Investing in new technology could boost retailers’ sales by 4% within two years according to eBay.
The UK’s top 10 retailers could add £235m to overall sales by 2014 by using technology that enhances the shopping experience, according to the research commissioned by the marketplace.
Interactive TV will have the most influence with a quarter of people set to use it regularly to shop by the end of 2014. The research, conducted by retail analysts Conlumino, predicts interactive TV, which brings together television and the internet, will generate nearly £750m worth of direct sales by that time.
The research suggests retail is on “the cusp of a third wave of technological revolution” and will be the next step-change for the industry following online and mobile.
Other technologies set to come to the fore over the next two years include augmented reality, in-store technologies, including ipads replacing tills and electronic shelf labelling, image recognition and smart devices, with everyday appliances able to make personalised suggestions.
EBay UK retail director Angus McCarey said: “We are entering a period of transformation in the retail sector. Consumers are driving this as they demand more choice, more interactivity, specialist knowledge and price transparency.”
“Third wave technologies are about meeting those demands and presenting information back to consumers in ways that haven’t been possible before. The opportunity for the retail industry over the next two years lies in identifying which technologies will yield the most return on investment.”