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 provides high-quality fuel, food and beverages to motorists and shoppers across the UK, operating over 300 convenience stores as part of its partnership with M&S Food. BP’s ambition to grow its convenience business, aiming to become first choice for customers on the roadside, is underpinned by the enhancements it is making to its offer and network.
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 puts 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 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.
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.”
