Capitalizing the Retail Industry by Automation and Artificial Intelligence (AI): Case Study of IKEA

Author(s): A. B. Mishra (International Institute of Management Studies, Pune, India), Mithila Satarkar (International Institute of Management Studies, Pune, India)and Sanat Joshi (International Institute of Management Studies, Pune, India)
Copyright: 2024
Pages: 13
EISBN13: 9798369373064

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Abstract

Automation significantly boosts the business performance of retail stores. The retail technology trade has been projected to grow at a CAGR of 9.3% from 2024 to 2030, with a market size estimated at USD 24.12 billion in 2023. The growth of the market is being driven by the need for improving retail operational procedures in order to enhance business processes, improve supply chain transparency and visibility, and enhance organizational efficiency over the long term. IKEA is a famous retail furniture company, with pleasing interior designs and an immersive shopping strategy. There are 462 IKEA stores open in 59 countries as of 2023. This case study examines how IKEA, a global leader in furniture retail, has strategically embraced technological advancements, including automation and artificial intelligence (AI), to enhance its physical retail experience and achieve market penetration. This study will delve into the theoretical frameworks, methodologies, findings, and recommendations derived from the analysis of IKEA's retail automation, AI, and Phygital transformation strategy.

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Capitalizing the Retail Industry by Automation and Artificial Intelligence (AI): Case Study of IKEA

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