The numbers are in, and they’re not looking good. On average, approximately 40% of all food is wasted around the world. Of that percentage, food retailers alone generate 10.5 million tons of food waste per year. In fact, 67.7% of prepared foods are discarded due to overproduction and overordering. This clogs our landfills and contributes to increasing environmental concerns, such as contributing to 10% of global greenhouse gases and causing the loss of forests, grasslands, and other habitats.
Being at the center of the supply chain, food retailers have the power to influence the environmental efficacy of the chain and advocate for food waste reduction. Therefore, its critical grocers pay attention to their food waste numbers and implement key metrics for reducing shrink within the grocery industry. However, that doesn’t mean it’s a simple task to undertake.
At Invafresh, our Fresh Retail Program (FRP) has been pioneering the battle against food waste with our Shrink Tracker module. Using our AI-based technology, grocery retailers have been able to match supply with demand, improving efficiency, and reducing shrink.
Features & Functionality
- The known loss capture capability identifies the largest contributors to shrink and helps eliminate actions that cause excess food waste.
- Optional shrink targets help meet business objectives. This helps capture margin-eroding losses through markdowns as well as product conversions and discards.
- Improve the overall consumer experience by reducing food waste, providing fresher quality, and increasing stock availability
Benefits Our Customers Have Seen
- 30% reduction in excess shrink
- Guaranteed 1.1 day shelf life for fresh food.
- 25% reduction in backroom inventory
- $150M of waste eliminated per year
Not convinced? We recently partnered with Price Chopper, to prevent 20 tons of food waste each week using our Fresh Retail Platform!
The FRP’s Foundation for Reducing Shrink
Universal Reporting
A dedicated repository for all forms of known loss (such as discards, markdowns, and conversions) provides easy and timely access to shrink rates at all levels of the business.
Optimize Merchandising
Enhanced reporting of shrink and revenue contributions help refine and optimize merchandising allocations.
Barcode Support
By supporting an extensive list of barcode types and shelf tag scanning of non-retail product codes in a variety of formats and packaging, our Shrink Tracker module minimizes the burden placed on in-store operators.
Multiple Packaging Types
Flexibility to work within any retail environment regardless of how fresh items are merchandised, whether they’re standard pre-pack, bulk, unpackaged, or variable weight formats.
As the industry standard for grocery operations, Invafresh helps retailers navigate these unpredictable times by providing the tools and data they need to optimize processes across all their operations. With the right solution, waste reduction is a win-win scenario for everyone involved. Invafresh’s Shrink Tracker module utilizes enhanced artificial intelligence and machine learning to capture real-time known loss data and eliminate waste. The result? Food retailers can maximize their store revenue, minimize food waste, and make the planet a healthier place – all the while delivering a fresher and more enjoyable experience for consumers.
