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Ikea is banking on newer growth markets like India to offset the impact of slowing growth in several global markets & seeks to trim costs to ride out competition from low-cost manufacturers.
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Instead of one big launch in the year, Ikea will have four new launches & is taking big steps in multi-channel retail.
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Ikea will debut in India next year, with one store each in Hyderabad & Maharashtra & plans setting up 25 stores in the country by 2025.
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Ikea which operates on a low-cost model will replicate its affordability & accessibility positioning in India as well.
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This year the company has witnessed weaker launches, stiffer low- price competition & changing consumer behavior due to e-commerce & multi-channel retailing.
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For this, Ikea is revising sales targets downward for the year & is focusing on the price-volume equation which is part of its DNA.
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Traditionally, Ikea has talked to consumers about its stores and catalogue but is now fully embracing the digital platforms.
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Ikea plan for the year includes launching new living rooms, speeding up innovation, and repositioning the brand by investing in quality.
Source: http://bit.ly/2qljbFZ
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