FloorFound develops the RecoverAI platform, which utilizes artificial intelligence to optimize the recovery of oversized product returns by predicting revenue and routing items to local resellers. This technology enables retailers to recover up to 25% of lost revenue from returns, minimizing waste and enhancing profitability in the recommerce market.
Funding
$15.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
LVNCFounders
Product
Problem
Retailers face significant losses from oversized product returns due to inefficient processing and routing, resulting in wasted resources and reduced profitability. Traditional methods often fail to optimize the recovery of value from these returns, leading to disposal or liquidation at a fraction of their original worth.
Solution
FloorFound's RecoverAI platform leverages artificial intelligence to optimize the recovery of revenue from oversized returns and closeout inventory. The platform analyzes each returned item to predict its potential resale value and intelligently routes it to the most appropriate local reseller within FloorFound's network. By connecting retailers with a diverse network of direct-to-consumer resellers, RecoverAI ensures items are sold quickly and efficiently. The platform provides end-to-end tracking of returned items, from initial request to final sale, offering retailers increased visibility and control over the recommerce process.
Target Audience
The primary target audience includes retailers, particularly those in the furniture and home goods sectors, who are seeking to improve the profitability and sustainability of their returns management process. The platform also targets direct-to-consumer resellers looking to source inventory.
Features
- AI-driven revenue prediction for returned oversized items
- Intelligent routing to a network of direct-to-consumer resellers
- End-to-end tracking of items from return request to final sale
- Seamless integration with retailer's existing return processes
- Platform support for returns, trade-ins, and buy-back programs
- Real-time data and analytics on return performance