Food Loop, The German-Based Food-Money Saver, Wins G-Startup At GMIC 2014.
A total of 10 finalists had pitched during the previous day at the Global Mobile Internet Conference (GMIC) G-Startup competition, but only one startup manage walk away as the superior victor.
Germany-based Food loop was the one choose out of the ten finalist to walk away with the gold. The company’s store inventory and customer application solution has saved both retailers and shoppers money on perishable foods by automatically making down the prices on groceries that are reaching their expiration date.
On the retail side of things, the startup places a special car code on the good packaging and containing the expiration and price data. Customers can utilize Food Loop’s application to receive notifications about the foods that are reaching their expiration date and have gone up for sale. It also doubles as a store loyalty program and a way for retailers to collect valuable customer data.
“We significantly contribute to the avoidance of food waste on a retail level,” said founder Christoph Müller-Dechent.
Retailers will par a fee each month, per store subscription. The system has already gone through its piloting phase though a handful of stores within its country, where Müller-Dechent stated that stores have saved over 50 percent on their waste disposal fees in addition to gain even more customers.
Capitalizingon the hype gained from the win at the GMIC, Food Loops hopes to have an offer of partnering up with major retail chain to start saving food and money in hundreds or even thousands of grocery stores. in his initial pitch, Müller-Dechent also mentioned that he’s managed to set up talks with Walmart and Whole Foods. The startup shall focus on the US and Asia as its initial markets.