The High Street is innovating with technology to strengthen competition with online channels, according to findings

The High Street is innovating with technology to strengthen competition with online channels, according to findings

A fifth (23%) of High Street retailers want to invest in instore technology and integrated mobile payment methods over the next twelve months, according to survey findings released today.

Furthermore, a third (32%) said they believed the majority of their revenue would be driven via the smartphone in the next decade.

According to an annual report by Virgin Media Business, 21% of the 5,000 businesses surveyed also cited more Wi-Fi in stores as a way of providing sales offers and marketing promotions to customers.

The report said retailers are looking to capitalise on growing smartphone adoption by providing consumers with deals available via smartphone handsets, where 14% of businesses it questioned said they were looking to invest in more mobile applications.

M-payments technology plans

Over a third of retailers (36%) believed that online and instore spending would reach parity within a decade.

A further 22% recognised the value in offering near field communication (NFC) contactless payment methods, which allow m-payments to replace or supplement traditional point of sale (PoS) systems. And 14% of larger retailers were planning to invest in virtual shop windows that allow a passerby to scan a quick response (QR) code on their smartphone and make a purchase without entering the shop.

Tony Grace, chief operating officer of Virgin Media Business, said putting retailers were looking at new ideas to tempt the shopper back through the door and that traditional signage in stores wasn’t enough anymore.

“Stores have recognised the fact they need to offer a quicker, sleeker and better value service to keep up with their digital rivals. The rate at which technology is developing means the shopper has a ton more options than they had just five years ago,” he stated.