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Despite all our tech-for-good efforts, food insecurity remains a global problem. Meanwhile, the stats on food waste in the US alone are eye-opening. Can AI.
Cutting food waste with dynamic supermarket pricing
Cutting food waste with dynamic supermarket pricing
Wasteless uses AI to lower an item’s displayed price gradually as it nears its expiration date.
Dynamic pricing based on expiration date reduces food waste. Photo courtesy of Wasteless
In the cult science fiction/comedy film,
Bill and Ted’s Excellent Adventure, the eponymous time-traveling protagonists are charged with writing a song to unite the world and save humanity.
Israeli tech entrepreneur Oded Omer may have had the same mission in mind when he set out on a music career.
The virtuoso bass guitar player from Holon received a scholarship to Berklee College of Music in Boston and even performed across Israel. But Omer ultimately became a serial entrepreneur with an engineering degree from Tel Aviv University and an MBA from the Holon Institute of Technology.
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.