IKEA is a Swedish company which specializes in compact styled and usually assembled-by-the-purchaser furniture. Currently, they have nearly 300 stores open worldwide. IKEA really became successful because of their marketing strategy , good customer service, pricing, style and functionality, store location and a large collection of products.
Only Mexico and China seem to have endured, and neither is considered a textbook case of business success . That’s why you’ve got to hand it to Ikea for what it’s been able to pull off.
Why ikea is successful?
Currently, they have nearly 300 stores open worldwide. IKEA really became successful because of their marketing strategy , good customer service, pricing, style and functionality, store location and a large collection of products.
IKEA really became successful because of their marketing strategy , good customer service, pricing, style and functionality, store location and a large collection of products. IKEA is also known for displaying good customer service.
And “most of Ikea’s furniture is available in black, white, or unfinished wood . By producing more items in fewer finishes, Ikea takes advantage of economy of scale,” she says. All this makes Ikea’s “aesthetic per dollar” ratio very high, says neuromarketer and author of “The Buying Brain” Dr. A. K. Pradeep.
This of course begs the inquiry “What is IKEA known for?”
They are popularly known for their sleek and stylish modern furniture selling at affordable prices . IKEA is a Swedish company which specializes in compact styled and usually assembled-by-the-purchaser furniture. Currently, they have nearly 300 stores open worldwide.
IKEA can also boast about its product’s style and functionality. Despite the low cost , their products are Scandinavian designed depicting that stylish and classy look. Their stores are also designed very uniquely and spacey presented with various interior designs and concepts for every type of room inside the house.
What makes IKEA different from other stores?
One unique feature of the IKEA store is the flat pack furniture . †, they offer products to be bought by pieces and let the purchaser assemble it herself or himself lessening the cost of the product and eliminating the cost of delivery and transport. IKEA is also known for displaying good customer service.
How has IKEA innovated to stay in business?
It innovated to stay in business. It learnt how to design its own furniture , bought raw material from suppliers in Poland, and created its own exhibitions. Today, IKEA is the world’s largest furniture retail chain and has more than 300 stores globally. In 1998, IKEA started its retail operations in China.
Is IKEA a sustainable business?
Its products are priced low so that everyone can afford to purchase them. Through this strategy, IKEA maintains a sustainable business because it seeks to uphold its principle of ‘low cost’ products.
What makes IKEA’s global strategy work?
Ikea’s simple, straightforward design aesthetic works most anywhere, as proven by the majority of its products that are consistent across international borders. Even the store’s quirky names have been part of the global strategy .
In fact, price is so important to Ikea’s strategy that the company first decides on the price of a piece of furniture and then reverse engineers the construction, the company says.
Will IKEA’s success in China be a predictor of India’s success?
The success of IKEA in China is an interesting adaptation example by a global retailer. Yet, it may not be much of a predictor of IKEA’s fortunes in India. This may have less to do with IKEA and more to do with the economic policies of India.