Wasteless, a tech company based in New York and Israel, has launched the “Internet of Groceries,” a network that grocery stores can use to offer product prices based on expiration dates. The technology aims to allow supermarkets to “sell more and waste less.”
The system creates dynamic pricing based on expiration dates and continuous monitoring of stock levels, which also enables the system to alert the store when product inventory is low, according to the press release. If the product has been on the shelf for an extended period of time, the price can be reduced automatically.
“Dynamic pricing is something used daily when booking a flight, a hotel, or an Uber, and there is no reason why our groceries should be different,” Ben Biron, founder and chief operating offer at Wasteless, said in a statement. “This is amazing for all stakeholders because it means lower prices for the consumer, more revenue for the supermarket, and of course, it saves our planet by significantly reducing food waste at the retail level, which accounts for 40 percent of the world’s total food waste.”