A recent survey by Retail Insight found that 79% of shoppers tried to be more sustainable in their buying habits in the last 12 months, creating an opportunity for retailers to automate their price mark down strategies with the WasteInsight solution, Paul Boyle, CEO, Retail Insight explained to FoodNavigator-USA in an interview.
As consumers continue to feel financially pinches from rising grocery costs, which is up 13% year-on-year, according to Retail Insight, many are focused on reducing waste to save money and protect the environment. The survey found that 43% of shoppers are buying food when they need to in effort to reduce waste, while 33% are shopping at discounted grocery stores for near-expired food, helping retailers minimize the 119 billion pounds of food waste a year in the United States.
Using cognitive technology and Retail Insight's marketing expertise, its WasteInsight platform helps retailers manage perishable inventory through real-time mark downs. The company reported saving retailers $500m in gross profit improvement and 125,000 tons of CO2 emissions.