PayPal. has been granted a patent for a quantity sensing storage device that automatically orders products when inventory levels fall below a specified threshold. The system utilizes various sensors to monitor product quantities and communicates order requests wirelessly to ensure optimal stock levels are maintained. GlobalData’s report on PayPal 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 PayPal, Social commerce was a key innovation area identified from patents. PayPal's grant share as of July 2024 was 56%. Grant share is based on the ratio of number of grants to total number of patents.
Automatic product reordering based on quantity sensing
The patent US12073360B2 describes a system and method for managing inventory levels of products stored in a sensing storage device. The system utilizes various sensor components, including force sensors, level sensors, and electromagnetic counters, to measure parameters such as force applied to the storage device, fluid levels, and product quantities. When the system detects a change indicating that the quantity of products has fallen below a specified threshold, it determines that additional supplies are needed. The system then transmits an order request for these supplies via a wireless network, potentially to a service provider that offers the products.
Additionally, the patent outlines operations that enhance the system's functionality, such as computing the rate of consumption of the products and updating order thresholds based on received supplies. The method also includes predicting future inventory shortages based on sensor signals and displaying notifications regarding product levels or order requests. The system is designed to ensure timely replenishment of products, thereby improving inventory management and operational efficiency.
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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.
