Tracer launches food-loss-prevention solution powered by Verofax and Microsoft Azure

A mission to reduce food waste

Based in Sharjah, United Arab Emirates, Tracer was founded with the goal of helping retailers and consumer packaged goods companies reduce food waste.

According to the 2021 Food Waste Index Report from the United Nations Environment Programme, around 931 million tons of food waste was generated in 2019, with the retail industry contributing 13 percent.

Tracer conceptualized a solution that would connect manufacturers, retail stores, and consumers and result in more efficient clearing of perishables. Using serialization and tracing, manufacturers would be able to better track expiration dates and be more proactive in offering discounts to consumers. Retailers would be able to improve profitability through better inventory management. Consumers would be able to scoop up deals and access information about freshness, sustainability, and ethical sourcing.

To build this platform, Tracer needed a software solution that could integrate with existing enterprise resource planning (ERP) systems and guarantee enterprise data privacy. It needed to be cost-efficient and interact with consumers while maintaining privacy. Tracer also wanted it to be deployable within 120 days.

A partner developing bespoke traceability solutions

Tracer selected Verofax after careful market screening that considered agility and the capacity for customization. Verofax’s permissioned blockchain architecture, business-to-business-to-consumer interoperability, and cloud-native integration capabilities with 130 ERPs made it an easy choice.

Founded in 2018 and headquartered in the United Arab Emirates, Verofax helps companies like Tracer develop bespoke traceability solutions for connecting consumers with brands and retailers and improving operational efficiency. Verofax’s intelligent application suite, available in the Azure Marketplace, is hosted on Azure to ensure seamless integration into Dynamics 365 and to uphold data privacy and enterprise security on a multi-node infrastructure.

Verofax’s smart serialization and traceability technology helps consumer goods companies achieve complete inventory oversight and create immersive experiences for consumers. With connected products and intelligent data analytics, customers can increase sales and reduce costs by streamlining operations and automating processes. Verofax guarantees reduction in retail operational costs by up to 15 percent with global control over inventory and process automation.

Tracer connects a fragmented landscape

Built on top of Verofax’s blockchain-based intelligent application for connected products, the Tracer app empowers consumers to choose food items based on their personal preferences, such as freshness, sustainability, and ethical sourcing, with an immersive interface to drive satisfaction and loyalty. 

Khalid Roumieh, Co-founder and CEO of Tracer, said, “Grocery accounts for 56 percent of a shopper’s basket, and freshness costs can crawl up to 15 percent in certain categories. Traceability enables retailers and brands to turn this challenge into an opportunity to better connect and retain shoppers with personalized offers. Much of the ecosystem is fragmented due to siloed ERPs and intelligent data analytics. The Tracer solution securely connects suppliers with retailers and consumers on a shared repository for personalized promotions to prevent food loss. Smart traceability enables real-time decision-making between retailers and brands to ensure zero food waste.”

Because all products added to the platform are serialized and traced, if any batch is identified as near expiration, Tracer prompts manufacturers to discount it to help it sell quicker. The platform also provides an opportunity for consumers to interact with manufacturers and have end-to-end visibility on product traceability. Shoppers value traceability and are willing to pay a premium for brands that offer it. In fact, more than 70 percent of shoppers polled in a 2020 survey by the IBM Institute for Business Value indicated they would. The survey involved 18,980 respondents in 28 countries.

Success and building for the future

Wassim Merheby, Founder and CEO at Verofax, said, “With Verofax’s unique product digitization and traceability technology, Tracer now has granular visibility across the supply chain. This optimizes their inventory management systems and creates transparency for their clients. By turning their products interactive, Tracer is able to create engaging consumer experiences and use real-time shopper data to make personalized recommendations.”

Roumieh credited Verofax for being just the partner Tracer needed.

“Verofax was the perfect match to deliver a competitive edge, with their permissioned blockchain platform hosted on Azure, to guarantee our clients complete data security, automation of operations, and an increase in operational efficiency," Roumieh said. 

Tracer is now looking ahead and onboarding manufacturers from around the world.