Electronics rival to Harvey Norman, Kogan has announced “record” yearly growth for the 2011 financial year.

The company saw product purchases increase by 264 per cent in the year compared to 2010, indicating that more people are buying online. At the same time, traffic to kogan.com.au increased 104.28 per cent.

Company founder Ruslan Kogan said the strong figures were indicative of the boom in online retail and Kogan's constant innovation.

"While traditional retailers are reporting slowdowns and losses, Australian shoppers are reaping the benefits of the best prices and convenience of online stores. We’re innovating our business each and every day to ensure we keep giving consumers exactly what they want at unbeatable prices,” he said.

"Traditional retail is struggling, but it doesn't mean the entire retail industry is in the same boat. As you can see, we're experiencing tremendous growth with no sign of slowing down.”

Additionally, the company’s annual results reveal that customers spend 6.62 per cent more time looking around while in store than the previous year. Meanwhile, conversion rates increased 85.42 per cent.