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What makes IKEA Different from its Competitors? Unknown Facts about IKEA #ikea #retail #retailstore
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IKEA is a Swedish multinational corporation that sells ready-to-assemble furnishings, kitchenware, and household items. IKEA is the world's largest furnishing retailer, with over 400 locations selling low-cost household goods to thousands of customers. Ingvar Kamprad, the founder of Ikea, was 17 years old when he founded selling tiny items such as pens, wallets, picture frames, and wall clocks, in Ikea in 1943 in Sweden.
Despite the fact that IKEA is now linked with furniture, the company started selling tiny items such as pens, wallets, picture frames, wall clocks, and kitchenware.
IKEA is now the world's largest furnishings retailer, with no true global competitors. Ikea still has space to grow, as it barely accounts for 5 to 10% of the market share in the countries where it operates, despite its widespread brand recognition. IKEA may be well-known now, but the firm that pioneered flat-pack, self-assembly furniture.
Fact # 5:
IKEA Uses a Unique Naming System for its Items
Each product category is named after something specific. Beds, for instance, are named after places in Norway, while sofas are named after towns in Sweden, rugs are typically named after places in Denmark or Sweden, and textiles and curtains are named after women.
Some people may be perplexed by IKEA's usage of Nordic names for its furniture, but there is a system in place.
Friheten (English: Freedom) is a Norwegian language biweekly newspaper
Hemnes is a region in Nordland county of Norway.
Brimnes is a town in Sweden
Flekke in the Norwegian language means to peel
METHOD is a Swedish term that means maker or the creator
Fact #4:
DISTRACTIONS TURNED TO TRACTION STRATEGY
IKEA knows what distracts its customers and tries to eliminate it
IKEA Restaurant
Kamprad first opened a restaurant in an Ikea shop in 1960 after he realized too many people visited the shop but left without buying because they were hungry.
The in-store restaurants were created to feed hungry customers who would spend the entire day shopping in the store and make them feel welcomed and cared for. Ikea Restaurant has proven to build more excitement and when consumers are excited they are more likely to buy
They also have an Entertainment area for Kids
Parents can bring their kids and let them play in the kid's zone area called "Småland". It's a free play area, while parents continue to shop without any distraction
Ikea has also made the complete store Kids friendly & has play areas for kids near sections where parents tend to spend more time like Kitchens etc.
The restaurant has healthy food for KIDS at a discounted price.
Fact #3
Ikea Layout is Driving Sales through Emotions.
It is proven that over 50% of purchases made by consumers are unplanned and impulsive.
The architecture of the store if planned properly has proven to spur impulse buying.
20% of our buying decisions are based on logic and needs while 80% of the buying decisions are based on EMOTIONS.
And IKEA is doing the same
The average size of an IKEA store is 300,000 sq. feet
IKEA pays close attention to how their floor plan can change the buying behavior of their customer.
Fact #2
IKEA'S Innovative Campaigns to drive walkins to Store
In 2021, IKEA Dubai announced that customers can pay with the time that they took to reach the stores. Be it kitchenware, office chair, and all sorts of home appliances. It has started a campaign where it allows customers to shop from their stores not to pay with currency but with their time. Yes, their time. They are scanned by IKEA staff for their Google maps history and then according to the time that it records, customers can pay for buying any goods at the store. This is restricted to Dubai only for now but can spread as the campaign gets successful.
Fact #1
IKEA is Technology Driven
Ikea has technology that allows you to design your own spaces, while their UI-UX is extremely user-friendly which assists you in picking and choosing the right furniture for your spaces.
Follow Us:
go to market
___MUSIC USED___
Alec Koff - @YouTubeMusicLibrary
Thank You!
Timestamp
Intro - 0:00
Fact 5 - 0:57
Fact 4 - 1:43
Fact 3 - 2:40
Fact 2 - 3:10
Fact 1 - 3:40
Despite the fact that IKEA is now linked with furniture, the company started selling tiny items such as pens, wallets, picture frames, wall clocks, and kitchenware.
IKEA is now the world's largest furnishings retailer, with no true global competitors. Ikea still has space to grow, as it barely accounts for 5 to 10% of the market share in the countries where it operates, despite its widespread brand recognition. IKEA may be well-known now, but the firm that pioneered flat-pack, self-assembly furniture.
Fact # 5:
IKEA Uses a Unique Naming System for its Items
Each product category is named after something specific. Beds, for instance, are named after places in Norway, while sofas are named after towns in Sweden, rugs are typically named after places in Denmark or Sweden, and textiles and curtains are named after women.
Some people may be perplexed by IKEA's usage of Nordic names for its furniture, but there is a system in place.
Friheten (English: Freedom) is a Norwegian language biweekly newspaper
Hemnes is a region in Nordland county of Norway.
Brimnes is a town in Sweden
Flekke in the Norwegian language means to peel
METHOD is a Swedish term that means maker or the creator
Fact #4:
DISTRACTIONS TURNED TO TRACTION STRATEGY
IKEA knows what distracts its customers and tries to eliminate it
IKEA Restaurant
Kamprad first opened a restaurant in an Ikea shop in 1960 after he realized too many people visited the shop but left without buying because they were hungry.
The in-store restaurants were created to feed hungry customers who would spend the entire day shopping in the store and make them feel welcomed and cared for. Ikea Restaurant has proven to build more excitement and when consumers are excited they are more likely to buy
They also have an Entertainment area for Kids
Parents can bring their kids and let them play in the kid's zone area called "Småland". It's a free play area, while parents continue to shop without any distraction
Ikea has also made the complete store Kids friendly & has play areas for kids near sections where parents tend to spend more time like Kitchens etc.
The restaurant has healthy food for KIDS at a discounted price.
Fact #3
Ikea Layout is Driving Sales through Emotions.
It is proven that over 50% of purchases made by consumers are unplanned and impulsive.
The architecture of the store if planned properly has proven to spur impulse buying.
20% of our buying decisions are based on logic and needs while 80% of the buying decisions are based on EMOTIONS.
And IKEA is doing the same
The average size of an IKEA store is 300,000 sq. feet
IKEA pays close attention to how their floor plan can change the buying behavior of their customer.
Fact #2
IKEA'S Innovative Campaigns to drive walkins to Store
In 2021, IKEA Dubai announced that customers can pay with the time that they took to reach the stores. Be it kitchenware, office chair, and all sorts of home appliances. It has started a campaign where it allows customers to shop from their stores not to pay with currency but with their time. Yes, their time. They are scanned by IKEA staff for their Google maps history and then according to the time that it records, customers can pay for buying any goods at the store. This is restricted to Dubai only for now but can spread as the campaign gets successful.
Fact #1
IKEA is Technology Driven
Ikea has technology that allows you to design your own spaces, while their UI-UX is extremely user-friendly which assists you in picking and choosing the right furniture for your spaces.
Follow Us:
go to market
___MUSIC USED___
Alec Koff - @YouTubeMusicLibrary
Thank You!
Timestamp
Intro - 0:00
Fact 5 - 0:57
Fact 4 - 1:43
Fact 3 - 2:40
Fact 2 - 3:10
Fact 1 - 3:40
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