BP has renewed its partnership with in-store execution software firm Retail Insight for an additional three years in the UK as part of its drive to reduce food waste across its store estate.
BP operates over 300 convenience stores as part of its alliance with M&S Food. Since partnering with Retail Insight in 2019, BP has used the company’s AI-powered solution WasteInsight to markdown the price of goods nearing expiry.
A cloud-based software solution, WasteInsight is said to put 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 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.”
Kieran O’Brien, VP customer success EMEA at Retail Insight, added: “We are delighted to be able to extend our relationship with BP for a further three years. 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.”
