These online discounts are supposed to help grocery stores decrease their waste. BuyMeBy is a platform that automates the process of putting expiring food products on sale. Springwise describes this as updating the sales rack for the e-commerce age.
Consumers tend to purchase food that has a later expiration date so they don't have to throw it away prematurely. BuyMeBy enables customers to buy expiring food via online discounts, which work both online and in stores. Inventory management software is able to track the expiration dates of various items and gradually lower prices of products soon to perish.
Currently the startup is working with a Greenwich Village-based natural foods store to perfect their system before launching their pilot program in New York.
Perishing Produce Platforms
BuyMeBy Reduces Waste By Offering Online Discounts For Expiring Food
Trend Themes
1. Automated Discount Platforms - Opportunities exist for developing platforms that automate the process of putting expiring products on sale, reducing waste and increasing sales.
2. Online Discount Shopping - Disruptive innovation opportunities lie in creating online platforms that offer discounts on expiring food, allowing customers to purchase products that are closer to their expiration date.
3. Inventory Management Software - Investing in the development of inventory management software that can track expiration dates and adjust prices accordingly can provide a competitive advantage for retailers and reduce waste.
Industry Implications
1. Grocery Retail - The grocery retail industry can benefit from adopting automated discount platforms, reducing waste and attracting customers with expiring food sales.
2. E-commerce - Disruptive opportunities exist within the e-commerce industry to create online platforms that offer discounts on expiring products, catering to environmentally-conscious, value-seeking consumers.
3. Food Tech - Investing in the development of inventory management software for the food tech industry can help reduce food waste and optimize supply chain operations.