The Ikea Effect: How IKEA’s Business Genius Strategy Destroys their Competition.
It's no secret that IKEA is the world's biggest furniture store. What is a secret is how IKEA does it and why they're able to make more money than any other furniture store in the world. It's all about the experience IKEA provides and the psychology behind it. This blog will discuss the psychology behind how IKEA achieves such a loyal following and how you can apply IKEA's strategy to your business. The story of IKEA. IKEA is a Swedish-founded retail company that sells ready-to-assemble furniture, kitchen appliances, and home accessories. IKEA was founded in 1943 by Ingvar Kamprad at the age of 17. The company's name comes from the initials of its founder's name (I.K.) and the first letters of the words "Ingvar Kamprad Elmtaryd Agunnaryd" (the farm where…