Vending

Byte Technology introduces dynamic pricing for smart fridges

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June 26, 2020

Byte Technology, which provides a point-of-sale refrigerator that customers access by swiping a credit card, has introduced dyamic pricing, according to an email. The dynamic pricing allows the operator to set restrictions and let the Byte system automatically adjust prices in real time to maximize the likelihood of sell-through and minimize spoilage.

For example, an operator can create a discount that says "any salads that have one day left of shelf life should be discounted by 25%." With that, any salads that are about to expire will automatically be discounted by 25%, without the operator having to indicate the specific expiration date. In addition, operators can set up time based discounts, i.e., "drinks are 10% off after 5p during weekdays, and standard discounts, i.e., all fresh food is 30% off Mondays through Wednesdays."

The system's online dashboard gives operators visibility into fridge inventories across their entire fleet, transactions in real-time, product expiration dates, P&L summaries, fridge temperatures, customer names and email addresses.