BP has renewed its partnership with Retail Insight for another three years as it looks to combat food waste.
The oil company, which operates 300 convenience stores with M&S Food, initially teamed up with Retail Insight, which uses AI-powered technology to create markdown prices on products nearing expiry, in 2019.
It analyses a wide range of data points – including product type and seasonality – which enables grocers to calculate a product’s optimal discount price and the timing it should be marked down.
As well as offering dynamic discounts, the software, called WasteInsight, addresses expiration management, offers more efficient donations to charities, and has better forecasting accuracy, allowing retailers to sell more while wasting less.
“The WasteInsight solution has delivered impressive results across our estate,” said BP UK trading director Hannah Munns.
“The implementation of dynamic markdowns has not only reduced waste but also significantly improved our sell-through. We are looking forward to seeing continued improvements over the coming years.”
Retail Insight customer success VP for EMEA Kieran O’Brien added: “We are delighted to be able to extend our relationship with BP for a further three years.
“It’s always rewarding to see the benefits that our dynamic markdown solution can bring, and we look forward to continuing to improve the outputs from WasteInsight for BP over the next three years. Together, we will continue to set new benchmarks in waste reduction and operational efficiency.”
Other retailers using the technology include Lincolnshire Co-op and Central Co-op.
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