INDIA AS A MARKETPLACE:

A CASE STUDY OF IKEA

Ritika Goel & Shraddha Garg

Faculty of Management, GLS University, Ahmedabad

ABSTRACT
According to a study by World Bank, India’s organized furniture industry is expected to grow
20% per annum over the next few years and is projected to cross $32 billion by 2019. Online
home décor market in India is projected to grow at a CAGR of 50.42% in revenue and the
luxury furniture market is expected to garner $27.01 billion.

Global corporations view India as one of the key markets from where future growth is likely
to emerge. The growing purchasing power and rising influence of social media have enabled
Indian consumers and this is evident by entry of big players like H&M, Zara, IKEA, Decathlon,
etc.

This paper aims to capture the essence of India as a marketplace and consumer psychology
analysis. This has been done with a special focus on IKEA-a global furniture company. IKEA,
with the opening of its first store in India (in Hyderabad) has paved way for a completely new
experience in furniture market for Indian consumers. This paper aims to study IKEA both as a
global and an Indian company. The purpose is to reflect on how IKEA fits into the Indian
consumer market and vice-versa.

Keywords: Consumer, IKEA, India, Psychology.

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 INTRODUCTION
India is a land of wonderful and marvellous artistic work of wood is appreciated all around the
world. The rich Indian handicraft and beautiful traditional attributes of art and design have
established a reputation for the Indian Furniture Industry. The Asian market is estimated to be
the biggest consumer of furniture and India holds a major pie (World Bank, 2017).

According to Dewey (1910), consumers move through five stages as they contemplate an
impending purchase decision: (1) problem or need recognition, (2) information search, (3)
alternative evaluation, (4) outlet selection and purchase, and (5) post purchase evaluation. For
routine products that are purchased often (i.e., grocery or toiletry items), the entire decision
process is quite short, and often there is little or no consideration of the different options that
are available. This is not the case, however, for home furniture. Furniture is a product that
requires extensive problem solving, as it is expensive, durable, and not purchased with great
frequency. Further, many consumers view their homes and the furniture in them as an extension
of themselves, so it can be considered an emotional purchase (Perry 2007). According to a
study by World Bank, India’s organised furniture industry is expected to grow 20% per annum
over the next few years and is projected to cross US $32 billion by 2019. The Luxury Furniture
Market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1% during the
forecast period 2015-2020.

Furniture trends in market:

With the growth of millennial consumers buying furniture the manufacturers are moderately
optimistic about the steady increase of new furniture sales in the coming years. (The National
Association of Realtors) forecasts existing-home sales growth of 4% for the residential
property market in 2018, which could, in turn, have a positive impact on the moderate furniture
industry performance.
There are four main trends on which market is changing (brand, 2017):
 More People Are Renting
 Single-Person Households are Increasing
 Different Generations Have Different Lifestyles
 Online Retailing

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 IKEA
In the world of furniture retail IKEA plays a leading role satisfying all range of customers
(Kotler eal., 2009). IKEA is a multinational group that designs and sells ready-to-assemble
furniture, kitchen appliances and home accessories. It is the world's largest furniture retailer. It
was founded in Sweden in 1943 by then-17-year-old Ingvar Kamprad. The company's name is
an acronym that consists of the initials of Ingvar Kamprad (name of founder), Elmtaryd (the
farm where he grew up), and Agunnaryd (his hometown in Småland, southern Sweden). The
company is known for its modernist designs for various types of appliances and furniture, and
its interior design work is often associated with an eco-friendly simplicity. In addition, the firm
is known for its attention to cost control, operational details, and continuous product
development, corporate attributes that allowed IKEA to lower its prices by an average of two
to three percent over the decade to 2010 during a period of global expansion. The IKEA group
has a complex corporate structure, which members of the European Parliament have alleged
was designed to avoid over €1 billion in tax payments over the 2009-2014 period. It is
controlled by several foundations based in the Netherlands, and Liechtenstein In fiscal year
2016, €36.4 billion (US$42.4 billion) worth of goods were sold, a total that represented a 7.6%
increase over 2015

IKEA aims to be a responsible organisation. It sells low-price home furnishing products around
the world. These include furniture and accessories for kitchens, bedrooms, living rooms,
bathrooms and children’s rooms. IKEA's main consumers are classified as young, middle class,
and upwardly mobile, who prefer low-priced but trendy furniture and household products (Hill
& Jones, 2005).

History of IKEA as per (ikea, n.d.) :

1943 - IKEA founded by Ingvar Kamprad

1945 - The first IKEA advertisements appear

1948 - Furniture is introduced into the IKEA range

1950’s - The first IKEA catalogue is published as well as IKEA store opens in Sweden & 100th
co-worker joins IKEA

1980’s - LACK table arrives as well as IKEA arrives in France, USA, UK, Italy

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1990’s - The first IKEA PS collection is launched, IKEA web site www.IKEA.com is launched
and arrival in China, Spain, Hungary.

2000’s – IKEA arrives in Russia, Portugal, Japan, Thailand. Takes Social Initiative &
introduction of new products like Stockholm, KLIPPAN sofa, BILLY bookcase etc.

The IKEA website contains about 12,000 products and is the closest representation of the entire
IKEA range. There were over 2.1 billion visitors to IKEA's websites in the year from
September 2015 to August 2016. The company is responsible for approximately 1% of world
commercial-product wood consumption, making it one of the largest users of wood in the retail
sector. the organisation is a privately-held, international home products retailer that
sells furniture, accessories, and bathroom and kitchen items in their retail stores around the
world. The company, which pioneered flat-pack design furniture at affordable prices, is now
the world's largest furniture manufacturer. It manages 260 stores in 36 countries worldwide,
which are visited by 522 million people every year. Last year the ikea.com websites attracted
450 million visitors (Ikea website). IKEA’s growth from a small general retail store in Sweden
into a global business firm with over 279 stores in 36 countries points out a strong management
and marketing performance as per (osei-bonsu, 2016). As of November 2017, IKEA owns and
operates 415 stores in 49 countries. IKEA is certainly one of the top furniture retailers in the
world. Its core aspects are affordably, functionality and quality. Since their commencement,
IKEA has persistently developed as a company throughout the years and are currently seen as
a distinguished successful worldwide business entity in the furniture industry today. In 2010,

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IKEA opened 12 new stores in 7 countries which presently give them an overall record of 318
stores in over 38 countries (2016) The furniture manufacturing companies are moving at a
very fast pace to achieve their business goals and objectives. Ikea makes use of latest
manufacturing techniques to design, manufacture and sell better products to the customers.
According to (Catena, 2015) IKEA gains from their strategies and good relationships and
networks with their supply chain members, as well as the assumable measures for improvement
IKEA could develop in the future. Most of IKEA's stores and factories were previously owned
by INGKA, a holding company controlled by the Stichting INGKA Foundation, one of the 40
wealthiest foundations in the world.

IKEA has a great future ahead. It needs to take an aggressive role in this market because its
sales are now stagnant and costs are on a rise. The company has great potential and a business
plan that matches no other organization in the world. It sizes and its success by far have been
commendable. It company also needs to change into being more web based which would
reduce the cost of transportation and logistics (IKEA Current Operations and Future Strategies,
2018). IKEA plans to open 25 retail outlets in nine Indian cities by the year 2025 (scmp, 2018).

Products and Services:

 Furniture

Rather than being sold pre-assembled, much of IKEA's furniture is designed to be assembled
by the customer. The company claims that this helps reduce costs and use of packaging by not
shipping air; the volume of a bookcase, for example, is considerably less if it is shipped
unassembled rather than assembled. This is also more practical for customers using public
transport, because flat packs can be more easily carried.

IKEA contends that it has been a pioneering force in sustainable approaches to mass consumer
culture. Kamprad calls this "democratic design," meaning that the company applies an
integrated approach to manufacturing and design (see also environmental design). In response
to the explosion of human population and material expectations in the 20th and 21st centuries,
the company implements economies of scale, capturing material streams and creating
manufacturing processes that hold costs and resource use down, such as the extensive use
of Medium-Density Fiberboard ("MDF"), also called "particle board." It is an engineered wood
fibreglued under heat and pressure to create a building material of superior strength which is
resistant to warp. IKEA uses cabinet-grade and furniture-grade MDF in all of its MDF

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products, such as PAX wardrobes and kitchen cupboards. IKEA also uses wood, plastic, and
other materials for furniture and other products. The intended result is flexible, adaptable home
furnishings, scalable both to smaller homes and dwellings as well as large houses.

Not all furniture is stocked at the store level, such as particular sofa colors needing to be shipped
from a warehouse to the customer's home (for a delivery charge). The item can also be shipped
from the warehouse to the store. Some stores charge an extra fee for this service, but not all.

Notable items of IKEA furniture include the Poäng armchair, the Billy bookcase and
the Klippan sofa, all of which have sold by the tens of millions since the late 1970s.

 Smart home
In 2016 IKEA started a move into the smart home business. The IKEA TRÅDFRI smart
lighting kit was one of the first ranges signaling this change. IKEA's media team has confirmed
that smart home project will be a big move. They have also started a partnership with Philips
Hue. The wireless charging furniture, integrating wireless Qi charging into everyday furniture,
is another strategy for the smart home business.

A collaboration to build Sonos' smart speaker technology into furniture sold by IKEA was
announced in December 2017. The first products resulting from the collaboration will launch
in 2019.

 Houses and flats

IKEA has also expanded its product base to include flat-pack houses and apartments, in an
effort to cut prices involved in a first-time buyer's home. (This practice is not new; the defunct
Canadian retailer Eaton's sold houses in a similar fashion), The IKEA product, named BoKlok
was launched in Sweden in 1996 in a joint venture with Skanska. Now working in the Nordic
countries and in the UK, sites confirmed in England include London, Ashton-under-
Lyne, Leeds, Gateshead, Warrington and Liverpool.

 Solar PV systems

At the end of September 2013, the company announced that solar panel packages, so-called
"residential kits", for houses will be sold at 17 UK stores by mid-2014. The decision followed
a successful pilot project at the Lakeside IKEA store, whereby one photovoltaic system was
sold almost every day. The solar CIGS panels are manufactured by Solibro, a German-based
subsidiary of the Chinese company Hanergy. By the end of 2014, IKEA began to sell Solibro's

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solar residential kits in the Netherlands and in Switzerland. In November 2015 IKEA ended its
contract with Hanergy and in April 2016 started working with Solar century

IKEA announced in April 2016, that it was doing a second attempt with SolarCity to sell solar
panels in the United Kingdom. It allows users to be able to order them online and starting with
three stores and by the end of summer available in all United Kingdom stores.

 Other ventures

IKEA owns and operates the MEGA Family Shopping Centre chain in Russia.

On 8 August 2008, IKEA UK launched a virtual mobile phone network called IKEA Family
Mobile, which ran on T-Mobile.[113] At launch it was the cheapest pay-as-you-go network in
the UK. In June 2015 the network announced that its services would cease to operate from 31
August 2015. As of 2012, IKEA is in joint venture with TCL to provide Uppleva integrated
HDTV and entertainment system product.

In mid-August 2012, the company announced that it will establish a chain of 100 economy
hotels in Europe but, unlike its few existing hotels in Scandinavia, they will not carry the IKEA
name, nor will they use IKEA furniture and furnishings – they will be operated by an unnamed
international group of hoteliers.

In September 2017, IKEA announced they would be acquiring San Francisco-

based TaskRabbit. The deal should be completed by the end of October 2017 and TaskRabbit
will remain an independent company.

IKEA Market Share

Source: statista.com

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Source: statista.com

SWOT Analysis of IKEA

Strengths:

Brand Value: Ikea is currently at 46th position in the world in brand value of Forbes list. Its
value stands at $11.9 billion. The top 10 retails in the world according to brand value is in the
following graph. Ikea stands number 6th in the top 10 organization in the retail sector.

Financial Strength: The revenue of Ikea was around €32.7 billion in 2015. Its financial profits
for the same were €14.437 billion. The share of Europe in Ikea’s sales was a staggering 69%.

Products: Ikea’s biggest strength lies in the kind of product it manufactures and designs. Its
DIY kind of products are pretty famous among customers and that makes them a primary
choice for many of them.

Cost Consciousness: Ikea’s products are very cost effective and are a value for money.
Customers get a high ROI on the money they spend on this furniture.

R&D: They are on a constant research and innovation to keep bringing the prices down for the
customers and also to keep adding different furniture to their portfolio.

Marketing: IKEA is known to be a smart marketer and it has fantastic product placement in
movies as well as on television. At the same time, it concentrates well on Above the line and
below the line marketing methods to make a strong brand for itself.

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Weaknesses:

Negative Image: IKEA has operations in many countries and that is why it keeps getting into
local troubles in some of them. Ikea got into a corruption case due to expansion problems in
Russia. They recently came in news for issuing an all men catalogue in Israel mocking their
ultra-orthodox Jewish community. Steps like this result in negative publicity.

Control for standards: IKEA main concern is to keep the cost minimal but at the same time
provide good quality service and high product performance. This is not always possible.

Scale ability: IKEA has operations in many countries so same standards are not followed
everywhere. Hence their product portfolio is not entirely replicable in all the locations and
scalable which creates problems for the company. This also increases their cost.

Environmental Problems: IKEA needs to keep in check about its stakeholders. Ikea has been
in the news about environmental issues many times creating a bad brand image.

Increasing Raw material costs: IKEA fundamental rule is to keep the cost low but with
increasing raw material costs it is hard to keep up with the company standards.

Opportunities:

Environmental Friendly: There is a certain growing demand for eco-friendly products in the
consumers these days. This might help in the growth strategy for IKEA.

Cost-conscious Consumers: Consumers are now becoming very cost conscious. They would
opt for such products as they tend to change their furnishing periodically.

Developing Countries: Countries were per capita income is low such low-cost products could
do wonder. China and India would prove to be great markets.

Saturated markets: Places like India and China where there is huge population and where
people need unique solutions to their space usage problems are countries which IKEA should
target and focus on.

Threats:

Counterfeit: Many local/regional companies have copied IKEA’ products. Ikea needs to
constantly keep updating and innovating their offerings to stay ahead of such copy-cats and not
down trade on their revenues.

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Changing Laws: Changing government laws and tax policies may have a bad impact on the
prices of IKEA products. They might not be able to keep up with their promises if taxes become
very high.

Internet: DIY was a preferred choice for many customers but with the advent of the internet
and social media there is nothing that customers can’t learn and look into. So, IKEA may be
losing its primary success factor of DIY products.

Higher Income: Growth of Disposable Income have led consumers to trade higher in the
market chain.

Global scenario of IKEA

It is the world’s largest furniture retailer with more than 301 stores and 30 franchised units.
The largest market for the company is Germany with 44 stores followed by the United States
with 37 stores. Sales volume of the privately held company is estimated at over $24 Billion
with $3 Billion coming from the US according to recent reports. According to the company
533 million people visited its stores last year. IKEA’s products are exclusive to IKEA and
typically reflect its Swedish heritage with modern architectural design according to (Loeb,
2012). With continued expansion effort underway worldwide, IKEA strive to enforce its USA
expansion support the company’s vision and business model to offer its products on affordable
prices. For a long term strategic planning IKEA must evaluate in more detailed US market and
build more stores where it can achieve economy of scale (Market analysis and effects of
globalization on IKEA, 2016). IKEA should have clusters of stores within market or different
region of USA enable company to efficiently streamline and manage its distribution services,
training, recruitment initiatives and development marketing efforts.

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Indian scenario of IKEA
The world’s largest furniture retailer threw open the doors to its maiden Indian store on Aug.
09. IKEA’s 400,000-square feet Hyderabad facility offers its signature do-it-yourself furniture,
besides an assortment of other experiences as usual. The moment marked the culmination of
the six years IKEA has spent securing regulatory approvals and on research, including visiting
over 1,000 Indian homes to understand local needs. The firm sources products worth over €315
million (Rs. 2,506 cr) annually from India. It has over 50 local suppliers and “45,000-plus
direct co-workers and approximately 400,000 co-workers in our extended supply chain.” (Pol,
2018)

While the country’s contribution to IKEA’s global sourcing stood at just 3% in 2015, the
company plans to double this figure by 2020 even if only to meet India’s foreign investment
rules. Local sourcing of goods is mandatory for overseas retailers setting up shop in India
(fortune, 2016).

The Indian state of Gujarat has become the latest to ink a memorandum of understanding
(MoU) with Swedish home furnishings chain, IKEA, to have its retail stores. The furniture
retailer is likely to invest around Rs. 3,000 crores in the years to come in Gujarat for its
expansion, media reports claim.

Ahmedabad and Surat are likely to become the first two cities in the state to host IKEA stores
as the furniture retail company has started scouting for suitable real estate there. Before Gujarat,

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the Sweden-based global furniture retailer inked similar MoUs with Karnataka, Telangana,
Maharashtra, Uttar Pradesh and Haryana as well.

As per (marketing91.com, n.d.) there are top 9 competitors of IKEA (i.e.) Walmart, Amazon,
Wayfair, Sears, Tesco, American Woodmark, Pepperfry (India), Private label brands,
Unorganized Competition. Customers use Ikea Place, one of the first apps to use Apple’s ARK
it tech, to place the company’s furniture wherever they envision it in their homes. In Ikea Place,
customers can view 3-D renderings from different angles of over 2,000 products before
reserving the ones they want in the app, which directs to the Ikea site to complete purchases.
Currently, large furniture for living rooms such as sofas, armchairs and storage units are
available to preview in the app, though more products are in the pipeline (joseph, 2017).

The Indian state of Gujarat has become the latest to ink a memorandum of understanding
(MoU) with Swedish home furnishings chain, IKEA, to have its retail stores. The furniture
retailer is likely to invest around Rs. 3,000 crores in the years to come in Gujarat for its
expansion, Before Gujarat, the Sweden-based global furniture retailer inked similar MoUs with
Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana as well. As IKEA see a big
market opportunity in Maharashtra. The state will play a very central and a long-term role for
IKEA in India (pol, 2018). IKEA plans to open 25 retail outlets in nine Indian cities by the
year 2025.

Challenges for IKEA in India (Five challenges for IKEA in India, 2018) :

1. Returns on investment
IKEA is spending $1.5 billion in India but analysts reckon it is going to be several years before
the company with a presence in 49 countries starts seeing significant returns on that investment.

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The home goods retailer has already spent close to $750 million procuring Indian sites for four
stores, including the massive, new 37,160-square-metre (400,000-square-feet) outlet in
Hyderabad.

IKEA will offer more than 1,000 products under 200 rupees ($2.91) but experts say it faces a
difficult balancing act between setting prices low enough to attract cost-sensitive consumers
but high enough to reel in the status-conscious rich.

2. Local furniture makers

“It needs to get its brand image and product pricing right lest the growing Indian middle-class
steers away from the brand,” Sowmya Adi Raju, an analyst at research firm Euromonitor,
told AFP.
Prising Indians away from local furniture makers that they trust is going to be difficult for
IKEA, according to retail experts.

Indian towns and cities are not short of small, family run shops whose owners will visit your
home and then build furniture from scratch based entirely on your specific furnishing needs.

Patrik Antoni, Ikea’s deputy country manager for India, told AFP in a recent interview that the
Swedish retailer had visited more than one thousand houses to try to understand exactly what
Indian consumers want.
IKEA will sell products tailored for India’s market, such as kitchen appliances for making
traditional rice cakes, but experts warn that getting consumers to abandon their trusted
woodworker for larger items will be tricky and take time.

3. ‘DIY’culture
IKEA revolutionised furniture buying in the West with its wide range of ready-to-assemble
products at affordable prices but many Indians would be forgiven for wondering why they have
to do it themselves.

India’s abundant supply of cheap labour means it is not known for its “DIY” culture. Ikea is
aware that this may put people off so has teamed up with UrbanClap, an online platform that
helps connect handymen with consumers.

But analysts say the absence of UrbanClap in lower tier cities could pose a problem.

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4. Walmart & Co.
IKEA is not the only multinational seeking a large share of India’s growing home goods
market, which research firm Forrester currently values at $40 billion.

US retail giant Walmart is betting big on the rise of India’s middle class too. The world’s largest
retailer recently agreed to buy a majority stake in Indian e-tailer Flipkart, which sells a wide
range of home furnishings.

IKEA will have to contend with popular Indian online furniture retailers Pepperfry and Urban
Ladder as well in a fragmented and competitive market which also includes a smattering of
home goods options on Amazon’s local website.

IKEA hopes that its walk-in stores and famed restaurants, selling a mixture of Indian favourites
like biryani and samosas along with vegetarian versions of its famous meatballs, will give it an
edge over its rivals.

5. Finding space for large stores

Land acquisition is rarely straightforward or cheap in India though with buyers regularly having
to jump through bureaucratic hoops and facing long delays.

Finding space big enough for Ikea’s trademark large stores in India’s notoriously congested
cities also poses a challenge.The Hyderabad outlet is comparable in size to a typical Indian
shopping mall but sites procured in Mumbai, Bangalore and the capital New Delhi are reported
to be smaller.

IKEA is yet to put a timeframe on when they might open. Afterwards they will look at opening
in Pune, Chennai, Ahmedabad, Surat and Kolkata, according to Antoni.

IKEA has said it is considering opening small stores which will just give a sample of what they
sell. They will contain screens where people can flick through catalogues before ordering.

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 CONCLUSION

IKEA is not new in India. They have been sourcing for years from India for their global stores.
As such, they do have some familiarity with the country. For IKEA, because of the country’s
large population and fragmented furniture market, India has been for decades on the radar as
an attractive market. Meanwhile, competition for IKEA in the country has increased as online
furniture start-ups such as Pepperfry and UrbanLadder have become popular in large cities.
The overall furniture market, though, remains largely dominated by unorganized retail and
local vendors. The company has bought land in Hyderabad, Bangalore, Mumbai and
Gurugram, and is also looking to expand into Surat, Ahmedabad, Kolkata, Chennai and Pune
but the proposition will have to change to some degree. First, IKEA will not be the cheapest in
the market as the unorganized sector which avoid overheads and taxes can be relatively
cheaper. Second, DIY has to change to “Do it for you”. Finally, the bureaucratic and consumer
psychology in India needs to be changed so as to allow the adaptation of newer and emerging
trends in the market. This may take a few years to get the proposition perfect and break even,
but success is assured in the long run.

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