A new application developed in Israel offers to dynamically manage retail prices.
Let’s say a store has a shelf full of products that are about to expire. The prices were printed on the label the day the products arrived at the store, when they were still fresh. As the days go by, customers will feel less motivated to pay the price for a product that will last a short time in their refrigerator. A customer would normally stop buying the milk or salad because they have just a couple of days of shelf life left and would soon become an expensive waste.
Result: dissatisfied customers, no sales, no profits, increased waste, among others.
What would happen if the customer had a discount according to the life time of the product? Good idea, but normally for the store it would be a hell to manage the inventory and a catastrophe when it comes to the billing.
The Israeli company Wasteless Ltd. offers a solution that allows any retail store to manage its prices dynamically. Wasteless promises a reduction in merchandise waste of between 20% and 33%, and at the same time an increase in profits of at least 6%.
Although we are talking about the use of cutting-edge technology, the Wasteless Dynamic Price Engine can be adapted to any type of store, online or physical, whether it uses barcoded labels or radio-frequency labels Additionally, from the Wasteless App application, the employee or manager of the store can see in real time on their smartphone the status of their inventory: sales, expired products, discarded products, and sold out products etc..
One of the greatest benefits of the system is that it can be managed by employees using a conventional smartphone that has been installed with the respective application. Product data is easily entered into the store’s inventory system through a user-friendly, ergonomic and functional interface. The application allows the user to enter the data of the newly arrived merchandise to the store reading the barcode or including the information manually.
The system can, for example, print a label with two retail prices: the normal inventory price and the discounted price according to the due date, i.e. the “Wasteless price”, so that the customer knows that from the date indicated on the label he will be paying a lower price.
The system’s software automatically controls the application of the appropriate price at the time of collection and its reflection in the inventory, with the benefit of subsequently providing statistics on customer habits.
The application of this new system dates back only to 2017, but its potential impact on the economy of stores, customers’ pockets, and the environment is indeed very promising. Don’t be surprised if, in the short term, you find products with two prices marked on the label. next time you go shopping.