Co-op continues to partner with Retail Insight to support the reduced to clear process.
About the client
Co-operative Group Limited, trading as Co-op, is a British consumer co-operative with a diverse family of retail businesses including food retail and wholesale; e-pharmacy; insurance services; legal services, and funeral care.
The Co-operative Group has over 2,500 stores.
Co-op Food is the largest division of the group with over 2,600 of its own retail stores which cover the largest geographical spread of any grocery retailer. The stores mainly operate across a variety of convenience formats, with some larger neighbourhood hub stores.
As of March 2022, it is the seventh-largest grocery chain in the UK, with a 6.2% market share according to Kantar Worldpanel.
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.
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.”
Co-op sold an additional 4.8 million units of food year on year.
A dynamic approach to pricing has driven maximum sell-through on expiring products.
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