Wasteless: Supermarket item markdown based on expiration dates
Founded by Yossi Regev and Oded Omer in 2016, Wasteless helps supermarkets and online grocery stores to recapture the full value of their perishable products and cut their food waste by utilizing its AI-powered markdown optimization solution, pricing items based on their expiration date and perishability.
Wasteless’s customer-centric AI Pricing Engine was designed to learn and adapt to customers' mindset and buying habits, pushing the limits of AI to deliver the ideal shopping experience while maximizing profit. To optimize revenues and reduce waste, Wasteless’s pricing engine employs a branch of machine learning called Reinforcement Learning. This allows our engine to quickly learn how consumers respond to dynamic pricing, so it can then find the optimal discounting policy.
The benefits of Wasteless are multifold. The startup helps food retailers to increase revenues by increasing sales through efficient matching of product offering with real-time demand, increase margins by helping retailers sell at the optimal price-point, improve the freshness of foods on the shelves, and reduce food waste by helping products sell before they expire.
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