Free Trend Report Free 2019 Report & eBook

Get the top 100 trends happening right NOW -- plus a FREE copy of our award-winning book. Our Research Methodology

This article is one of 350,000 experiments. We use crowd filtering, big data and AI to identify insights.

Wasteless Uses Data Analytics to Changes Prices on Produce Over Time

 - Apr 21, 2017
References: wasteless.hostenko & digitaltrends
When an innovation benefits both economics and ecology, everybody wins, and Wasteless, a new technological system for grocery stores, is aiming to make as many winners as possible. The retail technology system uses animated product labels on shelves that change over time to increase the likelihood of selling out produce stocks, reducing waste, increasing sales, and offering consumers cheaper groceries.

Grocery stores face a dilemma with their produce: the perishable food gets worse the longer it sits on the shelf, but even a store operating at peak sales wouldn't be able to sell out their stock in the first few hours. That means fresh produce and produce that's been sitting on the shelf for a week get priced exactly the same, even though the former is clearly more valuable. Wasteless uses data analytics and digital price tags to lower the price of produce over time, and simple economics thus dictates that this will lead to more sales.