Boohoo and Asos saw sales jump by nearly £5 billion over the last year as online-only retailers across the UK hit record sales.
The UK’s largest 20 pureplay ecommerce retailers saw sales jump 22 per cent in the year to 28 February 2021 to a record £16.4 billion, according to new data from law firm CRP shared with City AM.
This boom was largely driven by a spike in sales at online fashion retailers, seeing revenues jump 14.2 per cent to £6.9 billion over the past year.
Asos led the way seeing sales growth of 19 per cent year-on-year to £3.2 billion over the period, followed closely by rival Boohoo which saw revenues skyrocket 41 per cent to £1.7 billion.
Electricals’s retailer AO.com also enjoyed a blistering sales boost of 62 per cent during the year to £1.6 billion, alongside The Hut Group’s 41.5 per cent sales rise to £1.6 billion.
According to RPC, these brands benefited from massive investments into marketing during lockdown, focusing largely on social media.
The law firm said that online retailers’ focus on partnering with influencers enabled them to get a leg up on their high street rivals, enabling them to generate a much higher level of engagement among their target demographics.