Research by NetSuite has estimated that UK retailers may lose out on as much as £147 million in part because of old IT systems.

Missed sales and ineffective stock control alongside ageing IT systems were found to have a high impact on retailers.

The study also predicted that the average consumer will carry out 43 percent of their shopping in-store and 57 percent online.

Andy Lloyd, general manager of commerce products at NetSuite, said, “Retailers need to take steps to avoid stock-outs wherever possible, and investing in improved demand planning is the best way to mitigate this risk."