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IKEA and the Psychology of Shopping (Paperback)
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IKEA and the Psychology of Shopping (Paperback)
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Essay from the year 2012 in the subject English Language and
Literature Studies - Other, grade: 1,3, University of Hamburg
(Institut fur Anglistik und Amerikanistik), course: Business
English D, language: English, abstract: Today, the IKEA Group can
be considered one of the most successful companies in the world.
Apart from generating more than 21.5 billion Euros in 2009, many
facts and figures emphasize the organization's success over the
last 69 years. For instance, the IKEA Group now comprises 267
stores in 25 countries, with 1,220 suppliers from all over the
world and constantly growing sales - even in times of difficult
economic situations (like the late-2000s financial crisis). But
what exactly is the secret of IKEA's success? How does the
Scandinavian home goods company sell so much more to its customers
in comparison to its competitors? And why do people even use
phrases like "shopping experience" when relating to their time
spent in one of IKEA's retail stores? In behavioural economics,
many experiments have been conducted to find out about
psychological factors influencing consumer behaviour and buying
decisions. The results of these experiments, which have taken into
account aspects like store design, pricing strategies or
demographic differences, provide companies with many suggestions
for the sake of increasing sales. In order to analyse IKEA's
success, this essay will first present key aspects concerning the
"psychology of shopping." Afterwards, these findings will be
applied to the IKEA Group and specific parts of its retail stores.
Moreover, the so-called "IKEA Effect" will be explained in the
context of psychological biases.
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