A complete home under EUR 4,000!
Based on their Life-at-home research, IKEA Damansara launched a new Complete Price Home end of 2022 for the many people in the Kuala Lumpur and Selangor market in Malaysia.
As a low-price home furnishing business, it was an opportunity to strengthen the IKEA business idea “We shall offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them” by offering solutions for the whole home for less than RM 18,000 (EUR 3,600).
Based on our Life-at-home research, we know that 60 sq. metres is one of the most common sizes when it comes to small-space living in the Kuala Lumpur and Selangor market. The average monthly income is RM 7,000 (EUR 1,385). 58% are in the medium income bracket and 59% live in a condominium. With all the data, our team came up with a relevant and competitive solution for our target audience. We want as many as possible to be able to afford IKEA furniture for a complete home.
Dreams do come true
This new home setting is located in the Living room area in IKEA Damansara and is the first home setting at Ikano Retail that comes with a complete price. Our customers can now see how they can create a dream home even with a small size, and price tag. This also creates a competitive advantage and greatly strengthens the IKEA low-price profile.
Our learnings so far
A customer survey based on 56 random customers tells us that:
• 96% agree that the complete price offer is an affordable solution.
• 91% like the complete low-price home furnishing solutions and would apply them to their home.
• 93% are inspired and can relate to the home furnishing solution in this complete-price home.
The project required the store’s commercial team to work closely together due to the challenge of the total price. Moving towards the same goal by focusing on the customers was the greatest motivation for the team. As an example, Com-In and Sales teams came up with the idea to add a video with even more inspiration to customers. It was all done in-house.
Read more about our Ikano Retail business and Shopping centres.