Economy

Ikea online store in India likely by March next year

Ikea online store in India likely by March next year”

Some 936 million customers visited IKEA stores in FY17 and more than 2.3 billion people visited IKEA online. "We are looking for other city centre stores ... we expect to open more like this but also other formats [with] home furnishing accessories and a food offer". IKEA's fast expansion in India is marked by a huge response it received in the cyber city of Hyderabad in August. The company has opened 19 new outlets around the globe in the past one year, including its first in Hyderabad and Latvia in August. Inter Ikea, which owns the Ikea concept and is the worldwide franchisor, also said the company plans to start selling its products in Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, Macau and the Philippines.

Talking at the groundbreaking ceremony, Peter Betzel, CEO, IKEA India, said, "Bengaluru is a very special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail".

"We're exploring new store formats in city centres - all with the aim to improve the meeting with our customers both physically and digitally", said Jesper Brodin, CEO of Ikea's Ingka Group, which operates Ikea stores in the US, Europe, China and other global markets.

The company has also seen strong growth in new markets, according to Ikea's CEO Torbjorn Loof. "We will introduce smaller store formats and offer a wide range of flexible and affordable services", Loof said in a statement. The company plans to step up its game with the launch of its e-commerce website by 2019. Brodin has signed off on a raft of store experiments as well as the purchase of gig economy odd-jobs company TaskRabbit.

"The big units are the most important assets we have". The showroom - on a stretch of Tottenham Court Road, central London, known for furniture stores - is just 400 sq metres and took months, rather than years, to open.

Flat pack furniture retailer Ikea has reported a 4.7% increase in retail sales to €38.8bn (£33.9bn) in its full year 2018 report.

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



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