ISRAEL, Tel Aviv. Food tech company Wasteless introduces AI technology in North American grocery stores.
According to a press release, Wasteless will introduce its patented markdown optimisation engine next week at the National Retail Federation expo in New York.
The AI solution tracks perishable goods with a limited expiration date. It automatically updates prices to offer consumers a lower price for products closer to expiring, thereby increasing retailers' close-to-expiration sales.
Through the Wasteless algorithm, price reductions are created multiple times per day for all items close to their expiration dates. According to the company, by automating the markdown process in stores, the technology can reduce retail labour, such as shelf checks and pricing updates.
“Waste prevention solutions such as markdown optimisation have the highest profit potential. 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,” said David Kat, Wasteless’ VP Business Development.