Challenges and goals
Managing food waste and helping customers and members to manage their own domestic food waste is a priority. As part of Co-op’s commitment to reduce food waste, they have continued to partner with Retail Insight, which has deployed its dynamic WasteInsight algorithm to all Co-op stores to support managing the reduced to clear process.
Partnership and solution
Since 2019, Retail Insight has deployed its WasteInsight solution to all Co-op stores, which enables stores to sell more and waste less using a dynamic pricing algorithm. It calculates the best markdown price for expiring products based on multiple factors; including volume, store, season, and more.
“After launching the WasteInsight solution in 2019 across all Co-op stores, key stakeholders across Retail Insight and Co-op have continued to work collaboratively to ensure maximum gains from the solution," says Kieran O'Brien, Client Director at Retail Insight. "Not only has the WasteInsight engine evolved over time through its native machine learning and artificial intelligence capabilities, but Retail Insight's Analytics Team has also been able to create deeper Management Information & Business Intelligence, empowering Co-op to make informed decisions around waste performance.”
In 2022 alone, the partnership between Co-op and Retail Insight has resulted in 4.8 million additional units of food being sold year on year.