The retail industry continues to be a hotbed of patent innovation. Activity is driven by e-commerce, and data analytics, and the growing importance of technologies such as artificial intelligence, 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 Internet of Things in retail: automated self-service kiosks. Buy the report here.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
50+ innovations will shape the retail industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the retail industry using innovation intensity models built on over 126,000 patents, there are 50+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, in-store theft monitoring and automated self-service kiosks are disruptive technologies that are in the early stages of application and should be tracked closely. Smart checkout, interactive vending kiosks and modular autonomous delivery bots are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are autonomous delivery vehicle navigation and smart PoS systems, which are now well established in the industry.
Innovation S-curve for Internet of Things in the retail industry
Automated self-service kiosks is a key innovation area in Internet of Things
Automated kiosks allow retailers to offer customers a broad array of self-service experiences such as price checking, placing orders, self-checkout, creating returns, and membership sign-ups.
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 65+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of automated self-service kiosks.
Key players in automated self-service kiosks – 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=fgfXk title='Patent volumes related to automated self-service kiosks' type='lgp1']Leading patent filers in the automated self-service kiosks space include Outerwall, Cleveron AS, PepsiCo, and Hillman Group. PepsiCo’s Quik Pick is touted to be a first of its kind front-end digital kiosk/cooler, which deploys IoT/AI technologies including computer vision. The unique kiosk enables consumers to open the door by swiping a credit card and retrieve or return any number of drinks. The transaction is deemed complete once the door is closed. The preliminary results of the beverage giant’s tests showed that the AI-based kiosk contributed for up to 78% increase in revenues compared to glass front vending machines.
In terms of application diversity, Citigroup is the leading company, while Fuji and Barclays are in the second and third positions, respectively.
By geographic reach, Fiserv leads the pack, followed by Omnicell and Grendene.
Preference for automated self-service kiosks sky-rocketed during the pandemic and continues to be buoyed due to its improved efficiency and ability to provide seamless transactions for customers as well as real-time data, connectivity, and automation, for companies, thereby delivering increased profitability.To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Internet of Things (IoT) in Retail and Apparel.
