PHILADELPHIA—April 25, 2024—invent.ai, an award-winning global retail planning solutions provider, proudly announces it has won “Return Management Innovation of the Year” in the 2024 RetailTech Breakthrough Awards, an annual program that highlights the world’s best companies, products and services in the retail technology industry. Invent.ai was honored for its AI-driven Returns Positioning solution that enables omnichannel retailers to optimize the returns process for greater efficiency and revenue growth.
The RetailTech Breakthrough Awards aims to perform the most comprehensive evaluation of retail technology tools, services and companies today. With nominations coming in from innovators worldwide, the program honors those who break through the crowded marketplace. Invent.ai stood out for helping retailers leverage AI technology to overcome the rising complexities and costs of managing omnichannel returns. Invent.ai's Returns Positioning solution optimizes the returns process through:
- Intelligent rerouting: AI automatically determines the optimal position for each returned item in real-time
- Profit maximization: Inventory is placed where it has the highest probability of selling with the lowest routing cost
- Future returns forecasting: Return pattern forecasts to support proactive planning and efficient inventory allocation
“While omnichannel has become the new standard, many retailers still manage returns based on simplistic rules. This outdated approach cannot handle the sheer volumes or complexities of omnichannel returns, and retailers end up with misallocated goods, lost sales, unnecessary liquidations and lower profits,” said Tav Tepfer, Chief Revenue Officer, invent.ai. "At invent.ai, we offer a better way, and we can go live in just a few weeks. Our Returns Positioning solution uses AI-decisioning to analyze every possible variable, then instantly determines where to route each returned item to give it the highest probability of reselling for the most profit before the season ends.”
Notably, invent.ai's Returns Positioning solution offers rapid implementation, and retailers see results in as little as 90 days. By leveraging the solution, invent.ai's clients have successfully:
- Increased sales by 25-50% through the quicker reintroduction of returned items to the sales floor
- Increased revenue and margins by sending items to where they have the highest likelihood of resale
- Reduced liquidations by 2-5% by optimally positioning inventory to decrease on-hand units at the end of the season
Tepfer continued, “We’re very excited to be named a winner in this year’s RetailTech Breakthrough Awards. Our team looks forward to continuously delivering innovative, AI-driven solutions that ensure our retail clients are well-equipped to satisfy the demands of modern consumers.”