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<ul class="summary-list"><li>Ikea was facing soaring employee turnover rates coming out of the pandemic.</li><li>Executives at the Swedish furniture company set about trying to keep employees happy enough to stay.</li></ul><a target="_blank" href="https://www.businessinsider.com/ikea-first-time-visit-most-surprising-things-2023-12">Ikea</a> tackled sky-high employee <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">turnover rates</a> by increasing wages, offering more flexibility, and simplifying staff workflow — seemingly simple changes that have made a world of difference for the Swedish furniture retailer, according to a recent Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/features/2024-06-11/how-ikea-keeps-its-store-workers-from-quitting?cmpid=BBD061124_OUS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=240611&amp;utm_campaign=openamericas&amp;sref=yaJhKSOh">report</a>.Every time an <a target="_blank" href="https://www.businessinsider.com/ikea-pay-real-money-work-in-virtual-roblox-store-2024-6">Ikea</a> employee left the furniture magnate, the company lost $5,000 or more, according to the outlet. Amid a <a target="_blank" href="https://www.businessinsider.com/employee-engagement-productivity-remote-work-hybrid-burnout-managers-office-expectations-2024-1">worsening wave</a> of workers quitting in recent years, Ikea executives set about trying to keep workers happy and employed.Retail has always had higher quit rates than many other industries due to difficult working conditions, unpredictable scheduling, and low pay. However, the <a target="_blank" href="https://www.businessinsider.com/retail-workers-coronavirus-gag-orders-covid-18-2020-9">COVID-19 pandemic</a> and increasing inflation have only exacerbated the problem in recent years. By 2022, Ikea was losing about 62,000 workers each year for various reasons — nearly one-third of its workforce, Bloomberg reported. The mounting conflict between the company and a coalition of unions had also left morale low across many of Ikea's 473 stores worldwide, according to the outlet. Jon Abrahamsson Ring, chief executive of Inter Ikea Group — the overhead entity in charge of Ikea's product design and supply chain — told Bloomberg that retention was a high priority when he stepped into the CEO role in September 2020. Turnover rates were hovering above 30% in stores across the US, UK, and Canada, while employees in India regularly left the company after having children because of lackluster benefits, he told the outlet. In trying to fix its quitting problem, Ikea went full-steam ahead in addressing the most important issues to workers, Ring told the outlet, including better pay, <a target="_blank" href="https://www.businessinsider.com/gen-z-workers-want-flexibility-fair-pay-survey-2024-5">more flexibility for employees</a>, and integrating new technologies to make employees' jobs easier. It paid off: Ikea's global quit rate fell from 22.4% in August 2022 to 17.5% in April 2024, Bloomberg reported. In the US alone, voluntary turnover dropped from about a third of employees in 2022 to about a fourth one year later, according to the outlet.<a target="_blank" href="https://www.businessinsider.com/here-are-reasons-employees-stay-beyond-the-salary-2022-8">Prioritizing employee wants and needs</a> is a key way to make people stay, Business Insider previously reported. A recent study also found that companies offering <a target="_blank" href="https://www.businessinsider.com/childcare-benefits-offered-by-employers-boosts-worker-productivity-retention-2024-3">robust childcare benefits</a> see increased employee productivity and positive returns on investment. Ikea's fixes, while major, aren't perfect. Turnover at Ikea stores in Japan is up due to a tight labor market, while labor disputes in France have kept quit rates high, Bloomberg reported. But the still-rising <a target="_blank" href="https://www.bls.gov/news.release/pdf/empsit.pdf">rates</a> of attrition in the retail sector suggest Ikea has begun to make real change on the turnover front.

Ikea was losing 60,000 employees a year. Here's how the retailer worked to fix its staff turnover problem. 

<ul><li>In an interview with Business Insider, <keyword id="2412089" type="COMPANY" weightage="20" keywordseo="Preet-Dhupar">Preet Dhupar</keyword>, <keyword id="6429663" type="ORGANIZATION" weightage="20" keywordseo="ikea-india">IKEA India</keyword>’s Chief Financial Officer shares the Swedish furniture retail giant’s big plans for India. </li><li><keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword> India is finally opening the doors for its second store in India – <keyword id="5117782" type="UNKNOWN" weightage="20" keywordseo="IKEA-navi-mumbai">IKEA Navi Mumbai</keyword>. </li><li> IKEA sees India as a long-term investment with the stores in Mumbai and Navi Mumbai, Bengaluru opening next and a land acquisition done in Gurugram for their first store in the North. </li></ul>Ikea may be used to gala events where thousands of people throng every store opening anywhere in the world. But the latest one in Navi Mumbai is likely to be a relatively sombre affair thanks to the COVID-19 pandemic. However, while it has toned down the fanfare associated with the Swedish furniture retailer, there is little change in the company’s goals. In line with its global strategy, the company is sticking to its planned store openings in India, and hasn’t changed its strategy, the Chief Financial Officer, Preet Dhupar, responsible for the market told Business Insider. “India is a growth market for us, this is where a big part of the world’s population lives with a majority of young people starting their journeys. We want to be a part of their journey. Few years down the line, IKEA India hopes to be one of the biggest markets for the global team,” she said. <div type="Youtube" id="LgOXv2qEkc4" title="IKEA India Is Finally Opening The Doors For Its Second Store In India – IKEA Navi Mumbai" thumbUrl="https://i.ytimg.com/vi/LgOXv2qEkc4/mqdefault.jpg"></div> It is expected that there will be a considerable change in people’s behaviour⁠— in that, they are likely to avoid crowded places like shopping areas and malls. That has led many retailers like Reliance Retail, DMart, and Shoppers Stop to pivot to a new strategy where more sales come from online platforms. While Ikea too has relied on online sales during the pandemic, it hasn’t scaled down on its offline aspirations. “Of course, the targets have been revised as they have for all global outlets of IKEA. But that doesn’t change our investment plans in India,” she said. IKEA will pump in ₹10,500 crore into its India unit⁠— ₹7,000 crore has already been spent in fulfillment centres and store, land acquisitions in the country. According to Dhupar, the next store will be opened in Bengaluru, followed by Gurugram, its first one in North India, which reportedly has been delayed because of the company’s <a href="https://www.thehindubusinessline.com/companies/ikeas-gurgaon-project-to-get-delayed-as-it-rejigs-plan/article33154806.ece#:~:text=Swedish%20furniture%20giant%20IKEA's%20plans,2017%20to%20build%20the%20store.">revised plans for the city</a>. As the 5.3 lakh sq ft store in Navi Mumbai, opens its doors to the public today (Dec 18), IKEA India will hope to make up for a lost year. However, it is likely to be a much smaller crowd than what Ikea is used to. IKEA’s opening in Hyderabad which saw over 15,000 people line up on the first day itself, won’t be a scene replicated in Mumbai. “We will be nowhere near that, in fact it will be 1/5th the number,” said Dhupar. “Thanks to the size of our stores, we can make way for people to have a safe shopping experience. We are able to maintain social distancing with people having enough space to shop around,” said Dhupar. In the last year, IKEA India has seen over 25 million people shop online and 5-6 million people walk into its Hyderabad store. With the easing off of the pandemic restrictions, Dhupar is keeping her fingers crossed to see the same number in the coming year, if not more. “IKEA India is just scratching the surface when it comes to making a mark in the global numbers. You have to understand, we had just the one store in India until a few days ago. But hopefully, with the new store, we will be able to double the numbers,” she said. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a>

INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan

<ul><li><keyword id="6371031" type="General" weightage="100" keywordseo="ikea" source="Orion">IKEA</keyword> entered India in 2018 and since then has opened one store in Hyderabad and two in Mumbai. Its next two stops are Bangalore and Delhi.</li><li>We speak to <keyword id="1259757" type="General" weightage="20" keywordseo="kavitha-rao" source="Orion">Kavitha Rao</keyword>, Country Commercial Manager, <keyword id="6429663" type="General" weightage="20" keywordseo="ikea-india" source="Orion">IKEA India</keyword> who walks us through the brand's India journey so far and everything that lies ahead.</li></ul>It was back in 2018 that Swedish <keyword id="6354386" type="General" weightage="20" keywordseo="furniture" source="Orion">furniture</keyword> brand IKEA made its inroads into the Indian market with its first store in Hyderabad. 4 years since, the brand is now on its way to opening a store in Bangalore, after opening one large and one small showroom in Mumbai. While shopping for furniture online or on an app would have been difficult for a lot of people till even a few years back, the lockdown hastened India’s digitization journey, which proved to be a boon for retailers like IKEA. The company launched its app in May last year and has reportedly seen its online sale more than double in the last 2 years, a trend that <keyword id="1453334" type="General" weightage="20" keywordseo="peter-betzel" source="Orion">Peter Betzel</keyword>, CEO &amp; CSO at IKEA India is confident is here to stay. India still has a huge unorganized furniture segment. For a brand like IKEA, the task has been to present itself as an affordable and sustainable alternative. While the large format showrooms mean that after 4 years, IKEA has only been able to expand, physically, to only 2 cities, its online platform is helping it take its products to more cities. For the next few years too, the focus will be to steadily increase both its offline and online presence. To understand its journey in India so far and what lies ahead, we spoke to Kavitha Rao, Country Commercial Manager, IKEA India. Here’s what she had to say: IKEA’s India Journey So Far While IKEA’s official journey in India started in 2018 with the opening of its store in Hyderabad, it had been present in India since 2014, preparing for its foray into the country. Even before launching, the brand did a lot of research on what products will be relevant for Indian consumers and the team visited close to 2000 homes across different cities to understand their needs and aspirations. “It was about understanding the different activities people did in their homes and how furniture and <keyword id="792357" type="General" weightage="20" keywordseo="home-furnishing" source="Orion">home furnishing</keyword> accessories supported people in their everyday lives. That was a very important starting point for us. And then, at a later point, we placed IKEA products in customer homes across different cities to really see how they got used, to understand what worked well and what did not. In fact, in a good number of cases, we had actually placed products for anywhere between 12-18 months in customers homes between 2015-16 to really get first-hand feedback in terms of usage. And that was great insight for us because we also understood how our products fared in the Indian environment,” shared Rao. This gave the team an opportunity to work on some product design, improve on products even before they actually started selling in the country. Its research also helped it come up with products that are more locally relevant. For instance, IKEA India has a much larger collection of cooking utensils like pots and pans, considering Indians’ love for cooking, in comparison to a lot of other markets. When the brand launched its first showroom in Hyderabad, the marketing communication was very local, to keep it relevant to the consumers there. And the focus of the brand since has been on understanding the consumer better and presenting them with products that are relevant for them. “The starting point for us has always been the thinking that the product range is really the right entity. The most important thing that we are focused on is to bring well-designed functional home furnishing products that are affordable. We believe doing that consistently will help us build the brand in the long-term. We’re still relatively new here and have a long way to go in terms of establishing IKEA as the top-of-mind brand for the Indian consumer. However, we are not in India just to establishing the IKEA brand, we’re also here to help build the home furnishing category too,” added Rao. Navigating The Pandemic For a brand like IKEA, as for any other retail brand, the physical experience a consumer gets is very important. However, the pandemic restricted store entry. So how did the brand navigate those lockdown months? “It is always good to take a positive spin and be optimistic and that has been our approach since the first wave hit us. The positive out of this entire experience is that since we spent so much time indoors, the home became so much more important. But the challenging elements were that we worked through various lockdowns. There was a period when store visits were restricted but that is also where IKEA, as an <keyword id="2535292" type="General" weightage="20" keywordseo="omni-channel" source="Orion">omni-channel</keyword> retailer, was able to leverage other customer touchpoints, be it e-commerce or remote-selling. Most of the research reports point to the fact that Indian consumer’s digital adoption was one of the highest across the world. So that is been an interesting journey for us. And that also gave us the opportunity to expand our e-commerce offering in many more cities across India. But we also saw very quickly that not everybody was comfortable buying a category like home furnishing online. And there we really started to look at how to augment the experience itself, with more human interaction through services. During the first wave, we had something called an online personal shopper who could support a customer trying to buy home furnishing online. This was very important in the India context because many weren’t comfortable shopping online and also because there could be customers who did not have the knowledge of home furnishing and the kind of product choices they needed to make to meet their own needs. So it helped on both fronts.” The Roadmap Ahead With 3 physical stores in India currently, IKEA is focusing on its Bangalore store which is expected to open between April and May. “The next step for us is the Bangalore market where we will be opening both a large format store as well as a small format store. After that, the next milestone is Delhi where we have land parcels and work is underway in different stages in both Bangalore and Delhi. Those would be the next big steps for us and then we will start to explore the next set of cities within India,” shared Rao. On what their key focus for the next few years will be, Rao said, “It is about continuing the journey that we have started. We want to figure out how to make home furnishing relevant for consumers in India and how to create even more interest for the home furnishing category as a whole. Within that, in the context of marketing, our focus will be to understand how to make IKEA a relevant go-to brand for consumers in the India market. They see our products as well-designed, functional, affordable and sustainable for themselves. So at a very high level, that is really what we will focus on. And then in the short-term, considering we are in the midst of the third wave, the next couple of months our focus will probably be on staying agile to some of the changes that are happening in the environment and adapt and continue to be resilient to face the challenges of the new wave,” concluded Rao.

We’re not in India just to build brand IKEA but also to build the home furnishing category: Kavitha Rao, IKEA India

<ul><li>In our latest series, we talk to brands about how they have been marketing during these adverse times, the things they have learnt and how they are preparing for the somewhat uncertain future.</li><li>In today’s exclusive, Kavitha‌ ‌Rao,‌ ‌Country‌ ‌Commercial‌ ‌Head,‌ ‌IKEA‌ ‌India‌ tell us how did the brand pull off reopening its stores and how <keyword id="9188349" type="UNKNOWN" weightage="20" keywordseo="contactless-shopping">contactless shopping</keyword> is the inevitable future of retail industry. </li></ul>With the lockdown, the meaning of what home is has evolved. It is our gym, workplace, playground and school for kids. With this, furniture brands had to relook at their product offerings to be able to address the changing consumer needs. <keyword id="6371031" type="COMPANY" weightage="20" keywordseo="IKEA">IKEA</keyword> was quick to spot that COVID had made the furniture category move from being a want to becoming a need. The Swedosh furniture giant reminded consumers through its advertising campaign that ‘<a href="https://www.youtube.com/watch?v=QtjuBYxrozI">Home can be full of possibilities</a>.’ It encouraged people to stay at home, and explore their home by engaging in activities befitting each room. However, while buying new furniture to facilitate various remote activities became a necessity, consumers did not want to step out because it involved communicating with store helpers. So when IKEA decided to open its stores back in Hyderabad amidst the lockdown, it wasn’t an easy job. It involved rethinking retailing. It, therefore, launched a contactless way of shopping called ‘Click and Collect’ that allowed consumers to collect their order in the car parking area. Apart from that, contactless hand sanitizer machines, indicators on the floor for social distancing, physical barriers for extra safe shopping, queue management for line-ups, separation screens around sales points, cash registers and customer service points were installed to gain consumer trust. Kavitha‌ ‌Rao,‌ ‌Country‌ ‌Commercial‌ ‌Head,‌ ‌IKEA‌ ‌India‌, further walks us through the brand’s action plan for the Hyderabad launch, changing consumer patterns in the market, why it is important to listen to your consumer in the current situation, and find solutions that are not only easy to implement but also easy on the wallet. Excerpts: Q. How challenging were the last three months for you? At IKEA, the health and safety of our customers, co-workers, suppliers and communities have been our biggest priority. Keeping this in mind, we closed our physical retail operations even before the government guidelines came out. As a business, we have had to redirect our focus to take care of our people, whether they are our coworkers, business partners or communities around us as we face this unprecedented global crisis together. It was clear that we need to understand what the future of retailing would look like, and begin to rethink the future and what innovations would be relevant in the post COVID era. We also realized, it was important to stay agile and adapt as things continue to evolve rapidly. During the lockdown, the ecommerce channel has been a big boon to consumers and businesses. With people spending a lot of time at home, home furnishing has become even more important and hence, we had to strengthen our online presence to reach many more people with home furnishing essentials they need during these times. ‘Click &amp; Collect’, a safe and contactless shopping service was launched in India in May to support our ecommerce business even better. We also launched an online personal shopper service to aid customers in their shopping journey online. In addition, remote planning and home furnishing consultancy supported our customers to plan and furnish their homes remotely. Caring for communities has been a big focus for us. To be people and planet positive is integrated in our business foundation. Globally we launched a relief fund of €26 million to support COVID-19 affected communities. In India, we have tied up with various organizations, and government to help vulnerable communities such as migrant families, children and women. IKEA India also helped setup quarantine centers in Hyderabad. We will continue to support communities in the long term. Q. How have you observed the consumer behavior changing during these last few months? The ‘home’ is always emotional. With our consumers spending all their time at home, it has acquired a whole new meaning; it is the new office, the new playground and school for children, the new restaurant and the new window to the world. While spending habits may not be the same as before, the need for home furnishing and furniture is amplified. This has given us a chance to explore innovative ways to offer products and solutions and address the consumer needs linked to home. Recent researches talk about 25-30% of consumers shopping online for the first time across categories, be it food, groceries, services, etc. A more forced-adoption of ecommerce is also leading to consumers discovering the convenience associated and the option is turning out to the preferred mode of shopping. Consumers are also more focused on their health and well-being and people are more conscious of leading an environment friendly and sustainable life at home. This will mean that brands paying attention to this trend will gain significantly. There are many needs at home today, but the economic uncertainty is not far behind. While a lot of the furniture and home furnishing solutions are moving from a want to a need, this is also the time when consumers are thinking twice about every spend. This is where affordable solutions become even more important. Being able to do more with less acquires a new meaning. Businesses that address this dimension of consumer sentiment are poised for growth. Q. What are some things that you think will never be the same, once we resume normalcy? There are many factors that will evolve in a post COVID-19 world, and one of the foremost developments is people avoiding crowded places for a while to come. This could also mean that consumers make a more permanent shift to shopping online in some categories. We will also see an emergence of smart buying where customers will plan their shopping in advance and only purchase things that they need. With a likely decline in consumer spending in discretionary categories, value for money and affordable solutions will be a preferred option for consumers. Physical retailing could see some significant changes; consumers might not be keen to interact with store coworkers but might be more comfortable to shop using digital enablers – videos, QR codes and apps that demonstrate the features, tips and tricks, functionalities of a product; thereby substituting the coworker and help maintain social distancing. Q. As markets open up, how are you ensuring that your consumers start trusting you? Safety of our coworkers and customers are our highest priority during these extraordinary times. To enable safe shopping, we launched <a href="https://www.cnbctv18.com/retail/ikea-restarts-india-operations-with-click--collect-in-hyderabad-5998791.htm">Click &amp; Collect</a>, first of its kind in India which is a totally contact less way of shopping. Customers can order IKEA products on our website, pay online and select the ‘Click &amp; Collect service’ option when checking out. IKEA's delivery team would prepare their order for them to pick up from the Click &amp; Collect collection station in the store’s car parking area. This has added to our ecommerce capability and provided more options to customers shopping online. We reopened the Hyderabad store earlier this month with strict safety protocols in place. We limit the number of customers allowed into the store at a given time and ensure strict social distancing norms. Contactless hand sanitizer machines, indicators on the floor for social distancing, physical barriers for extra safe shopping, queue management for line-ups, separation screens around sales points, cash registers and customer service points are in place to secure a safe shopping experience. All shopping bags and trolleys are sanitized after use. And customers are subjected to temperature checks and mandatory face masks to further heighten safety. Q. How do you see the retail sector shaping up? What would its future look like? Do you think e-comm will take precedence? E-Commerce will emerge as a preferred channel for shopping for a vast majority of consumers across a wide range of categories. Physical retailing will see a reduction in shopping trips, but the trips that happen will be well planned and focused. This would also mean window shopping and impulse purchases are likely to reduce. When it comes to discretionary spends, consumers are likely to cut back on spending. A lot will depend on value for money and affordable products and solutions that retailers are able to bring together to address consumer needs. For example, a family might decide to postpone the purchase of a new sofa but might be open to updating the curtains and cushions to refresh the living room. Retailers will need to identify these pockets of opportunity and address consumers’ needs in the best possible manner across dimensions of value for money, good quality and design. Retail sale campaigns of the future could look different. Consumers might not be swayed by discounts offered as window shopping and impulse purchases are likely to decline due to the economic implications of the COVID crisis. Addressing a consumer need with value for money products and solutions might become more important than a deep discount. Q. Has the current situation made you innovate and think out of the box, in terms of how you communicate with your consumers? What does your marketing strategy look like? In tune with our vision ‘To create a better everyday life for many people’, as a brand, we always side with the many people, the common man as we know them in India. We always want to reflect empathy and togetherness with our customers, co-workers and communities. We also believe that ‘everyday life’ matters much more than the one-off excitement that could be few and far between. With that, our aim is and continues to be- to create a better life by offering a wide range of functional, well designed, affordable home furnishing solutions that can meet the needs of a diverse section of people with varying needs, wishes and dreams linked to their home. The COVID crisis is unprecedented and has required us to rethink the future and reinvent ourselves across many dimensions. When it comes to our marketing communication, we continue to side with the many people on relevant themes. During the lockdown period, we launched two campaigns that focused on people and their lives during COVID-19. The ‘<a href="https://www.youtube.com/watch?v=QtjuBYxrozI">Home is full of possibilities</a>’ campaign encourages people to stay at home, and explore their home by engaging in activities befitting each room. And on account of International Day Against Homophobia, Biphobia, Intersexxism, and Transphobia (IDAHOBIT), we launched <a href="https://www.youtube.com/watch?v=IbPo0Q4WoAc">#BeSomeonesHome</a> campaign as our outreach to LGBTQI individuals whose families may not be with them in these times of crisis. IKEA is a relatively new brand in India and we will continue to work towards building the brand for the long term with key messages linked to everyday life at home and how IKEA can help make it a little bit better with our range of products and solutions that stand for design, quality, affordability and can support a more sustainable life at home. Through our messages, we will always connect with people as people more than as consumers. Q. What is your media plan going to be now? Which medium will get the lion's share? As a brand, we side with the many people and hence we need to reach a very diverse audience; we will continue to focus on all the key media options ranging from out of home, TV, OTT channels, digital to print media. The media landscape has evolved significantly in the last decade with digital options taking a lead and we will look to have a good balance of digital and conventional media options. In the post COVID world, we do see people consuming entertainment at home and that is a new and interesting space to explore. Q. What are some of the key learnings from this experience? The COVID pandemic has caused a major health crisis across the world and the intensity and duration of the economic crisis that will follow is still unclear. It is important to stay agile and be quick to adapt to changing conditions that the crisis can present. Businesses in general need to use this opportunity to think of new ideas that can enable profitable growth in the future. As a home furnishing retailer, we see that the home has become even more important, but that does not mean people have the money to spend on refurnishing their homes, even though they might have an acute need to do so; this makes it even more important to find solutions that are not only easy to implement but also easy on the wallet. In addition, retailers also need to focus even more on their co-workers as they are in the lead in delivering a great customer experience, both online and in the store. Building a mindset of resilience amongst coworkers and empowering them to innovate and adapt to new ways of working is a great enabler to growth. It is only by remaining open to change, collaborating, understanding and adapting to consumer sentiments and trends, can we help create a new narrative for the future. A new narrative that will help us meet consumer need and enable the much-needed growth for our businesses.

How IKEA executed contactless retailing to open its stores in Hyderabad amid a lockdown

<ul><li>Swedish furniture retailer Ikea has opened its online for the residents of Mumbai, India's financial capital.</li><li>The company's launch in India's financial capital comes a year after its debut in Hyderabad.</li><li>That would pit the company directly in competition with the likes of Amazon, Flipkart, and Urban Ladder.</li></ul>Swedish furniture retailer Ikea has opened its online for the residents of Mumbai, India's financial capital. The launch in India's financial capital has come a year after the debut in Hyderabad. Mumbai will be the first city in the world where the multinational furniture retailer is going online without a physical store. With the entry of Ikea into one of the country's biggest consumer markets, competition is heating in the furniture space between a host of retailers both online and offline including the likes of Urban Ladder, Pepperfry, Home Town and Home Centre. However, organised retail is only a small portion of the total furniture demand, for which these players will battling each other. Going online first is not the only thing different about Ikea’s entry into Mumbai. Even after its online debut, the iconic stores of gargantuan size, roughly half a million square feet each, will be absent at least to start with. “The smaller stores can be 50,000 sq. ft - 150,000 sq. ft., large depending on what locations we are able to find," India Managing Director <a href="https://www.businessinsider.in/business/ikea-mumbai-store-launch-to-take-on-pepperfry-urban-ladder-and-flipkart/articleshow/70563420.cms" data-type="tilCustomLink" target="_blank">Peter Betzel told Business Insider</a> in an interview earlier this month. While Betzel didn’t elaborate on the rationale, the smaller stores may make sense in a crowded place like Mumbai where real estate is available at an exorbitant premium and travel can be cumbersome even for interested customers. The New York experience Even in New York, Ikea has a ‘planning studio’ in the upscale Manhattan area and not the standard blue-box store. It seems to have a similar plan for Mumbai too. “In addition to ecommerce and the Navi store, IKEA will also open smaller city center stores. This will make us more accessible and bring us closer to where customers are,” Betzel said. Ikea calls these smaller stores ‘touch points’ for the customer to get an experience before making the purchase. “Currently the decision is to open two city center stores in different parts of Mumbai. There could be more online and offline touchpoints in the future based on the learnings from the market,” Ikea’s top boss in India explained. The race is hotting up While both Pepperfry and Urban Ladder may have a headstart, they are going up against a giant in Ikea. The two startups put together have received investments worth less than $300 million in the last six years. On the other hand, “Ikea has committed to invest 1.5 billion euros ($1.68 billion) so far. Three Indian cities are in the fast speed expansion markets namely Mumbai, Bengaluru and Delhi/NCR. Our focus on India will only increase in the future,” according to Betzel. Even Flipkart, India’s largest online retailer, now owned by Walmart, is looking to set up experience centres. It unveiled an <a href="https://www.businessinsider.in/flipkart-offline-furniture-store-puts-its-in-competition-with-pepperfry-ikea-urbanladder/articleshow/70427696.cms">1,800 square feet outlet in Bengaluru</a> on July 29. With the likes of Walmart and Ikea throwing in their hat, running against smaller but more agile and homegrown players like Pepperfry and Urban Ladder, furniture retail in India is certainly set for exciting times. That would pit the company directly in competition with the likes of Amazon, Flipkart, and Urban Ladder, who have spent years and billions in building a customer base in India. But Betzel is more sanguine than many others would be. “With more players, the whole category will grow even more. There is place for everyone,” he said. The furniture market in India is expected to be worth $17 billion in the next three years but the big shops, malls and snazzy online retailers with discounts and offers sell <a href="https://redseer.com/reports/disruption-in-indian-furniture-retailing/">less than two in every ten pieces of furniture</a> bought in India. The trend is changing, especially in urban areas, and there is enough headroom for growth for the organised segment. 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/business/ikea-mumbai-store-launch-to-take-on-pepperfry-urban-ladder-and-flipkart/articleshow/70563420.cms" data-type="tilCustomLink" target="_blank">Ikea will make its Mumbai debut ‘very shortly’, says India chief as the first store in Hyderabad turns a year old</a> <a href="https://www.businessinsider.in/i-visited-ikeas-new-manhattan-location-and-it-was-like-nothing-else-ive-seen-from-the-retailer/articleshow/68821133.cms">I visited Ikea's new Manhattan location - and it was like nothing else I've seen from the retailer</a>

Ikea in Mumbai: The Swedish retailer is wooing online shoppers in India's financial capital

Ikea has spent five years in India, and its flagship store in Hyderabad is turning a year old. Now, it’s time for its debut in the country’s financial capital, Mumbai, according to Peter Betzel, the Swedish furniture retailer’s Managing Director in India. An announcement is expected within the next few days, according to another source. “While the Navi Mumbai store is getting ready, our focus now is to launch e-commerce in Mumbai very shortly, to be able to meet the many Mumbaikars sooner,” Betzel told Business Insider in an exclusive interview. This is the first time the global retailer is entering a market without a physical store. That would pit the company directly in competition with the likes of Amazon, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, and <keyword id="6368309" type="UNKNOWN" weightage="20" keywordseo="urban-ladder">Urban Ladder</keyword>, who have spent years and billions in building a customer base in India. But Betzel is more sanguine than many others would be. “With more players, the whole category will grow even more. There is place for everyone,” he said. The furniture market in India is expected to be worth $17 billion in the next three years but the big shops, malls and snazzy online retailers with discounts and offers sell <a href="https://redseer.com/reports/disruption-in-indian-furniture-retailing/">less than two in every ten pieces of furniture</a> bought in India. The trend is changing, especially in urban areas, and there is enough headroom for growth for the organised segment. 
 
 
 
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 Touch points Going online first is not the only thing different about Ikea’s entry into Mumbai. The iconic stores of gargantuan size, roughly half a million square feet each, will be absent at least to start with. “The smaller stores can be 50,000 sq. ft - 150,000 sq. ft., large depending on what locations we are able to find,” he said. While Betzel didn’t elaborate on the rationale, the smaller stores may make sense in a crowded place like Mumbai where real estate is available at an exorbitant premium and travel can be cumbersome even for interested customers. Even in New York, Ikea has a ‘planning studio’ in the upscale Manhattan area and not the standard blue-box store. It seems to have a similar plan for Mumbai too. “In addition to ecommerce and the Navi store, IKEA will also open smaller city center stores. This will make us more accessible and bring us closer to where customers are,” Betzel said. Ikea calls these smaller stores ‘touch points’ for the customer to get an experience before making the purchase. “Currently the decision is to open two city center stores in different parts of Mumbai. There could be more online and offline touchpoints in the future based on the learnings from the market,” Ikea’s top boss in India explained. Been there, done that Similar formats have been tried by other online furniture retailers in India like Pepperfry and Urban Ladder. Pepperfry had launched its first offline studio in 2014. Since then, they have expanded to 65 studios across 28 cities. In fact, in every city that Pepperfry has launched a studio, the sales had doubled, <a href="https://www.businessinsider.in/pepperfry-studio-location-to-increase-50-as-sales-double/articleshow/69859900.cms">according to the management</a>. “While we don’t sell directly through our offline studios, they contribute significantly to our sales. Close to 40% of our overall turnover comes from the online bookings made at these studios,” Mihir Kulkarni, Vice President and Head of Omnichannel expansion, <a href="https://www.businessinsider.in/flipkart-offline-furniture-store-puts-its-in-competition-with-pepperfry-ikea-urbanladder/articleshow/70427696.cms">Pepperfry told Business Insider in an earlier interview</a>. The race is hotting up While both Pepperfry and Urban Ladder may have a headstart, they are going up against a giant in Ikea. The two startups put together have received investments worth less than $300 million in the last six years. On the other hand, “Ikea has committed to invest 1.5 billion euros ($1.68 billion) so far. Three Indian cities are in the fast speed expansion markets namely Mumbai, Bengaluru and Delhi/NCR. Our focus on India will only increase in the future,” according to Betzel. Even Flipkart, India’s largest online retailer, now owned by Walmart, is looking to set up experience centres. It unveiled an <a href="https://www.businessinsider.in/flipkart-offline-furniture-store-puts-its-in-competition-with-pepperfry-ikea-urbanladder/articleshow/70427696.cms">1,800 square feet outlet in Bengaluru</a> on July 29. With the likes of Walmart and Ikea throwing in their hat, running against smaller but more agile and homegrown players like Pepperfry and Urban Ladder, furniture retail in India is certainly set for exciting times. SEE ALSO: <a href="https://www.businessinsider.in/i-visited-ikeas-new-manhattan-location-and-it-was-like-nothing-else-ive-seen-from-the-retailer/articleshow/68821133.cms">I visited Ikea's new Manhattan location - and it was like nothing else I've seen from the retailer</a>

Ikea will make its Mumbai debut ‘very shortly’, says India chief as the first store in Hyderabad turns a year old

<ul><li>Online home solutions company Wakefit teased <keyword id="6371031" type="General" weightage="100" keywordseo="ikea" source="Orion">Ikea</keyword> and the fact that’s store is located on the outskirts. </li><li><keyword id="14280410" type="General" weightage="50" keywordseo="wakefit-trikea" source="Orion">Wakefit Trikea</keyword>? It also needled the Ikea in the ad, with a snappy pun. </li><li>This is not the first time that Wakefit has engaged in viral marketing stunts.</li></ul>Swedish furniture maker IKEA received a snarky welcome, days after it opened its large-format store in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>. An online home solutions company Wakefit teased it and reminded the citizens how bad the traffic is – that the store is located on the outskirts of the company – at Nagasandra. That’s 17 kilometres away from the city centre. “The traffic is bad. The weather is amazing, the best brew is at ToiT, the tastiest dosas are at CTR and the Ulsoor lake never ever freezes,” the ad started off. What stunned the <keyword id="50390" type="General" weightage="50" keywordseo="netizens" source="Orion">netizens</keyword> is the next line. “But if you are looking for the best furniture in town, all you have to do is visit one of our stores. They are not located in the outskirts of the city. Just saying. Did we mention that the traffic is bad?,” the ad says. Bengaluru’s traffic which can only be described as nightmarish as it can stall for hours at a stretch across many stretches — is a good marketing tool for an online store with experience centers within municipal limits. Wakefit Trikea? It also needled the Ikea in the ad, with a snappy pun. This is not the first time that Wakefit has marketed in a manner that went viral. Its best campaign yet is its plan to hire ‘sleep interns’ who would be offered a stipend of Rs 1 lakh, along with a prize of Rs 10 lakh for the best performer! Netizens who are always in search of good fun are amused. <div type="twitter" handle="AabhashK" handlename="Abhash K" image="http://pbs.twimg.com/profile_images/1484830983354421249/Hkanjm1p_normal.jpg" favoritecount="26" retweetcount="1" status="Wakefit's ad is fab, *and* counterintuitively it's a necessary measureCue the &quot;Double Jeopardy Law of Brands&quot; Sma… https://t.co/EeKGfrnoYW" createdat="1656051330000" id="1540217028824276998"></div><div type="twitter" handle="beastoftraal" handlename="Karthik 🇮🇳" image="http://pbs.twimg.com/profile_images/1140493276316745734/WH-6N17h_normal.jpg" favoritecount="435" retweetcount="70" status="Hahahaha, very well played, Wakefit 😂Using Swedish for a front-page ad was a wonderfully contextual touch while g… https://t.co/BWI2ofEo92" createdat="1656040158000" id="1540170172702502912"></div>Ikea has already created a splash in the Indian market. It started with its <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> store and expanded with three stores in Mumbai. Its Bangalore store is a large-format store with 4,60,000 sq feet of land in Nagasandra. ALSO SEE: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/wipro-icad-to-create-indias-first-digital-airport/articleshow/92435401.cms">Wipro, ICAD to create India's first digital airport — here are its features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/auto-and-finance-stocks-can-bounce-back-even-if-the-market-crashes-in-july/articleshow/92436186.cms">Auto and finance stocks can bounce back even if the market crashes in July</a>

Welcome to Bengaluru Ikea, did we mention the traffic, says competitor Wakefit

<ul><li>After making its Indian debut in Hyderabad, <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">Ikea</keyword> is now set to launch its first <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> store in Mumbai by 2019. </li><li>Ikea will also make an investment of ₹20 billion at it’s newly launched <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> facility. </li><li>The company aims to open 25 stores in India by 2025. </li></ul>On 11 October, the global <keyword id="6354386" type="UNKNOWN" weightage="20" keywordseo="furniture">furniture</keyword> retailer Ikea said that it had commenced the construction of its first store in Bengaluru. This will be the company’s second retail store after its Hyderabad location. During the sod-turning ceremony at its Bengaluru facility, the company also shared its plan to open its first online store in Mumbai by 2019. According to media reports, the store will be spread over 14 acres of land and will house 1000 restaurants. Ikea has decided to employ a total of 2,500 people in Bengaluru, engaged in both direct and indirect services. In order to facilitate the construction, the company will infuse around ₹20 billion in two equal installments. The company launched its first store in Hyderabad on 9 August. The Hyderabad-based Ikea store has 7,500 products to offer with prices ranging for ₹15 to ₹36,000. Apart from this, the furniture retailer is mulling a plan to invest ₹30 billion in the construction of warehouses in Mumbai, Gurugram, and Bengaluru. Ikea’s strategy in India pivots on price. It has intentionally kept price of around 1000 products below ₹200. The company reportedly spent 10 years assessing the Indian market before investing ₹800 crores in Hyderabad facility. Last month, the company said it planned to open 25 retail stores across India by 2020. Furthermore, by 2030, it plans to be present in 49 cities in India.

Ikea plans to open an online store in India next year

<ul><li><keyword id="2644491" type="PERSON" weightage="20" keywordseo="LivSpace">Livspace</keyword> has raised <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> from Ingka Group – a franchise partner of <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword>. </li><li>The Ingka Group owns and operates 367 IKEA stores – including <keyword id="6429663" type="ORGANIZATION" weightage="20" keywordseo="ikea-india">IKEA India</keyword>.</li><li>Livspace had last raised $70 million in a series C round in September 2018.</li></ul>Indian home design and renovation startup Livspace has raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA. The Ingka Group which owns and operates 367 IKEA stores contributing to 90% of IKEA’s total retail sales --- made a minority investment in Livspace, today. The details of this deal are yet unknown. “This minority investment aligns closely with the digital direction of Ingka Group and our core business, IKEA Retail,” said Krister Mattsson, Head of Ingka Investments, Ingka Group. In September 2018, Livspace raised $70 million in a Series C round funding from TPG Growth and Goldman Sachs, along with its existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures. Livspace, launched in 2015, brings together homeowners and designers and vendors, to ease home design with streamlined communication. “We look forward to the immense collaboration possibilities in areas such as catalogue and marketplace integration, retail technology, and online-to-offline innovations,” said Anuj Srivastava, co-founder and CEO of Livspace. This fresh funding will help the startup develop more products and take them to newer markets. The Ingkar Group also runs the single store in India at Hyderabad – which launched in August 2018 amidst much fanfare. See Also: <a href="https://www.businessinsider.in/pepperfry-partners-with-bankbazaar-to-offer-loans/articleshow/69116169.cms">Pepperfry and Bankbazaar are now offering loans to refurbish homes</a> <a href="https://www.businessinsider.in/after-amazon-pepperfry-launches-wedding-gift-registry-on-its-platform/articleshow/68171208.cms">Indian e-tailers want you to choose the presents that your friends will pay for</a>

IKEA's India partner invests in a home design startup that may in turn serve the Swedish retailer

<ul><li>The <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword> has eased the norms for 30% local sourcing rule for FDI in single-brand retail trading.</li><li>The government has now allowed online sales even before a company sets up a brick and mortar presence in India.</li><li>This will invite major single brand retailers who want to enter the Indian market.</li></ul>Indians will now be able to enjoy more stores of Swedish furniture giant <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword>, or Spanish brand <keyword id="6377147" type="PERSON" weightage="20" keywordseo="zara">Zara</keyword>, <keyword id="150626" type="COMPANY" weightage="20" keywordseo="HM">H&amp;M</keyword> and many more, all thanks to government’s move to relax laws. They will also be able to buy more foreign brands online, even those which have no stores in the country yet. Yesterday, the government in its Foreign Direct Investment (FDI) policy changes, eased the norms that had earlier held them back – like 30% local sourcing rule for single-brand retailers. "H&amp;M has been sourcing from India since the last 30 years for its international markets, its great to see global sourcing is now part of the 30% local sourcing norms. We see this supporting the ease of doing business in India and driving in larger investments from global companies," said Janne Einola, Country Manager H&amp;M India. The Narendra Modi-led government has been chasing growth at a time when the country’s corporate sector is saddling debt coupled with slow demand. To supplant this gap, the government is trying to attract foreign investors who are keen on the India growth story. “This will lead to greater flexibility and ease of operations for single brand retail trading (SBRT) entities, besides creating a level playing field for companies with higher exports in a base year,” said the government said. As a part of the eased norms, the government decided that all procurements made from India by the single brand retail entity shall be recognised as local sourcing. This is irrespective of whether the goods procured are either sold in India or exported. Green signal to global corporations The relaxation of the FDI norms will send the green signal to global corporations who want their share of the growing Indian retail market. “Many foreign brands have been in a wait-and-watch mode on account of the difficulties so far perceived in meeting the mandated sourcing norms. With more clarity, many such players can now make their foray into India to tap into India’s consumption story - and to boost investments here,” said Shobhit Agarwal, MD and CEO, ANAROCK Capital. Online before brick The government also allows online sales even before a company sets up a brick-and-mortar presence. “Online sales will also lead to creation of jobs in logistics, digital payments, customer care, training and product skilling,” said the government said. This will invite major single brand retailers who want to enter the Indian market, without necessarily having to invest in the required physical infrastructure. “Massive capital is required for setting up a physical store vis-à-vis online platforms. Now retailers can start online sales without having to open physical stores. This will significantly ease capital pressure on small retailers who are looking to start afresh,” said Agarwal.

India gives green signal to global majors like IKEA, Zara, H&M and more

<keyword id="6371031" type="COMPANY" weightage="100" keywordseo="Ikea">IKEA</keyword>’s first store in India is all set to open in the second half of next year, and it plans to open 25 such stores in 25 cities of India by 2025. This has also led the Swedish furniture retailer to consider setting up a production unit in the country so that it can fully tap the potential of 'big middle class' consumers here. 

	As per reports, it has already purchased land in Hyderabad and Mumbai where it would start retail operations, and aims to double sourcing of products for its global operations from India by 2020. 
 

	"It is important for us to set up our production (unit) in India," said IKEA Group President and CEO Peter Agnefjäll.
 

	He also went ahead to explain the reason for a production facility in India, saying, "On one hand that would support the growth of the economy and secondly, what we do is that we sell products, which are inexpensive. You can not distribute these inexpensive products long distances because if you do that then you would ruin the margin of the product." 
 

	Agnefjall further said: "So it's important for us to go for the local production. If we have the right technology, right raw materials which is existing there then we can combine with the knowledge of IKEA and turn into a fantastic product.
 

	"Then only, I think we can reach the big middle class and not the affluent few but the many people in India. There is enormous growth of the people of the middle class year by year and by 2025 it would look different from today," he added.
 

	He was also asked about the total investments that IKEA thinks would go into the Indian market, to which he said that as per estimates, more than 1.5 billion euros would be invested in India for storage and distribution. 
	 
	<a href="http://i.huffpost.com/gen/1526685/images/o-PETER-ANGEL-facebook.jpg">Image source</a>

After setting up a store, IKEA could also open a production unit in India

<ul><li><keyword id="6371031" type="COMPANY" weightage="20" keywordseo="IKEA">IKEA</keyword> India’s Mumbai store is all set to create employment opportunities for the localites with over 10,000 jobs in merchandising, store operations, supply chain and allied assembly services. </li><li>The e-commerce retailer plans on having 50% of its workforce to be women as well as recruiting from the lesbian, gay, bisexual and transgender (LGBT) communities. </li><li>More than just creating employment, the store plans on enforcing better employee policies to provide a conducive work environment.</li></ul>Swedish home furnishing giant <a href="https://nordic.businessinsider.com/category/ikea/">IKEA</a> is ready to expand its operations in India employing <a href="https://www.indiatoday.in/business/story/ikea-create-10000-jobs-maharashtra-with-launch-of-second-store-in-mumbai-1381082-2018-11-02">10,000</a> people directly and indirectly with the launch of its second store in India. In order to maintain a gender equal workplace, the company plans on making sure that at least half of its hires are women. The store opening in India’ financial capital, Mumbai, is expected to be operational by 2019 and has opened its doors to hiring from the lesbian, gay, bisexual and transgender (LGBT) communities as well. The Mumbai store will create 5,000 direct employment opportunities, as well as another 5,000 indirect jobs, in the retail sector. That’s a total of 10,000 people being employed by IKEA that they say will contribute to the growth of the retail sector in the state of <keyword id="13126" type="LOCATION" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword>. Their idea of inclusion and equality are very much in line with Maharashtra government’s development initiatives, said Rajesh Kumar, Principal Secretary, Labour Department, Maharashtra government in a conversation with <a href="https://www.indiatoday.in/business/story/ikea-create-10000-jobs-maharashtra-with-launch-of-second-store-in-mumbai-1381082-2018-11-02">India Today</a>. Coming to equality Women empowerment in the workplace is currently a hotly debated topic in India with the advent of the<a href="https://www.businessinsider.com/what-is-the-me-too-status-on-facebook-2017-10?IR=T"> #MeToo movement</a> taking over social platforms. The world’s largest e-commerce retailer has thus decided to enforce an equal ratio of women onboard across levels. And rather on focusing exclusively on the equality of women, the company <a href="https://www.business-standard.com/article/companies/ikea-to-hire-5-000-workers-for-navi-mumbai-store-create-10-k-jobs-in-3-yrs-118110200380_1.html">reported</a> that they are open to recruiting professionals from lesbian, gay, bisexual and transgender (LGBT) communities. IKEA’s strategic planning also includes employing better employee policies in order to have a healthy workforce such as day care facilities, pension plans, and mentoring. Per Hornell, IKEA India’s Market Manager in Maharashtra, commented that the state is an extremely important market and unique in terms of its lively and diverse culture, entrepreneurial spirit and utilization of space. Having invested <a href="https://economictimes.indiatimes.com/industry/services/retail/ikea-to-double-local-sourcing-by-2020open-store-in-navi-mumbai/articleshow/58325847.cms">₹7 billion</a>, the IKEA’s new store in Mumbai sprawls across 23 acres. The company also plans to launch its third store in Bengaluru with an aim of opening 25 new stores in the coming years at a total investment of ₹105 billion in the Indian market. Right now, IKEA only one store in the city of <keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword> with 1,000 employees on board. In fact, IKEA is the first major single brand retailer that caters to individual customers that successfully got Foreign Direct Investment (FDI) approval in India. In order to capitalise on that opportunity, the company plans on opening several stores in major cities across the country over the next 10 years.

You Searched For "ikea store india" and got 12 results

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