SPAR International has expanded its partnership with food tech firm Whywaste with the launch of 'Smart Markdowns' at SPAR stores.
Smart Markdowns is a dynamic system that lowers prices of products close to their expiration date.
The retailer noted that it seeks to minimise food waste through this digital date-checking solution.
In 2022, SPAR announced an international partnership with Whywaste in a bid to boost its food waste reduction efforts.
Smart Markdowns
The dynamic discounting system leverages real-time data and AI-powered insights to dynamically adjust prices on products nearing their expiration date.
"We are thrilled to take our partnership with SPAR International to the next level by introducing Smart Markdowns," said Kristoffer Hagstedt, CEO of Whywaste.
"This step embodies our collective vision of combating food waste while enhancing customer experiences," he added.
Sustainable Shopping Environment
SPAR believes that the addition of Smart Markdowns to its existing range of strategies focused on food waste reduction represents a significant leap towards a more sustainable shopping environment.
"We are confident that technology is beneficial to drive positive food waste reduction," stated Tom Rose, head of operations at SPAR International.
"Our collaboration with Whywaste demonstrates how innovation and sustainability go hand in hand. The inclusion of Smart Markdowns is another tool that supports SPAR country organisations with their operational efficiency."
Inflationary cost pressures, high interest rates and infrastructure issues in its home market of South Africa were all factors that impacted SPAR Group in the first half of its financial year, with the business reporting a 17.5% decline in operating profit in the period.
