The global retail industry experienced a 44% decline in the number of customer loyalty-related patent applications in Q1 2024 compared with the previous quarter. The total number of customer loyalty-related grants dropped by 6% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Retail: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of customer loyalty-related patent applications in the retail industry was 360 in Q1 2024, versus 643 in the prior quarter.
The top five companies accounted for 25% of patenting activity
Analysis of patenting activity by companies shows that Toyota Motor filed the most customer loyalty patents within the retail industry in Q1 2024. The company filed 35 customer loyalty-related patents in the quarter, compared with 11 in the previous quarter. It was followed by Toshiba with 27 customer loyalty patent filings, Capital One Financial (12 filings), and NEC (9 filings) in Q1 2024.
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Patenting activity was driven by the US with a 54% share of total patent filings
The largest share of customer loyalty related patent filings in the retail industry in Q1 2024 was in the US with 54%, followed by Japan (8%) and China (6%). The share represented by the US was 14% higher than the 40% share it accounted for in Q4 2023.
For further understanding of GlobalData's Retail: Patents Trends Q1 2024, buy the databook here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
