May 11, 2021
Wasteless displays two prices, one for the product with a closer expiration date and one for the product with a further out expiration date to incentives customers to reduce waste.
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Anyone who has taken a basic economics course knows two main factors dictate price: supply and demand. But price-setters know there are many other small and large influences. Israel-based company Wasteless is trying to bring one of those factors to the forefront for food — expiration date.
The company’s machine learning technology can be integrated into point-of-sale, inventory systems and electronic price tags — used commonly in Europe — of grocery stores to offer two prices to consumers, a cheaper one for a product with a nearing expiration date and a more expensive one for the slightly fresher product. At this time, Wasteless is only pricing packaged perishable goods such as yogurt or ground beef.