Scotmid Co-op has extended its AI-powered price reduction deal with Retail Insight for a further four years as product sell-through increased 1.8% year on year.
The partnership, which was formed in 2021, has seen the firm’s ‘WasteInsight’ technology launch in 300 of the convenience retailer’s stores across Scotland, the north of England and Northern Ireland.
Scotmid Co-op head of category Dan Macnamara said its work with Retail Insight “has been pivotal in reducing waste,” with the partnership having diverted 42.7 tonnes of food from going to landfill, The Grocer reported.
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The solution uses Scotmid’s data, looking at the store, the time of day and the season, with an aim to optimise price reductions and increase basket volume.
The WasteInsight technology runs on handheld terminals used by employees and on the co-operative’s point of sale system to offer a “best price” for a product to be marked down.
Macnamara added: “The product has been transformative and supports us in getting closer to our business operations and challenges.
“From our pilot through to the rollout across the whole estate, we have seen continuous improvements that reduce the volume of food waste, improve store operations, and positively impact our bottom line.
“The dynamic food waste markdown solution has freed considerable resources to allow us to focus on delivering the best in-store experience for our customers.”
