Lifetime Value Analysis of User Claims
We have compiled all approved claims from the launch of app in late 2019 in the attached report. This blog references the key insights and the next steps we will take to improve upon each of those.
Cashback on Claims
Our users are averaging 2.4 items per trip at a rate of $.33 cents per item earned in cashback. This is at our current cashback rate of 10%.
As we move towards our first pilot, we are seeking a 20% cashback rate for our users, with possibly higher rates on specific items or categories, based on our grocery retail partners desired targets.
Key Stat – Our average user has generated $29.21 in retail value while the median amount is $10.10.
Looking ahead – We have recently launched our ROI calculator located on our Grocers page to provide comparison between traditional markdown activities and using Cherripick cashback across 100 units of products.
LB’s of Food Recovered
Prior to the pandemic’s impact we were averaging around 45 LBS of food recovered each month and based on our user base that worked out to about 2-2.5 LBS per user per month.
Key Stat – Approximately 98% of all food recovered thus far has been perimeter or perishable foods.
Looking ahead - We are evaluating ESG frame works to report on critical impacts beyond food waste recovered, while providing further context on which food would be considered recovered. An example of that would be items commonly donated vs those that are not, after they have been removed from the shelf by the retailer.
Days ‘Till Expiration
We have been using the 3 days or less criteria for approved claims thus it is no surprise that almost 80% of items claimed fall within that range. That is the clearest signal that some of users understand that the dates are but a guide and not an actual ‘expiration date’.
Key Stat - 28.36% have zero days left until “expiration” based on the date on the package.
Looking ahead - The three largest categories our users have claimed include meat (of all types), yogurt, and bagged salad. According to this blog from SmartSense and a report by the Guardian, “…the food supply chain wastes 45% of all produce, 35% of seafood, 30% of cereals, and 20% of meat and dairy products every year.” We are positioned to further advance our retail partners planning, merchandising, markdown, and purchasing insights by providing the Days ‘Till Expiration data on categories and unique SKU’s.