Fast fashion retailer Primark has praised its digital transformation as a major factor in its “excellent” trading over the past year, despite “challenging” geo-political events.
After rolling out its new and improved online offering across all of its 16 markets, the retailer is upbeat about the potential uplift in both footfall and sales stemming from its renewed focus on digital.
The Associated British Foods-owned firm has additionally zeroed in on improving its digital marketing capabilities through investment in organic search, CRM, selected performance marketing trials and continuing to support its distinctive social media presence.
“At the outset of this financial year the Group was facing very significant economic challenges caused in part by major geo-political events. Looking back on the year, it is clear to me that the Group performed extremely well and is as a result now well positioned for the year ahead”, Associated British Foods chief executive, George Weston said.
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“Trading at Primark was excellent under the circumstances. At the beginning of the year we implemented selective price increases partially to protect profitability, on the grounds that the significant input cost inflation was temporary. That careful pricing delivered as intended, with customers continuing to shop with us enthusiastically.
He continued: “Although consumer demand remains uncertain, Primark is as well placed as it has ever been. We continue to believe that Primark’s offer is very attractive not just to existing customers but also to new customers engaged by our digital platform, new store openings, and word of mouth which remains as powerful as ever. With Primark margin now moving back to its historic levels, we view the future for this business with confidence.”
The news comes just as Primark prepares to launch its 2023 in-store Christmas campaign, centred around a new collection back by popstar Rita Ora.
