Product barcodes could disappear within five years and be replaced with ‘smart’ QR codes which communicate useful information to consumers, according to experts.
The new technology would enable consumers to see anything from a product’s environmental impact to the labour standards involved in its production.
A quick scan with a phone would also inform shoppers about harmful ingredients – enabling them to make informed decisions on their purchases.
Consumers could also be instantly alerted if they’re trying to buy an out-of-date or recalled product.
The report commissioned by GS1 UK of 500 senior retail leaders also revealed 51% of executives predict traditional checkouts will disappear by 2030.
As it stands, 91% admitted technology from the 1990s is still commonplace, and think the industry is failing to keep up.
It also revealed 96 per cent think the QR retail transformation will be complete by 2030, allowing shops to build better customer trust through innovations such as real-time management of expiry dates to reduce wastage – and the ability to apply instant markdowns on items.
Currently, smart QR codes are being tested in 48 countries, representing 88% of the world’s GDP with brands such as PepsiCo, Walmart, P&G, L’Oreal, and Tesco already onboard.
Eight in 10 (84%) think those who aren’t early adopters will miss out on billions of pounds in revenue.
Anne Godfrey, CEO of GS1 UK, said: “As consumers seek more transparency about the products they buy, the need for technology to step up and meet the consumer demand for product information has never been greater.
“With smart QR codes, consumers don’t have to compromise on their values and can make informed decisions on the products they buy, based on the sustainability, environmental, or ethical standards that matter most to them.”
It also emerged 89% believe consumers are less loyal to brands than they were a decade ago. The majority of retail execs also believe the switch to smart QR could help rebuild trust by giving consumers the in-depth information they need, as 77% of consumers say this helps them make decisions when shoppig.
Experts believe the switch could support a high-street revival by incorporating digital features into a shopping experience, with 32% predicting immersive technologies will be a major area of change in the retail sector.
Insights on a product’s carbon footprint (32%) are what customers want most from the in-store experience according to the report – far outweighing more opportunities to earn loyalty rewards (26%).
The shift could also help alleviate Christmas queues, given their ability to enhance in-store operations during busy shopping times, leading to less reliance on in-store staff, fewer stock errors, a faster checkout process, and increased consumer satisfaction as a result of the improved experience.
