The retail industry continues to be a hotbed of patent innovation. Activity is driven by desire for convenience, and the growing importance of technologies such as retail trading platforms, cloud, and artificial intelligence. In the last three years alone, there have been over 156,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cloud in retail: retail trading platforms. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 115,000 patents to analyze innovation intensity for the retail industry, there are 50+ innovation areas that will shape the future of the industry.
Retail trading platforms is a key innovation area in cloud
A retail trading/e-commerce platform can be defined as a software application that helps companies to sell their services and products online and enables consumers to buy them. These platforms also offer search engine optimization and marketing tools. E-commerce platforms are mainly of three types, namely open source, headless commerce, and software-as-a-service (SaaS).
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 200+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of retail trading platforms.
Key players in retail trading platforms – 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’.
Patent volumes related to retail trading platforms
Source: GlobalData Patent Analytics
Leading players in the retail trading platforms space in terms of patents filed are Trading Technologies International, Alibaba, Sony Group, JPMorgan Chase, Blaze Mobile, and Oracle Group. In June 2022, Komax, a Latin-American retailer, partnered with Oracle and chose Oracle Retail suite of services that are deployed on Oracle’s cloud infrastructure to transform its in-store technology and inventory.
Leading players in this space in terms of application diversity are Memjet Technology, Avaya Holdings, Sony Group, and Toronto-Dominion Bank.
Leading players in terms of geographic reach are Blaze Mobile, Sony Group, Right90, and American Express.
Retail platforms such as the one offered by Oracle will gain importance as they prepare retailers for future challenges and enable an omnichannel retail ecosystem.
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.