Technology-based approaches bring new dimension to store pricing
Stage: Distribution & Marketing, Consumption
Problem: Even though retailers are already taking some measures to reduce food waste, they do not take full advantage of technology that can help to tackle the problem.
Solution: Automated replenishment based on sophisticated forecast avoids overstocks
1. Technology can help them to reduce food waste by optimizing order forecasts in such a way that the gap between predicted and actual sales is reduced to a minimum. With this, retailers can avoid food waste at the earliest possible stage.
2. When it comes to reducing food waste and losses from unsold perishables, automated replenishment can help retailers only up to a certain point. Even though this technology enables them to optimize their inventory so that it best matches their sales forecasts, there will always be some excess supply in the fresh produce department.
3. The retailer automatically reduces the prices of game and poultry products in one store in Zaandam with the help of the GS1 Databar. On the day of expiration, checkouts at the store automatically apply a 35% discount to the normal price of these products. 
4. This works because the GS1 Databar does not only carry the Global Trade Item Number (GTIN) but can also store information such as serial numbers, lot numbers and expiry dates. Products from the game and poultry range are promoted instore with their normal prices, with mark down prices also promoted on the day of expiration.
GS1 UK (https://www.gs1.org/sites/default/files/gs1_uk_the_challenge_of_food_waste.pdf)
