The latest research provides insight on technology developments and developers. According to Netscribes, over 1200 patent publications have been filed globally since 2012, with a focus on artificial intelligence in the retail and e-commerce segment.
Netscribes, Inc., a global market intelligence and content management firm, today announced the findings of its research on the adoption of artificial intelligence in retail in its whitepaper ‘Artificial Intelligence in Retail: Patent Analysis’. Firms such as Amazon, eBay, IBM, Google Inc., Facebook, and Microsoft have consolidated their dominance in this space during the last five years.
Some of the key application areas that Amazon is focused on include customer surveillance and recommendation systems for offline retailers. eBay's focus is around the areas of machine learning algorithms, data processing techniques, and neural networks, that seem to be geared towards tackling the challenges in online resource management, prediction of online shopper behavior, and inventory management.
According to Netscribes research, the US has the highest number of patents filed for AI technologies, followed by China, India, Europe, Japan, Australia, and Korea. Possible application areas are machine learning, voice commerce, self-checkout, customer service, personalized advertisements, marketing analytics, monitoring and surveillance, to name just a few.
Technological innovations: “raising the stakes”
The hyper-competitive landscape of the retail industry is pushing players to up their game using Artificial Intelligence. An increasing number of brands and retailers are leveraging artificial intelligence to provide customers with a superior shopping experience, increase efficiency, and ensure repeat purchases. According to a recent study, 45 percent of retailers plan to adopt artificial intelligence by 2020 to enhance their customer experience.
Lalatendu Sahoo, Head of Patent Research at Netscribes said, "Firms such as Amazon and Google are constantly raising the stakes through technology and innovation and are making it difficult for new entrants to survive in this explosive growth market. It's crucial to know the technology developments happening in your industry in order to adapt accordingly." He further added, "Through a patent analysis, brands and retailers can gain the intelligence needed to survive long term in the changing business environment. The key is to be on a constant lookout for futuristic technologies that can potentially disrupt your existing business model."
According to Netscribes research, over 1200 patent publications have been filed globally in the last five years that focus on artificial intelligence or similar technologies in the retail or e-commerce segment. There was a steady rise in patent filing between 2013 and 2015.