Online shopping surge helps lift IKEA's full-year sales

Ikea has been introducing smaller stores in urban centres to reach more customers

Ikea has been introducing smaller stores in urban centres to reach more customers

Ikea's stores, which can be found in more than 50 markets, welcomed 957 million visitors in the last fiscal year.

"We expect 7 million (70 lakh) people to visit the store in a year as a range of affordable and elegant home furnishings and other items will be on display for sale", asserted Betzel on the occasion.

Branded flags fly outside the Ikea store in Hitech City on the outskirts of Hyderabad. The company has opened 19 new outlets around the globe in the past one year, including its first in Hyderabad and Latvia in August.

In addition to Estonia, Ikea has plans to start selling its products in Ukraine, Luxembourg, Macau, the Philippines, Oman, Mexico, Chile, Colombia and Peru, the company said in a statement.

Ikea said its priority was to meet its quality commitments towards customers and co-workers, and alluded that India offers a significant enough market opportunity that is worth being patient for.

"We see that we have flattened out a bit on sales in existing stores, while we have strong growth through expansion and online", Loof said.

After making its Indian debut in Hyderabad, Ikea is now set to launch its first e-commerce store in Mumbai by 2019. IKEA is working on generating revenues through its online platform but the overall stress will be on the integration of both online and office stores.

More news: Odell Beckham Jr. storms off the field during first half
More news: Thierry Henry linked with AS Monaco job
More news: Brexit deal next week 'within reach': Barnier

Global furniture company Ikea's total retail sales reached €38.8 billion ($63.1 billion) in FY18, a 4.5 per cent increase over the previous year.

"We're very excited to open in South America", Loof said in a phone interview.

We scoped out the new locale, and we discovered that it's only a short distance from the Nagasandra Metro Station so you can skip out on the traffic jams (a dream come true in Bangalore). Nine stores are planned in the region over a 10 year period.

"Ikea's transformation means franchisees like Falabella have a menu of options to choose from to jump start their expansion, including physical store formats and digital services".

In reported currencies, that was 1 percent higher than a year earlier.

As part of its push into online sales Ikea offers an augmented reality app which allows customers to place furniture virtually in their home.

After acquiring assembly service TaskRabbit in 2017, Ingka said it's expanding that service to Canada this year after integrating it fully in the USA and UK.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.