Kaunas University of Technology, together with the project implementer Private Limited Liability Company “Maisto mylėtojai“, has received an investment to carry out research and solve the current pricing problems in catering. The project is co-funded by the European Union Fund for the period 2021 – 2027.
This project addresses several important issues:
– Order management: high order levels lead to a lack of production capacity and losses due to the inability to take all orders. Market solutions are inefficient.
– Waste management: Oversupply of perishable products leads to disposal costs and insufficient promotion of end-of-life products.
– System integrity: POS and other smart systems are not integrated, requiring solutions from different suppliers, which leads to administrative and accounting problems.
– Availability: the SME sector is fragmented and small businesses (more than 90% of enterprises) lack the resources to develop smart systems, giving large enterprises an advantage.
The main objective of the project is to develop a unique and continuously updated omni-channel pricing system based on machine learning dynamic pricing (DP) models.
Kaunas University of Technology will carry out research during the project. Based on the applicant’s data, KTU will develop self-learning algorithms that suggest the most advantageous DP solutions depending on supply, demand, changing consumer habits and the profile of the food establishment.
The desired result of this project is a market-delivered, continuously updated omni-channel pricing system based on machine learning dynamic pricing models, which is tested and fully operational.
Key information:
– The project title is “Continuously renewing omnichannel pricing system for catering, based on machine learning dynamic pricing models”;
– The project implementer is Private Limited Liability Company “Maisto mylėtojai“;
– Project partner – Kaunas University of Technology;
– Total value of the project – EUR 1 442 641.08;
– Project funding – EUR 1 080 277.54;
– Start of the project – 05/06/2024;
– End of the project – 05/06/2026.
Project funding:
This research project is funded by the European Union Funds for the period 2021-2027 under the Measure No. 05-001-01-05-07 “Establishing a coherent system for the promotion of innovative activities” under the activity “Stimulating the supply of innovations” under the action “Investing in activities for the development of new high value added products and enabling researchers to participate in R&D activities of enterprises, promotion of intellectual property, early pilot production of new products being developed and preparation for the market” (region of Central and Western Lithuania)”
Project results:
The main objective of the project is to develop a unique and continuously updated omni-channel pricing system based on machine learning dynamic pricing (DP) models.
Kaunas University of Technology will carry out research during the project. Based on the applicant’s data, KTU will develop self-learning algorithms that suggest the most advantageous DP solutions depending on supply, demand, changing consumer habits and the profile of the food establishment.
The desired result of this project is a market-delivered, continuously updated omni-channel pricing system based on machine learning dynamic pricing models, which is tested and fully operational.
Period of project implementation: 2024-06-05 - 2026-06-05
Project coordinator: UAB "Maisto mylėtojai"
Project partners: Kaunas University of Technology
