Here’s how IKEA benefitted from Geomarketeer by Kentrix and you can too

  We will explore how you can be benefited from Geomarketeer by Kentrix, if you are planning to expand your business by opening new outlets in Indian cities, you need to be strategic and well-informed. India is one of the most diverse countries in the world – a melting pot of various cultures, languages, and regional nuances. Therefore, when setting up stores in this country, location is a crucial factor for success, and choosing the right one can make all the difference.   IKEA, the world’s largest furniture retailer, has always been known for its innovative and customer-focused approach. With 460 stores in 62 markets, the company has a reputation for offering affordable and stylish furniture that appeals to a wide range of customers. However, when IKEA decided to expand its presence in India, it faced similar challenges when it came to location-hunting that required a unique approach. IKEA used India Location Analysis to determine the best locations for their new stores in Indian cities.   This is where Geomarketeer from Kentrix stepped in. In this article, we will explore how IKEA benefitted from Kentrix’s Geomarketeer and how you can too.    

What is Geomarketeer by Kentrix?

Geomarketeer by Kentrix is a location analytics tool that helps businesses make better decisions by providing them with valuable pointers on consumer behavior insights, competitor activity, and market trends. The tool uses cutting-edge technology to collect and analyze data from a wide range of sources, including social media, mobile devices, and other digital platforms. With Geomarketeer, businesses can gain a deeper understanding of their customer’s needs and preferences and make informed decisions that drive growth and profitability.         How IKEA used Geomarketeer in India? IKEA’s entry into India was highly anticipated, with the company facing several challenges such as adapting to the local market, understanding customer preferences, and dealing with the country’s complex regulatory environment. It is a well-known fact that IKEA has used location analytics and market research extensively to guide its expansion into India. For example, prior to opening their first store in Hyderabad, IKEA conducted extensive research on the local market and consumer preferences, including analyzing data on customer behavior and preferences. They also conducted on-the-ground surveys and engaged with local communities to better understand their needs and desires. Additionally, IKEA utilized location analytics to determine the optimal locations for their stores in India.   In this process, IKEA embraced Geomarketeer by Kentrix to help them with the following: 

• Identifying the right location: One of the ways IKEA used Geomarketeer was to identify the right location for its stores. With a vast and diverse population of over 1.3 billion people, India presented a unique challenge. The company needed to identify easily accessible, high-footfall locations with a high potential for growth. Using Geomarketeer’s location analytics tools, IKEA was able to analyze data on traffic patterns, consumer behavior, and market trends to identify the best locations for its stores.
• Understanding customers: With a highly diverse population at hand, understanding customer preferences in India was critical to IKEA’s success. Using Geomarketeer’s consumer profiling tools, IKEA was able to gain insights into customer behavior, preferences, and needs, enabling the company to create more personalized marketing campaigns, segment its customers, and improve customer experience.
• Competitor tracking: In addition to location analytics and consumer profiling, IKEA also used Geomarketeer to monitor competitor activity. With a highly competitive retail market in India, it was essential for IKEA to stay ahead of its competitors. Using Geomarketeer’s competitor analysis tools, IKEA was able to gain insights into the activities of its competitors, including their pricing strategies, product offerings, and marketing campaigns.

  Benefits of using Geomarketeer   IKEA’s success in India is a testament to how helpful Geomarketeer by Kentrix has been to its journey. By using Geomarketeer, IKEA was able to gain valuable insights into the Indian market, make informed decisions, and drive growth and profitability. In the same way, you too can utilize the tool to stay ahead of the competition in the Indian market. Apart from identifying optimal locations, understanding customers, and monitoring competitors, the way IKEA did, here are some other benefits that you are automatically entitled to when using Geomarketeer for your business:

• Optimizing Product Offerings
• Refining Marketing Strategies
• Streamlining Operations
• Enhancing Customer Experience

    Replicating IKEA’s success   IKEA’s location analytics team was looking to analyze data from various sources, including population density, income levels, and consumer behavior patterns, to identify the most promising locations for new stores, including the availability of transportation and accessibility. Geomarketeer helped them create a comprehensive map of India with all the cities marked, and the software pulled data on every single factor mentioned above for each city. They narrowed down the cities that met their criteria and used consumer profiling to gain insights into the behaviors, preferences, and needs of their target audience in each of these cities.   Another key factor that IKEA considered while selecting store locations in India was population density. The team focused on cities with high population density, as these locations have a higher footfall, which leads to more sales. By using data-driven insights derived from Geomarketeer, the company was able to identify the most promising locations for new stores, which has helped them to be successful in the Indian market.   Geomarketeer by Kentrix can help businesses replicate IKEA’s success by providing them with the tools they need to analyze data and make informed decisions about where to set up new outlets in Indian cities. If you too are looking to set up new outlets across Indian cities, click here to know more about the solution!