BP has renewed its partnership with Retail Insight to use its AI-powered technology to reduce food waste and achieve best margins by establishing the optimum time to mark down products nearing expiry.
The three year agreement will see a continuation of the technology at over 300 company-owned forecourt sites which sell M&S food.
The oil company originally partnered with Retail Insight in 2019 to use its WasteInsight cloud-based software solution.
WasteInsight considers a wide range of data points, including product type and seasonality, to help establish a product’s optimal discount price and the timing it should be marked down. It also helps retailers push items least likely to sell straight to their charity partner, and drives improved forecasting accuracy.
BP says that WasteInsight puts it “in control of food waste through data-led, actionable insights that support businesses’ entire waste journeys”.
Hannah Munns, BP’s UK trading director, says: “The WasteInsight solution has delivered impressive results across our estate. 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.”
Kieran O’Brien, VP customer success EMEA at Retail Insight, adds: “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.”
