UK retailers will be spending more on technology-based initiatives such as websites, mobile and new IT systems in 2014 with an aim to grow their business, according to a new survey titled ‘The Retail Growth Strategies Survey 2014’ by a UK law firm TLT.

The survey was conducted among UK’s 60 major retailers, where around two-third of them estimated their businesses to grow in 2014, with technology to aid in sales, reported

Over 80% of retailers, who intend to spend more on technology in 2014 than in 2013, stated that technology will also improve their efficiencies.

Around 25% of retailers are already providing mobile payments option for their customers, while 38% plan to add the feature soon.

While a third of retailers are eyeing at augmented reality (AR) technologies for growth, around 50% of retailers showed interest in other technologies such as in-store iPads, consumer apps and image recognition.

The survey also found that over 50% of retailers will spend on upgrading their e-commerce platforms to keep themselves updated and to cope with rising demand for online shopping.

TLT retail head Perran Jervis told the website that retailers see the value in boosting investment in technology with a focus on how it can help co-ordinate product, price and promotion across all channels.

"This is a clear response to well-informed and price aware consumers who expect to use multiple channels simultaneously to research and buy products," Jervis added.

"Technology offers enormous opportunity but comes with significant risk: backing the right product at the right time, investing in the right skills and ensuring systems are compatible and optimised to meet the latest buying trends are not easy wins."