Once the product is identified, the app can then download more information from an IBM server, such as ingredients, product specifications, price, reviews and applicable discounts. It could provide information tailored to the individual user, such as if the product being reviewed triggers allergies. With the user's permission, the app could also send a notice to the user's social networks, alerting friends and associates that this individual is shopping at the retail outlet.

In addition to providing an app for customers to use, IBM will also provide the tools that will allow retailers to analyze the information generated by consumers when they use the app, such as the products and features they found of most interest. It could also be used to provide digital coupons and serve as the basis of customer loyalty programs.

"We have found in our research that consumers have a huge open-mindedness about sharing information about themselves if they get something of value back," Puleri said.

IBM is working with a number of clients to test the mobile application and associated software, though it has not discussed when it would commercially offer the package. It could represent a large market for IBM, though. In-store shopping still accounts for more than 92 percent of all retail volume, according to Forrester Research.

The company also has no plans at present to release the mobile app as a stand-alone technology, which was first developed in a company lab in Israel, or use it as part of a retail-wide standard. This solutions-based approach "gives the customer to the first right to market. It will give them a competitive advantage," Puleri said.