Experts predict traditional barcodes will be replaced by smart QR codes within five years
The new technology would enable consumers to see anything from a product's environmental impact to the labour standards involved in its production
Experts have predicted that traditional product barcodes could be phased out within five years, replaced by 'smart' QR codes that provide consumers with a wealth of information.
This new technology would allow shoppers to quickly scan items with their phones to learn about everything from the environmental impact of the product to the labour standards used in its production.
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A report commissioned by GS1 UK, which surveyed 500 senior retail leaders, revealed that over half (51%) believe traditional checkouts will be obsolete by 2030.
Despite this, 91% admitted that technology from the 1990s is still prevalent and that the industry is struggling to keep pace.
The report also found that 96% believe the transition to QR code retail will be complete by 2030, enabling shops to build better customer trust through innovations such as real-time management of expiry dates to reduce waste and the ability to instantly mark down items.
Currently, smart QR codes are being trialled in 48 countries, accounting for 88% of global GDP, with major brands like PepsiCo, Walmart, P&G, L'Oreal, and Tesco already trying it out.
A significant 84% of those surveyed believe that companies who don't adopt this technology early on stand to lose billions in revenue.
Anne Godfrey, CEO of GS1 UK, has stated: "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."
A recent study revealed that 89% believe consumers are less loyal to brands than they were a decade ago. The majority of retail executives believe the switch to smart QR could help rebuild trust by giving consumers the in-depth information they need.
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.
