The partnership will continue beyond implementation through invent.ai’s “Hub Model,” with Five Below working closely with a dedicated team of experts to identify ongoing platform opportunities.
Invent.ai was selected by US retailer Five Below to optimise demand forecasting and replenishment through AI-driven technology.
Five Below currently operates over 1,800 stores in the United States. It needed an inventory optimisation solution that could account for its diverse product categories and objectives, and opted for invent.ai’s retail planning suite.
“Invent.ai has been a game-changer for our operations, helping streamline replenishment processes across a wide range of product categories and a large store network,” said Graham Poliner, Chief Strategy and Analytics Officer at Five Below.
“We expect invent.ai’s algorithms to continue to help us optimise inventory levels, reduce stockouts and overstocking while ensuring that each location has the right products at the right time. The invent.ai team has been an exceptional partner, working closely with Five Below to tailor the capabilities to our unique needs.”
The pair implemented a pilot over three months across several categories and subsequently expanded to all categories of the business. The partnership will continue beyond implementation through invent.ai’s “Hub Model.”
Five Below will now work with a dedicated team of its experts on an ongoing basis to identify opportunities on the platform.
“AI is completely reshaping how the retail industry approaches inventory management, and early adopters will be well-positioned for financial success,” said Gurhan Kok, Founder and CEO at invent.ai.
“We’re excited to partner with innovative retailers, like Five Below, and help them leverage our platform to drive profitable growth for years to come.”
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