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The aptly named Wasteless are three threats as they offer solutions that simultaneously benefit retailers, consumers and the environment. An Israeli company offers an AI-driven solution to reduce food waste in retail by enabling supermarkets to offer consumers dynamic pricing based on the freshness of certain products.
Wasteless has reached a milestone by announcing a partnership with Hoogvliet, a leading European supermarket chain with over 70 stores across the Netherlands. Using Wasteless’ dynamic pricing technology, retailers reduce food waste by optimizing costly markdowns. The partnership forms part of a wider store rollout to take fresh produce out of the trash and increase margins while benefiting shoppers and the planet.
Wasteless co-founder and CEO Oded Omer said in the company’s press release: “By the time this waste is created, all energy and resources have already been spent on food. It is the most costly waste we are producing. 4% is wasted.In addition, Wasteless helps customers make smarter grocery decisions.Our solution helps retailers manage their inventory by optimizing their inventory management system. Joining forces with leading innovative retailers like Hoogvliet helps us meet our goal of reducing retail food waste by 80% while protecting the environment and increasing retailer profits. It means we are one step closer to achieving it, which is a tangible step towards the food waste pledge we have signed at the COP27 Climate Conference and other signatories, including the World Wildlife Fund.”
Regarding the company’s origins, Omer told The Spoon: Two days and he six,” he recalls. “Therefore, I got in touch with university professors and others to understand the perspective of revenue management.”
This fact in 2016 led to Wasteless, a machine learning system built into retailer data centers. Using electronic shelf markers (more common in the EU than the US) or stickers, you can put them on anything from meat and poultry to apples and vegetable salads. Pricing is done piecemeal using sales and consumer shopping data. Wasteless pricing can also be applied using consumer applications.
To date, Wasteless has worked with Slingshot Ventures (NL), Zora Ventures (US), SOSV (US), IT-Farm (Japan), Food Angels (Germany), strategic industry investors, and the Israel Innovation Agency. Subsidy.
In 2021, Wasteless announced a collaboration with German food tech hub NX-Food to bring METRO’s pricing system, the world’s leading wholesale specialist, to its stores. Omer summarized the benefits of implementing his dynamic pricing. “For us to grow and show the world the potential of our technology is a big win for us. Most importantly, this is a huge win for the environment. is talked about, but it only really works if it makes a profit.”
