Indian consumers, even relatively well-off ones, are cost-conscious and IKEA has learnt this well.
The world’s largest furniture retailer, which opened its first store in Hyderabad last week, has already slashed prices on a slew of products to appeal to a wider Indian audience. It is also offering about 1,000 of its products at Rs 200 or less to overcome the intense competition in the local market.
And the result is not surprising.
Thousands of enthusiastic customers are making a beeline for its products at the newly opened Hyderabad store. The Swedish home furnishings giant reportedly clocked about Rs 6 crore in sales on the opening day, with nearly 10,000 shoppers visiting the store by 5 pm.
"Hej Hyderabad, our excitement has overwhelmed us (literally). Our store and parking are full . But there's nothing to lose as we are open 365 days and our low prices are valid every day. So take all the time you need," IKEA said in a statement on its website.
IKEA is no doubt off to a good start but how cheap are its products compared with those of Flipkart and Amazon India, the two big e-trailers known for their deep discounts.
We chose 15 random items of IKEA and compared their prices with those on Flipkart and Amazon India. Here is what we found:
Disclaimer: This is a price comparison. We didn’t check the quality or brand of these items. The item list was selected randomly based on the availability of products on each of the three retailers. Individual prices may vary.
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