Boohoo has vowed to keep its prices as low as possible despite losing over £90m during the last year.
The fashion giant, which is one of Manchester's largest companies, said by "investing in price" it will help encourage more sales and fuel its return to growth.
The group, whose brands include PrettyLittleThing and Debenhams, has also been encouraged to take inspiration from rival Asos and accept higher-quality products from third-party brands.
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Boohoo slumped to a pre-tax loss of £90.7m in the year to February 28, 2023 as the cost-of-living crisis squeezed shoppers and more returned to the High Street.
The loss came after the group made a profit of £7.8m in the prior year and £92.2m in the 12 months before that.
Its revenue also slipped from £1.98bn to £1.76bn over the year although the latest figure is still ahead of the £1.23bn it reported in 2020.
UK revenue fell 9% in the year but was still 61% higher than 2020's regional total. International revenue fell 13% but was up 22% on 2020.
During the year the number of people employed by Boohoo increased from 5,350 to 6,190.
Chief executive John Lyttle said: "Over the last three years, the group has achieved significant market share gains.
"Looking ahead, we are investing for the future growth of this business with automation, local fulfilment capacity in the US and building global brand awareness. We will deliver sustainable returns on these investments.
"We will continue to give our customers the latest trends, outstanding value and a great experience.
"Our confidence in the medium-term prospects for the group remain unchanged, and as we execute on our key priorities we see a clear path to improved profitability and getting back to double digit revenue growth.
"Our Boohoo family has continued to deliver for our customers and the business and I want to thank them for all of their hard work and dedication."
Boohoo said its focus for its current financial year is on "rebuilding profitability and getting back to growth".
For the year to February 28, 2024, the group expects its revenue to be between flat and a fall of 5% compared to the previous 12 months.
In the first half, Boohoo said its revenue is forecast to fall by between 10% to 15% as a result of an "increased emphasis on driving profitable sales".
In the second half, the group expects to return to revenue growth as it "benefits from the investments being made across price, product and proposition under the back to growth strategy".
Ahead of a analysts briefing where Boohoo set out its plans to keep prices as low as possible, the group was encouraged to follow the lead of rival Asos and start selling clothes on its platforms from other brands.
Its acquisition of Debenhams was also hailed as a way to secure the future of the group and aid further growth.
Zainab Atiyyah, an analyst at Third Bridge, said: "Online shopping is seeing a bit of a slowdown lately, as consumers flock back to physical stores.
"Online-only fashion retailers like Boohoo are feeling the pinch, with Next and M&S gaining ground.
"Our experts predict that Boohoo's sales growth will be pretty ordinary in 2023.
"Boohoo will also want to bear in mind how clothing buying habits change when budgets are tightened. It is wrong to assume everyone trades down to cheaper brands.
"On the contrary, good quality clothes become a treat and many consumers actually increase their spending on big name brands and affordable luxuries during periods of tightened discretionary spending. Boohoo could take inspiration from Asos, who've had success by bringing in third-party brands.
"Boohoo’s margins are going to be tight this year, as most of their customers have come to expect big discounts.
"Plus, plans to bring manufacturing closer to home will add to their overheads. However, there is some good news on the horizon, as freight rates and raw material costs begin to ease."
"Boohoo is at risk of ending up with a lot of excess stock because masses of items get returned and their particular target market is buying less. The introduction of return charges last year will make people think twice before sending things back.
"Our experts say the acquisition of Debenhams is a great way for Boohoo to expand in the long term. That's because Debenhams has an older customer base that Boohoo isn't currently catering for. It's a market that's been underserved.
"Boohoo's longer-term goal should be to expand outside the UK, and focus on winning market share from competitors like Shein and Asos."
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