Step one has seen a major turnaround with an annual net profit after tax of $8.6 million.
👉 Background: Step One is an Australian-based online retailer that specialises in "no-chafing" underwear. It launched back in 2017 and listed on the ASX in late 2021 with the ambitious goals to take over the world with non-chafing undies.
👉 What happened: FY22 didn't quite go to plan for Step One with a $3 million loss. But now, Step one has seen a major turnaround with an annual net profit after tax of $8.6 million.
👉 What else: It credits the turnaround to slowing down its aggressive US expansion and launching a women's underwear line. But the other main driver is its strong conversion rates online.
💡In the digital age, a strong conversion rate can be the difference between profitability and missed opportunities.
💡 The conversion rate measures the percentage of visitors to a website that take a specific action (ie convert). While the industry standard hovers around 2-3%, Step One's website conversion rate is 4.4%.
💡 The high conversion rate often generally means that the marketing is effective or the UX experience is doing its job well. Either way, it's a positive sign for Step One and its future.
Sign up for Flux and join 100,000 members of the Flux family
