IKEA’S success as an innovator is undeniable. The company was the first to make beautifully designed home furnishings widely available at low prices; and they created an iconic global brand in the process. IKEA products have become synonymous with value, design, and accessibility. Take IKEA for an example; there are several aspects that such retailers can innovate. First of all, the location of the store is changeable. Crowded downtown is always the choice for retailers to locate their store, however, differently, IKEA locating their stores in suburb area. This makes the store more room available to serve people. Second of all, consumers’ preference is also important. IKEA’s products are especially designed for young people who are under 35 years old. Those products are cheap and always meet the taste of young. Additional, promotion activities are also an opportunity for innovation. IKEA’s promotion activities are very creative and as a result, every IKEA store will attract a lot people because the promotion.
IKEA is an innovator in retail industry. Retailers should take IKEA as an example and learn the IKEA strategy to make a progress.
This post is very interesting, I have never thought of IKEA as such a big innovator. But you make great points as how IKEA has found a niche with young professionals. IKEA promotes creativity with its products that both have good taste, good quality and decent prices.
ReplyDeleteIkea is definitely a good place to get cheap furniture for college kids as well. It has trendy and create furniture that makes it desirable for college students and young people who have just bought a residence.
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