“We are now seeing positive development in the prices of products (raw materials) we purchase. Globally, within the Ingka Group (parent company), a lot of efforts are being made to lower the prices of our offerings and take back some of the increases that were seen during the challenging years.The same goes for India. We have once decreased prices here already and are looking at the next step to be communicated in this regard so that we can pass on the benefit of further price reductions to consumers soon,” Pulverer said in an interview.
Ikea India had undertaken a price reduction measure in Feb last year, wherein it had slashed prices of its products by 16-39% across categories including storage solutions, bedroom furniture and kitchen accessories. The retailer’s move to drop prices also sits well with its broader India strategy to become accessible to more consumers and have its product shelves stocked with some offerings for people who are looking for pocket-friendly options. “India is a very diverse country with people with different incomes and background. We want to be inclusive. Being affordable for many is the long-term direction for Ikea and key to winning consumers going forward,” Pulverer said.
The brand is widening its online presence and on Tuesday, announced the launch of e-commerce deliveries across 62 new districts.