As many of you may agree, Ikea is one of the best furniture retailers in the industry.
The Swedish household name is responsible for allowing us all to have modern and funky furniture at the most affordable prices, and now they're taking their services one step further. Although most of us love to go for a trip around Ikea and explore their amazing furniture possibilities, Ikea are now jumping on the e-commerce bandwagon by pushing forward their online selling potential.
According to the CEO of Ikea "It will probably be 5 billion euros in 5-6 years from now" before anyone will see any significant changes to their e-commerce business as they are working on a new website to improve the logistics of their company. "Today that part of our company is worth 1 billion euros, but it will probably be 5 billion euros in five or six years from now", Peter Agnefjall predicts.
By 2020, the company aim to boost their sales drastically from 30 billion euros as it currently stands, to 50 billion years in a mere 5 years. An average of 10% growth per year will need to occur in order for the furniture leaders to achieve their desired goals, which is what they are hoping their online business will bring. There is a lot of potential for the company to grow as they currently operate their brick and mortar stores in 42 countries around the world, but only offering their online service in just 13 countries. Ikea's presences within the UK and the rest of Europe is very well-known and loved with Germany being their biggest market however, the Swedish retailer aims to grow further into Eastern Europe and Asia. "We see that the underlying Chinese economy is growing strong," Agnefjall said.
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