Most people know what IKEA is. An originally Denmark-based home appliances company, it has now protruded the international marketplace and is opening up more branches worldwide. IKEA is well-known for its sturdy and good-quality furniture that comes with a variant of price tags that you can opt for yourself. It has a wide range of products and many love it because of its various products that you can compare with.
IKEA has adopted various marketing and business strategies to get to where they are now. It used to be only available offline but now is made more accessible for people who have no access to the place where people can surf it online to get whatever they need from IKEA. There is no doubt that after it goes online, their sales are going higher and over the roof in no time. This is a lesson for many online sellers to get help from website developers Malaysia to create a good website for your business.
The main corporate strategies that have been adopted by IKEA are by a joint venture of localisation and pricing strategies. These ensure the sustainability and competitive advantage among competitors in the business industry. IKEA is getting into the Asia market by China’s globalisation strategy that involves the local companies due to the macro-environmental impact.
Another business strategy IKEA uses is obviously the prospect of offering a variety of choice of home furniture affordable for everyone. They mainly maintain on producing various products, global and international expansion market and strategic alliances with different countries.
When it comes to producing products, IKEA has the best suppliers that become the vessel for good-quality furniture. This has given them the green light to create lower-priced goods to better-priced ones with top-notch quality. There are many choices for landscape designs too. There are around 2500 roughly new items being put into the annual IKEA portfolio. They have also been expanding their market to food and catering enterprises which are quite notable in the industry. The food quality is great as well and enjoyable. The reasonability in its pricing has been one of the main contributing reasons why people are frequenting the place over and over again.
This home improvement giant has been improving its international market well. It has managed to expand its customary physical market in many countries. In 2018 alone, almost 19 new stores across the globe have been opened. This makes up to almost 22 pick-up and order points for IKEA furniture in 11 nations.
IKEA too has been seen to engage in many diplomatic relationships with other big and giant brands that are highly recognised in the eyes of the world. This is because IKEA believes that strategic alliances are needed to build a strong base foundation in this industry. Therefore, one of its strategic partners of all time is Adidas. They have decided to share customer information for data collection. IKEA too has decided to engage another one with LEGO. this is for their new advancement in products where they cater more for kids and adults who are LEGO-obsessed.