CEO

Ikea Appoints It's Most Revered Man For India Play

After making Germany the biggest market for IKEA, Peter Betzel is all set to repeat his success story in India.
Ikea Appoints It's Most Revered Man For India Play
Image credit: Entrepreneur
Magazine Contributor
Deputy Editor, Entrepreneur India Magazine
2 min read

This story appears in the August 2018 issue of Entrepreneur India. Subscribe »

After making Germany the biggest market for IKEA, India CEO Peter Betzel is all set to repeat its success story in India. Appointed in March, he has already planned the launch of its first store in Hyderabad this August. “We have a long-term commitment for India and consider it to be one of IKEA's most crucial markets," says Betzel.

Currently, operating with 400 people, they plan to grow as a 15,000 strong team in the coming years. Talking about his personal observations, he remarks, Indians are warm, hospitable, and ready to experiment with their homes and surroundings. “They want to have a good lifestyle and that is evident from the kind of passion they display towards their work and life," Betzel mentions adding, “We are learning a lot from India and in fact, it is making IKEA better in many ways.”

As an economy, India is price sensitive and thus he has meticulously designed a pricing strategy to suit its consumers. "We have 500 products below Rs 100 and 1,000 products below Rs 200," Betzel highlights. For India, the company has consciously chosen to localize some of its products for creating a better mass appeal.

Do-It-Yourself being a new concept in India, IKEA will offer assembly, delivery, and kitchen installation services to ensure a smooth purchase experience. "We have collaborated with UrbanClap to cater to our buyers' furniture assembly requirements, besides having an on-demand in-house assembly service team," Betzel adds.

Commenting on the challenges that IKEA may face, he says, "Large locations at a good price will be difficult to find. That coupled with bureaucratic issues could become a pertinent challenge. However, IKEA is here to stay."

 

(This article was first published in the August 2018 issue of Entrepreneur Magazine. To subscribe, click here)

More from Entrepreneur

Terry's digital marketing expertise can help you with campaign planning, execution and optimization and best practices for content marketing.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.