Britain’s retail industry could experience a major boost over the coming years as a result of new technologies, according to eBay.
The auction site recently commissioned research which found that using new technology to improve the shopping experience could provide £235million worth of additional sales for the UK’s Largest Retailers by 2014.
Across the sector as a whole, the potential boost of hi-tech developments and solutions could be closer to £2.4 Billion, according to the study by industry expert’s Conlumino.
The report said retailers are set to enter a third wave of technologies progress, following the emergence of online and mobile shopping.
Interactive television is expected to be one of the biggest growth areas with a quarter (25 per cent) of people expected to use this platform to shop by 2014.
Also set to expand in the near future is augmented reality, which allows consumers to overlay digital information on real products. Examples include viewing 3d projections of items that are not physically present such as virtually trying on clothes.
Angus McCarey, eBay’s UK Retail Director, said the retail sector is entering a period of transformation that is being driven by consumers demanding more choice, interactivity, and specialist knowledge and price transparency.
He added: ”The opportunity for the retail industry over the next two years lies in identifying which technologies will yield the most return on investment.”
Retail analyst Neil Saunders of Conlumino said major brands and companies must be prepared to invest in new technologies just as they supported the growth of mobile and online commerce in recent years.