IKEA’s next phase of growth

TODAY’S STORY

IKEA’s affordable products and knack for getting people to buy things they didn’t come for have made it the world’s largest furniture company.

The company brought in $53 billion in annual sales last year and wants to keep growing.

So where is it going to come from? IKEA’s next phase of growth could stem from what got it here — a deep understanding of consumer behavior and preferences.

1. Consumers want to shop at home: Online sales, which have been a company priority since the pandemic, now account for 23% of IKEA’s revenue

2. The rise of the eco-conscious shopper: Since 2016, the company has increased its sales by a third but reduced carbon emissions from its operations by half

3. Second-hand furniture is in: IKEA recently launched a second-hand furniture platform that incentivizes sellers back into its stores via a novel voucher model

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Thanks for reading,
Kieran & Justin Ryan