Retail Insight creates a new model to help Walmart reduce food waste
- Rapid time-to-value
- Brand-new model for waste and markdown activity
- Year-on-year waste reduction
- Maximized revenue from sold markdown items
Environmental and ethical concerns
In addition to the environmental and ethical concerns, for retailers there is also a financial concern, with waste costing on average between 3% and 5% of sales, rising above 10% in some cases.
3-5% Average cose of waste to sales
Addressing the challenge of markdown
Retail Insight, the retail data experts, reduce customers’ overall exposure to waste through addressing the challenge of markdown.
For example, Retail Insight has been working with Walmart since April 2017 on multiple fresh food departments across its US store network. The time-to-value has been very fast, with Walmart experiencing an immediate year-on-year reduction in waste as soon as the project began.
The RI system integrates so seamlessly with Walmart that there are no additional steps, stages or processes for employees to follow.
Paul BoyleCEO, Retail Insight
We’ve developed a new model for waste and markdown activity that is dynamic and flexible. Markdown prices are automatically flexed to give the customer the best value price for the markdown product, with variable markdown rates depending on all the key factors and influences affecting each product and each store, including seasonality, demand and shopper behavior.
In addition, the model minimizes the volume of unsold stock and maximizes revenue from sold markdown items.
Approximately one-third of all produce is thrown away annually, costing an estimated $1 trillion globally.
Since 2017, Retail Insight has helped Walmart increase time-to-value and experience an immediate year-on-year reduction in waste.
- Waste costs between 3% and 5% of sales, sometimes rising to as much as 10%.
Retail Insight developed a brand-new model for waste and markdown activity that seamlessly integrates with Walmart.