“Retailers must embrace mobile technology as an urgent priority or risk falling behind.” This was the warning from Tim Clifford, partner in consumer markets at KPMG in response to a CFO survey led by the accountancy firm.

In the KPMG Consumer Markets CFO Survey, 36 per cent of UK respondents see mobile technology as being key in the growth of sales.

The report said that according to retailers and consumer goods companies, mobile technology is set to be the key driving force in the maximisation of sales over the next two years.

The importance placed on mobile technology varies according to country, with it tending to be more important in developing countries such as India where a lack of broadband access and stores mean people are increasingly using smart phones for shopping.

Mr Clifford also commented: “Mobile technology will help decide who wins in the retail space”.