Profit bump for online fashion retailer
02 May 2013 - 09:54 by Graham Miller
Asos has reported this month that its profits were up by 19 per cent over the past six months, bolstered by an impressive 34 per cent increase in sales.
The firm is one of the best known online fashion retailers and has been attempting to expand significantly across the UK and in other markets.
Its overseas growth was particularly impressive, with sales up by 39 per cent, year on year, according to Retail Gazette.
Asos is also looking to offer safe shopping online in China, which would certainly give it the opportunity to tap into a vast new market.
In the UK, it was still able to increase sales by over a quarter, mostly by giving customers a better experience when carrying out safe shopping online.
To achieve this, it implemented new services, such as giving buyers the chance to order up until 8pm and still expect next day delivery.
Asos is particularly popular amongst younger demographics, with over six million customers coming from the 15 to 34 age range.
Half of all the items sold by Asos come from its own line of branded products, so it is setting the bar in terms of establishing itself online.
Industry analyst, Anusha Couttigane, points out that although Asos has actually been marking down fewer items in recent months, it has still been able to increase sales through other strategies.
This suggests that while bargains are important to UK consumers, we are also looking for excellent services and added conveniences, where they are available.
Asos has begun to take advantage of the growing m-commerce market and now receives 30 per cent of its traffic from smartphones and tablets. Chief exec, Nick Robertson, said that the company is on target to achieve its ambitious 1 billion sales goal.