BP, has renewed its partnership with Retail Insight, a provider of in-store execution software, for an additional three years in the UK, as it aims to further reduce food waste across its store estate while enhancing operational efficiencies.
bp BP operates over 300 convenience stores as part of its partnership with M&S Food.
Its ambition is to grow its convenience business, aiming to become first choice for customers on the roadside, is underpinned by the enhancements it is making to its offer and network.
Since partnering with Retail Insight in 2019, BP has used Retail Insight’s AI-powered solution, WasteInsight, to offer markdowns on goods nearing expiry, providing reduced prices to customers.
A cloud-based software solution, WasteInsight “puts retailers in control of food waste through data-led, actionable insights that support businesses’ entire waste journeys.”
Analysing foundational retail data, the solution applies a Machine Learning (ML) model to provide dynamic markdown prices that encourage sell-through and reduce waste.
As well as enabling dynamic discounts, WasteInsight also addresses expiration management, “offers more efficient donations to charities and drives improved forecasting accuracy, allowing retailers to sell more while wasting less.”
Hannah Munns, UK trading director at BP, commented: “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.”
