Technology to Boost UK Retail by £2.4bn, says eBay
According to eBay, using new technologies to their full potential could present each of the UK’s 10 largest retailers with additional sales of £235m by 2014. The same technologies will also indirectly influence growth of £9.1bn in retail sales, according to research by Conlumino, commissioned by the eCommerce giant.
This 'third wave' of technologies include Augmented Reality, image recognition, M2M smart devices, in-store iPads and electronic shelf labelling. Interactive TVs will lead the way, however, which will be used on a regular basis by 25 per cent of shoppers, generate nearly £750m of direct sales by the end of 2014.
“We are entering a period of transformation in the retail sector," says Angus McCarey, UK retail director for eBay. “Third wave technologies are about meeting demands and presenting information back to consumers in ways that haven’t been possible before - using virtual reality to try clothes on, or watching your favourite show on TV and buying the boxset at the same time."
Retailers that invest in these technologies could see sales growth of up to 4 per cent by 2014, compared to flat or minimal growth for those that don’t.