M&S has renewed its partnership with Retail Insight for another three years as it looks to combat food waste.
The 1,000 store-retailer initially partnered with Retail Insight, which uses AI-powered technology to deliver dynamic markdown strategies, in 2021.
Its software, called WasteInsight, analyses a wide range of data points – including product type and seasonality – which enables the retailer to calculate a product’s optimal discount price and when it should be marked down.
As well as offering dynamic discounts, it addresses expiration management, offers more efficient donations to charities, and has better forecasting accuracy, allowing retailers to sell more while wasting less, according to Retail Insight.
“Our collaboration with Retail Insight over the past three years has been incredibly impactful,” said M&S head of product for store operations Chris Thomas.
“The WasteInsight solution has delivered significant waste reduction benefits over the past three years, as well as improving overall operational efficiency. We look forward to continuing to work with the Retail Insight team to help us meet our net zero targets.”
Kieran O’Brien, VP for customer success EMEA at Retail Insight, added: “We are excited to extend our partnership with Marks & Spencer and we’re proud of the strong relationship we have built with the retailer as part of our commitment to delivering innovative solutions that drive success.
“Our close working relationship has been pivotal in enabling success and we will continue drive down waste and enhance efficiency across its stores.”
Other retailers using the technology include BP, Central Co-op and Lincolnshire Co-op.
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