteless continuously tracks product information such as expiration date, Batch ID, and location in order to generate a Unique ID code for each product. Shoppers can then select a product that expires in two to three weeks for the regular price, or a product that expires in one to three days for a fraction of the price. The Wasteless Dynamic Pricing Engine takes into account 43 factors such as supply, demand, location, holidays and time when calculating a price for a product.
“Dynamic pricing is something used daily when booking a flight, a hotel, or an Uber, and there is no reason why our groceries should be different” said Ben Biron, founder and COO of Wasteless. “This is amazing for all stakeholders because it means lower prices for the consumer, more revenue for the supermarket, and of course, it saves our planet by significantly reducing food waste at the retail level, which accounts for 40 percent of the world’s total food waste.”
Wasteless is currently in trial with several retailers, and in March 2017, the company closed a $400K seed round investment from SOSV, Food Angels, Jonathan Ofir, and Winsten Ltd., in addition to joining the FoodX accelerator by SOSV.
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