Block. has been granted a patent for a payment processing service that facilitates item purchases by checking merchant inventories. The system generates interactive components to guide customers to similar items available at alternative merchants when their preferred item is out of stock, enhancing the shopping experience. GlobalData’s report on Block gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Block, Social commerce was a key innovation area identified from patents. Block's grant share as of July 2024 was 57%. Grant share is based on the ratio of number of grants to total number of patents.
Interactive purchasing system for unavailable items at merchants
The patent US12073458B2 outlines a computer-implemented method and system for enhancing the shopping experience through a payment processing service. The method involves storing inventory data related to multiple merchants within a server's data structure. When a customer expresses interest in purchasing an item from a specific brick-and-mortar store, the system checks the inventory data to determine the item's availability. If the item is unavailable at the preferred store, the system identifies an alternative store where the item is available, provided that the two merchants meet a predefined similarity threshold. An interactive component is then generated, featuring an image of the item and a selectable control that allows the customer to initiate a purchase from the alternative merchant. This interactive component is presented through a graphical user interface on a third-party platform, enabling the customer to add the item to a virtual cart.
Additionally, the patent details various enhancements to the interactive component, such as incorporating customer-specific item variant information and utilizing transaction data to tailor the shopping experience. The system can also adapt based on customer preferences and behaviors, ensuring a personalized approach. The graphical user interface may include multiple shoppable images, and the selectable control can be designed to appear only when the customer is within a certain proximity. Overall, this patent presents a comprehensive framework for integrating payment processing with inventory management and customer engagement, facilitating a seamless shopping experience across different merchants.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. 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.
