A revolutionary new retail technology has been unveiled in the UK this month with retailers signing up for the  launch of eReceipts.

The trial is being conducted by eReceipts, which is headed by company chairman Lord MacLaurin who, during his time as chairman of Tesco Plc, was responsible for the introduction of the industry changing ClubCard.

The new technology will see retailers issue electronic receipts direct to customer accounts accessible via mobile phone, tablets or computers, opening a new wave of opportunities and benefits for retailers.

The company claims eReceipts will not only make life simpler for consumers to store and log all their transactions but enable retailers to capture and harvest rich data about customers shopping habits, enabling them increase their footfall, increase their revenue and reduce their costs.

The eReceipts system is currently launching to retailers in West London. More than 20 organisations have signed up to be the first to benefit from the new technology.

Lord MacLaurin said: “eReceipts has the potential to have the biggest impact on retail since the introduction of loyalty cards. Retailers, consumers and businesses all benefit with retailers being able to utilise customer data to derive a new revenue stream, increase footfall and run their operations more efficiently.

“Combining the obvious benefits for retailers, consumers and businesses, with the simplicity of the eReceipts system, we will see the end of the paper receipt.”

eReceipts managing director, Andrew Carroll, said: “Our research shows that 90% of individuals would prefer to have receipts digitally stored in a cloud account rather than collecting paper receipts, while 50% of individuals would purposefully buy from a retailer who offered this service over a paper receipt issuer.”