The retail industry continues to be a hotbed of innovation. Activity driven by a number of factors including supply chain management, risk mitigation, and the growing importance of technologies such as NFTs, anonymous transaction handling and artificial intelligence. In the last three years alone, there have been over 133,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cloud: Customer behavior analytics. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 128,000 patents to analyse innovation intensity for the retail industry, there are 70+ innovation areas that will shape the future of the industry.
Customer behaviour analytics is a key innovation area in cloud
Customer behaviour analytics involves an exhaustive assessment of customers’ behaviour at all points of contact. By effectively conducting customer data analysis, a retail company can identify customers’ demands, address them, and boost customer loyalty.
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 70+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of customer behaviour analytics.
Key players in customer behaviour analytics – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to customer behaviour analytics
Source: GlobalData Patent Analytics
The leading patent filers in the customer behaviour analytics space are Alphabet, Nant Holdings, and Microsoft. Google, a subsidiary of Alphabet, has been utilising cutting-edge technologies like AI and ML to enhance its product and service offerings and increase customer value. To enable individualised experiences, the company has incorporated AI technology in its Pixel smartphones and Google TV to give recommendations based on a user's preferences and previous viewing history of TV shows.
In terms of application diversity, Memjet Technology, DNAnudge, Cox Enterprises, and Xperi Holding are the leading companies.
In terms of geographic reach, Ab Initio Software, DNAnudge, Nikon, and Affinio are the top players.
Customer behaviour analytics provides knowledge of which customers purchased what, when, and through which channels. It gives businesses a competitive edge by enabling them to make data-based marketing decisions.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cloud Computing in Retail.