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Too Good To Go, an 8-year-old Danish company, is introducing a new AI tool to assist supermarkets in discounting expiring items efficiently. The app, called TGTG, leverages artificial intelligence to identify short-dated products and recommends strategies for boosting sales as items near their expiration dates.
The software considers customer behaviour, seasonality, and various factors to estimate the likelihood of a product selling, suggesting an appropriate discount rate as it approaches expiration. The tool minimizes manual efforts by helping staff track expiry dates, and it can also flag items that could be donated or sold at a significant discount through the Too Good To Go app. The rollout will begin with the international supermarket chain SPAR and expand globally. This innovation aims to address challenges related to short-dated products and enhance the efficiency of discounting processes, unlocking untapped revenue for supermarkets.
“Every day across grocery stores, staff go around and very manually go through all the different products to check if anything is about to run out of date,” TGTG Chief Executive Officer Mette Lykke said in an interview with Bloomberg Green. Lykke described this as a time-consuming process that’s prone to errors: Short-dated products are often spotted too late, and discounts meant to encourage purchasing leave potential revenue on the table, she said.
TGTG’s software employs customer behavior, seasonality, and other factors to predict a product’s likelihood of selling in a store and recommends an appropriate discount rate as the item approaches its expiration date. This tool aids workers in efficiently tracking expiry dates, reducing the need for manual checks to 1% to 7% of products. Additionally, the software identifies when food is suitable for donation or can be sold at a significant discount through Too Good To Go’s app.
The company tested the tool with an unnamed supermarket chain in France, where regulations prevent large grocery stores from discarding edible food. Previously, the grocer uniformly discounted cheeses by 50% nationwide when nearing expiration. With TGTG’s tool, the store now tailors discounts based on regional preferences and seasonal variations. For instance, in Normandy, Camembert sees higher demand in the summer, while in the Alps, Swiss cheese sells well during cold winter days when raclette is a popular dish.
New Era of Mobile AI With Samsung Galaxy S24 Series
Samsung Electronics has introduced the Galaxy S24 series, including the Galaxy S24 Ultra, Galaxy S24+, and Galaxy S24, featuring Galaxy AI to enhance various mobile experiences. The Galaxy AI offers intelligent text and call translations, creative enhancements with the ProVisual Engine, and a new search standard for users to explore their surroundings.
The focus of Galaxy AI is on communication, breaking language barriers with features like Live Translate, enabling real-time voice and text translations in phone calls. Interpreter provides split-screen translations for live conversations, even without cellular data or Wi-Fi. Chat Assist refines conversational tones for messages and apps, ensuring effective communication. Samsung Keyboard’s AI translates messages in real time across 13 languages. In vehicles using Android Auto, incoming messages are summarized, and relevant replies are suggested to maintain connectivity while driving.
GroupBy’s AI-First eCommerce Search and Discovery Platform
GroupBy Inc., a SaaS-based B2C and B2B eCommerce product discovery technology provider, has successfully implemented its AI-first eCommerce Search and Product Discovery Platform for New Era Japan, the Japanese branch of New Era Cap Co. The platform is powered by Google Cloud Discovery AI, incorporating state-of-the-art machine learning and AI algorithms trained on extensive data for a superior understanding of user intent. The technology aims to optimize the user experience for key eCommerce metrics like click-through rate, conversion rate, and revenue. GroupBy’s AI-first platform utilizes Google’s expertise in delivering personalized content across platforms like Google Search, Google Shopping, and YouTube.
Getty Images and Nvidia bring Generative AI to iStock
Getty Images has introduced Generative AI by iStock, developed in collaboration with NVIDIA, to support small and medium-sized businesses (SMBs) already utilizing AI-generated content for marketing. Powered by NVIDIA Picasso, this generative AI tool aims to be affordable, user-friendly, and commercially secure, enabling marketers, designers, and SMBs to transform their creative concepts into impactful content. Trained exclusively with high-quality content and proprietary data from Getty Images’ and iStock’s creative libraries, the tool is engineered to avoid generating known copyrighted elements and provides full copyright indemnification. It utilizes NVIDIA’s Edify model available in the Picasso generative AI model library.
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