Too Good To Go acquires CodaBene
Too Good To Go & Codabene
Too Good To Go has acquired French tech startup CodaBene, the company behind FoodMemo: a software solution that helps food retail stores digitise and manage expiry dates in order to reduce food surplus.
Between 1-3% of retailer’s annual sales are lost through food waste, and a large part of it is attributable to the lack of transparency of expiry dates on in-store inventory. Better managing products with short expiry dates is therefore a priority for many retailers.
The software solution (which can be integrated to the store’s ERP system - enabling instant inventory updates) is now part of Too Good To Go’s offering to its partners, further extending the company’s expertise and in-store solutions beyond its marketplace, supporting stores in managing unsold or surplus food.
In many stores, expiry dates are not yet digitised and store staff must check every product daily to identify products close to expiry and remove them from the shelf one by one. The manual check is error prone so some products slip through the net, causing food waste. FoodMemo tackles this challenge in 2 steps:
- Identifying products that are approaching their expiration date.
- Recommending an action to the store employee via algorithms, the fairest and most profitable action to optimise the end of life value of the identified short dated products. Possible actions include:
- Discount the near-expiry products with a discount sticker
- Donate the items to food associations and charities
- Resell products through a Too Good To Go Magic Bag
FoodMemo is not just a food surplus management solution, it’s also an operational excellence tool that helps to save time for employees. It facilitates rapid decision-making on food nearing its expiry date and maximises distributors' margins by live-valuing millions of products every month. In total, 3 million products are saved each month by using CodaBene services.
For more information on FoodMemo services please contact us email@example.com