Fashion Retailer Boohoo Nearly Doubles Profits Thanks to Instagram
Online fashion retailer Boohoo has almost doubled its profits thanks to its savvy use of social media influencers on Instagram.
The Manchester-based company reported that sales had risen by 51% to £295 million in the year to the end of February – putting pre-tax profit up by 97% to £31 million. This huge surge in profit is certainly a wake-up call for those brands that are reluctant to use social media advertising, or who haven’t considered it as a vital component of their marketing strategy.
Boohoo has a whopping 2.6 million followers on Instagram, and a huge part of its brand strategy has been to encourage celebrities, bloggers and customers to post about their latest purchases on the platform to help spread the word. While some of these influencers have been paid to promote the brand, it transpires that others are just keen fans – and with such a strong brand presence, it’s easy to see why.
However, it’s not just influencers that have Boohoo fans flocking to the checkout basket – the brand has its finger on the pulse when it comes to its audience. Not only does the company use the perfect mix of emojis and teen slang for its prime 16–24 target audience, but it also posts a variety of fashion shots, competitions and relatable memes that have a huge impact on brand awareness.
We love seeing brands using social media to its full potential, and we’re sure that Boohoo will waste no time in capitalising on their recent success. For those brands that are still hesitant about social media, this is an outstanding example of how it can be used to great success – it’s time to stop tiptoeing around it, and start using social advertising to your advantage.
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