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In partnership with the Australian Centre for International Agricultural Research (ACIAR), the International Development Research Centre (IDRC) and the Foundation for Food and Agriculture Research (FFAR), the XPRIZE Foundation is studying transformative breakthroughs in food systems to offer the best possible outcomes for the environment, food producers, and the 10 billion consumers projected by 2050.
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Dynamic pricing to prevent food waste
From Grocery Dive:
- European startup Wasteless recently introduced a solution that uses dynamic pricing to lower the price of products as they get closer to their expiration date. The company has received an investment from Dutch venture capitalist firm Slingshot Ventures to expand its real-time tracking solution, and is currently testing with several retailers in Europe.
- According to Food Ingredients First, Wasteless’ solution uses item-level electronic-shelf labeling to monitor stock levels and anticipate when items are out-of-stock or low-in-stock. Wasteless also aims to reduce food waste by automatically dropping prices as products approach their expiration date.
- In America, an estimated 10% of the food that hits grocery shelves goes to waste each year, according to the U.S. Department of Agriculture.