In fiscal year 2019, the company generated a global revenue exceeding 41 billion Euros. One of the key competitive advantages IKEA has is its extensive knowledge about the customers. The company understands the purchasing factors which influence customers to buy furniture and implements the best practices to induce that decision. IKEA offers low prices and a huge range of products, constantly introducing new product designs that look stylish in the eyes of customers. All the products are designed so they are easy to transport and assemble. Moreover, the company offers an extremely wide product range and positive shopping experience. All of these factors are aligned with what customers want and need and which results in higher sales. As of 2019, IKEA was the retailer of choice among Americans when shopping for furniture.
As of 2019, IKEA was the seventh most valuable retailer in the world, making it the most valuable furniture retail brand, valued at almost 19 billion U.S. dollars. The business operates 433 stores around the world and has 50 e-commerce markets. Around one billion customers visited IKEA stores in 2019. IKEA offers furniture and furnishing products for all areas of the home and also sells outdoor and office products. In addition to its furniture products, the company operates restaurants, houses and flats. Although, the firm’s main business is designing, manufacturing and selling furniture.
