AI-Driven Expiry Prediction and Dynamic Pricing System for Retail Inventory Management Utilizing ARIMA and LSTM Models

Reviro is an advanced AI-driven system designed to enhance the management of perishables in retail through the employment of ARIMA and LSTM models that tend to predict date expiry more precisely and dynamic pricing. Initially designed for Indian markets, its flexible framework easily adapts to any global retail scenario through involvement with local kirana stores and large supermarkets via APIs. Reviro empowers retailers to dynamically update prices based on criteria that encourage near-expiry items to be sold just in time to cut food waste substantially. The rewards mechanism allows for an intrinsic gamification of sustainable consumer behavior, encouraging consumers to purchase perishable and donate perishable items. In addition, Reviro has an interactive map interface that further empowers the consumers to gain access to discounts on perishable goods; it aims to reduce critical inefficiencies in consumer behavior and inventory management. The application supports the act of donating close to expiry items and turns this process into an integral part of the retail business operation with its social responsibility. This scalable model of Reviro, therefore, aligns with the global sustainability goals and serves as a transformative food waste management tool for all sectors of diverse retail businesses holding huge potential in improving food security and environmental sustainability through better retail practices.