The Marketing Position and Strategy of IKEA in China under New Retail Background

Abstract

With the development of economic globalization and technological informatization, the home furnishing industry is facing the transformation from traditional retail to a new retail model. Based on literature analysis and case studies, this paper discusses the concept of new retail and its difference from the traditional retail model and analyzes the challenges faced by IKEA in the Chinese market, such as slowing sales and traffic growth, late e-commerce layout, and fierce competition. Using the STP model and the 4P model, we analyze IKEA's marketing strategy in the Chinese market and suggest improvements to the product, promotion, and publicity strategies. It will promote IKEA's development and innovation, and bring thoughts and strategic value to the Chinese home furnishing industry in the new retail era. Through the analysis of IKEA's marketing strategy, it can be determined that in the new era, home marketing should start from product diversification and networking to win consumers with more appropriate prices and convenient channels.