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Retail firms 'must look to technology'
UK retail executives must invest in technology if they are to deal with the current difficult trading conditions and compete with their high street rivals, according to auction veteran eBay.
A new report from the firm suggests that British businesses could miss out on more than £860 million worth of sales over the next two years if they do not invest in the "third wave" technologies rapidly becoming a key part of the shopping experience.
These include augmented reality, in-store interactive TV, smart devices and other broadband-based buying options, reports Internet Retailing.
Neil Saunders, Conlumino retail analyst, said: "Retailers need to take their heads out of the sand. They understand the potential of these new technologies but are paralysed to act."
He added that it is vital businesses take up the challenge or risk losing out on consumer spend.
Magic Circle firm Freshfields Bruckhaus Deringer recently claimed a third of FTSE 350 retailers are still overly reliant on physical sales.
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