IKEA’s next phase of growth

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IKEA’s affordable products and knack for getting people to buy things they didn’t come for have made it the world’s largest furniture company.

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The company brought in $53 billion in annual sales last year and wants to keep growing.

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So where is it going to come from? IKEA’s next phase of growth could stem from what got it here — a deep understanding of consumer behavior and preferences.

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1. Consumers want to shop at home: Online sales, which have been a company priority since the pandemic, now account for 23% of IKEA’s revenue

2. The rise of the eco-conscious shopper: Since 2016, the company has increased its sales by a third but reduced carbon emissions from its operations by half

3. Second-hand furniture is in: IKEA recently launched a second-hand furniture