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A dynamic pricing engine to reduce food waste in retail
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Wasteless
A dynamic pricing engine to reduce food waste in retail
Label Date
May 12, 2021
By
Wasteless
From
Israel
Maturity stage
TRL 9 / CRI 5-6 - Market competition driving widespread deployment &/"Bankable" grade asset class
Wasteless is a turnkey food waste Solution which optimises food price markdowns based on expiry dates. Wasteless is a proprietary dynamic pricing algorithm for products with a limited expiration date, allowing retailers to deploy AI to mark off prices. With Wasteless, supermarkets sell more, waste less and consumers get to choose how much they want to pay for a product based on its expiration date. Wasteless recaptures lost revenue, reduces labour related to shelf management and minimises grocery retail’s food waste carbon footprint. This creates new marketing and revenue opportunities for food retailers. In retail Wasteless’ machine-learning technology is a proven Solution that eradicates food waste, showing a substantial percentage point margin increase on the categories we work on.
The Environmental Benefits
- •Can prevent at least half of food waste in retail
- •Can create actionable awareness of consumers to prevent food waste at home
The Financial Benefits
- •Turns food waste - a financial cost - into a profit
- •Offer lower prices for fresh food to consumers
- •Enable a smarter supply chain, powering fair pricing to producers
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Company Profile
Wasteless
Wasteless reduces Food Retail’s food waste, increasing a grocer’s bottom line optimizing markdowns based on expiry dates
Headquarters
HaMered St 1, Tel Aviv-Yafo, Israel
Type
Startup or self-employed
Networking Partner
Plug and Play China
Plug and Play, the world’s earliest and largest technology venture accelerator, focuses on developing a globalized innovative ecosystem. PNP China has invested and incubated over 300 Chinese startups.
Solutions Associated
5
Get in the Ring
Get in the Ring is an innovation marketplace connecting innovators to global opportunities.
Solutions Associated
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The information set out above, is solely for the purposes of information and the Solar Impulse Foundation does not provide any guarantee as to its authenticity, completeness or accuracy. This information does not constitute investment advice or a recommendation to buy into, transact or to enter into any agreement with any of the parties or persons mentioned above. Potential investors or interested parties are solely responsible for their investment or business decisions and for performing any due diligence required by the circumstances. The innovator Wasteless has asserted ownership of the intellectual property rights for images, videos, and content showcased above, affirming full and unrestricted usage rights, and has provided explicit permission for the Solar Impulse Foundation to publish such information designated as "public" in the application form.