Myer boss Bernie Brookes admits the retailer's online sales are only a small part of its business, but he hopes they will grow to 10 per cent in five years.
Myer's online sales currently make up less than one per cent of total sales for the department store chain.
But Mr Brookes said other department store chains around the world generate online sales of about 10 per cent and there was no reason why Myer couldn't do the same.
"We're targeting 10 per cent (of total sales) over the next five years," he said as he unveiled a 12.7 per cent fall in Myer's full year net profit on Thursday.
Mr Brookes conceded Myer's website was not of the highest quality but said it was an entry into the online retail market.
"It lets us into the game. It's not world best," he said.
He said so far there had been 14 million visits to the Myer website and the retailer hoped to convert a much higher percentage into actual online sales in the future.
It had also recently added a review section to its website so customers could upload photographs of themselves with the department store's products.
"We will continue to implement a significant pipeline of further enhancements for our website, building on the merchandise offer and site functionality," Mr Brookes said.