Founded in 2017, Wasteless is helping supermarkets and the planet fight one of their biggest
problems — food waste.
Additionally, the company is increasing client revenue on merchandize sales. According to the Food and Agriculture Organization (FAO) of the United Nations, food loss and waste costs roughly US$680 billion in industrialized countries and US$310 billion in developing countries.
Using its proprietary machine-learning pricing engine, Wasteless can price products dynamically in real time based on a series of variables, including the expiration date, shelf capacity, regional factors, brand strength, on-shelf competition, and more. Prices are displayed on electronic shelf labels or online checkouts, where consumers can see the product’s regular price as well as a discounted price for a specific expiration date.
Wasteless is optimizing supermarket shelves by displaying prices that consider both demand conditions and the actual inventory at the store for each product, per expiration date.
The system allows supermarkets to push products with a shorter expiration date off the shelves and minimize the chances that these products will be discarded as waste in the near future. At the same time, it gives consumers the opportunity to make more educated and environmentally conscious decisions when making purchase decisions. It does so by allowing consumers to pay a price that reflects the product’s value, given its remaining shelf life.