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Deciphering the Success Factors of IKEA in the Global Furniture and Homeware Market
- 1 Shanghai Hongwen School
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Abstract
In the ever-evolving landscape of global business, few companies have managed to carve out a niche as distinct and influential as IKEA. This Swedish furniture giant has not only transformed the way we furnish our homes but has also left an indelible mark on the very fabric of modern business strategies. This paper delves into the secrets behind IKEA's resounding success in the global furniture and home goods domain. It explores the company's diverse strategies, including its innovative marketing that shapes a distinct brand image and reaches the target market effectively. The efficient supply chain, with global sourcing, optimized costs, and quality control, ensures seamless operations. The unique design philosophy, influenced by Scandinavian aesthetics and focused on functionality, keeps products appealing. The customer experience, both in-store and online, along with customer relationship management, builds loyalty. Through comprehensive analysis, this study offers a holistic understanding of IKEA's business model and its competitive edge, providing valuable insights for the industry.
Keywords
IKEA, Brand, Target market, Design philosophy
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Cite this article
Zhang,L. (2024). Deciphering the Success Factors of IKEA in the Global Furniture and Homeware Market. Advances in Economics, Management and Political Sciences,138,8-13.
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Volume title: Proceedings of the 3rd International Conference on Financial Technology and Business Analysis
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