The retail industry continues to be a hotbed of patent innovation. Activity is driven by e-commerce, data analytics, and demand for personalization and the growing importance of technologies such as artificial intelligence (AI), and augmented and virtual reality. In the last three years alone, there have been over 59,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cloud in retail: personalized digital storefronts. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 126,000 patents to analyze innovation intensity for the retail industry, there are 50+ innovation areas that will shape the future of the industry.
Personalized digital storefronts is a key innovation area in cloud
Personalized digital storefronts are specialized online interfaces tailored for individual users based on their preferences. Leveraging technologies such as data analytics, artificial intelligence, and interactive tool, these platforms create customized shopping experience targeted at each consumer, thereby improving customer engagement, boosting conversion rates, and improving overall satisfaction.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 55+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of personalized digital storefronts.
Key players in personalized digital storefronts – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
[datawrapper id=qjcLY title='Patent volumes related to personalized digital storefronts' type='lgp1']Leading patent filers in the personalized digital storefronts space include Levi Straus, Carl Zeiss Stiftung, MISUMI, and Best Apps.
Levi Strauss is exploring the potential of customizable AI-generated models through a collaboration with Lalaland.ai. The technology aims to showcase products of a diverse spectrum of body types, skin tones, ages, and sizes to provide a personalized shopping experience to its customers.
In terms of application diversity, Smith Sport Optics is the leading company, followed by Global Technology Services, and Lantmannen ek.
In terms of geographic reach, Carl Zeiss leads the pack, while Levi Strauss and MISUMI are in the second and third positions, respectively.
Personalized digital storefronts offer a more agile, data-informed, and customer-centric approach to retailing, significantly enhaning customer engagement, driving up conversion rates, and offering a personalized shopping experience.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cloud Computing in Retail and Apparel.
