The retail industry continues to be a hotbed of patent innovation. Activity is driven by Activity is driven by e-commerce, desire for convenience, data analytics, supply chain management and risk mitigation, and the growing importance of technologies such as augmented reality, virtual reality, block chain, and artificial intelligence. 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 Virtual and augmented reality in retail: immersive product visualization. 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.
Immersive product visualization is a key innovation area in virtual and augmented reality
Immersive product visualization uses augmented and virtual reality to create interactive and realistic 3D visualization enabling customers to explore and interact with a product in their choice of environment, which can be virtual or augmented, for an engaging representation of the product.
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 160+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of immersive product visualization.
Key players in immersive product visualization – 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=19Bf8 title='Patent volumes related to immersive product visualization' type='lgp1']Leading companies in the immersive product visualization space in terms of patents filed are Metail, eBay, Baidu, Omash.com and Microsoft. In January 2023, eBay introduced virtual try-ons using augmented reality to provide immersive product visualizations. The feature enables eBay shoppers to try on clothes and accessories virtually before they make a purchase. The technology will provide customers better sense of the item’s fit and looks, reducing the chances of product returns.
Toshiba is the leader in this space in terms of application diversity, while Walt Disney and Vigor Systems are in the second and third positions, respectively.
By geographic reach, Metail leads the pack, followed by The Boeing Co and Houzz.
Immersive product visualization allows customers to shop interactively, thereby increasing customer engagement levels allowing them to see the product from all angles thus enabling them to make a more informed decision. The technology will also yield large-scale data for online retailers, who can then analyze and understand the needs of a customer better.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Virtual & Augmented Reality in Retail.
