Key Takeaways:
- Invafresh, a leading fresh grocery platform, has acquired Whywaste, a provider of end-of-life product solutions for grocery retailers.
- The acquisition aims to help reduce food waste, maintain regulatory compliance, and increase profitability for grocery stores.
- Major retailers like ASDA, Tesco One Stop, SPAR International, and Coop Sweden use Whywaste’s solutions.
- Invafresh’s AI/ML-enhanced Fresh Retail Platform will integrate Whywaste’s advanced date checking, markdown price optimization, and donation platform capabilities.
- Customers using Whywaste’s platform have seen an average of 30% less waste and a 17% increase in revenue from optimized discount pricing.
Invafresh, an industry-leading fresh grocery platform, has announced its acquisition of Whywaste, a leading provider of end-of-life product solutions for grocery retailers and convenience stores. The acquisition aims to help retailers reduce food waste, maintain regulatory compliance, and increase profitability. This move comes as part of a broader effort to address the global challenge of food waste, which amounts to 1.3 billion tons of food valued at $1 trillion being lost or wasted annually.
The Importance of Reducing Food Waste
According to John Harmon, Senior Technology Analyst at Coresight Research, U.S. food waste totaled more than $650 billion in 2022. He noted that 63% of grocery retailers view food waste reduction as important in meeting corporate sustainability goals. The acquisition of Whywaste aims to provide retailers with the tools they need to achieve these goals. Whywaste’s suite of waste reduction tools will complement Invafresh’s AI-enhanced demand forecasting capabilities.
Synergies and Benefits
The acquisition extends the functionality of Invafresh’s AI/ML-enhanced Fresh Retail Platform by integrating Whywaste’s end-of-life solutions. These include advanced date checking, markdown price optimization, and donation platform capabilities. Customers using the Whywaste platform have, on average, realized 30% less waste and a 17% increase in revenue from optimizing discount pricing.
A Natural Evolution
Kristoffer Hagstedt, Chief Executive Officer at Whywaste, stated that partnering with Invafresh is the natural evolution for Whywaste. “Food waste is a global challenge, and our combined solution gives grocery retailers a proven approach to reducing shrink and helping them achieve their sustainability goals,” he said.
About Invafresh and Whywaste
Invafresh has over 300 grocery retailers in its global reach spanning 18 countries, with more than $100 million of Fresh revenue being transacted daily. Whywaste, based in Gothenburg, Sweden, provides solutions for markdowns and food waste management for grocery retail and operates in over 40 chains globally.
Photo by Marek Studzinski on Unsplash
