Global oil and gas company and forecourt retailer BP has renewed its partnership with Retail Insight, the leading provider of in-store execution software, for an additional three years in the UK, as it continues to reduce food waste across its store estate while enhancing operational efficiencies.
BP, which operates over 300 convenience stores as part of its partnership with M&S Food, has expressed ambition to grow its convenience business, aiming to become the first choice for customers on the roadside.
Since partnering with Retail Insight in 2019, BP has used Retail Insight’s AI-powered solution, WasteInsight, to deliver value and customer satisfaction by offering dynamic markdowns on goods nearing expiry, providing reduced prices to customers.
A cloud-based software solution, WasteInsight provides 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 dynamic 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.
“The WasteInsight solution has delivered impressive results across our estate,” Hannah Munns, UK trading director at BP, commented.
“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.”
