Dec 08, 2020 03:31 AM EST
Ikea, the Swedish furniture giant, ends production of its phenomenal catalog, NPR reported.
The company said the thick compendium of affordable knickknacks, sofas, and housewares would leave its phenomenal 70 years of legacy. The famous catalog gave people across the world the chance to reimagine their house, with everything from beautiful chairs and shelves to a redecorated kitchen.
Konrad Grüss, managing director of Inter IKEA Systems B.V., said, "For both co-workers and customers, the IKEA Catalog is a publication that brings a lot of memories, emotions and joy."
Grüss said that the catalog had been one of their most iconic and unique items that have inspired billions of people worldwide. Ikea's catalog served as a road map for many clients and gave shoppers a wish list to help them focus and probably preempt notorious 'couple's fights' in Ikea's stores.
Besides, the furniture giant eased life's changes to every person who outfitted a new place to live and made space for a family member or embraced a new look. However, Gruss said people are not using the catalog like before as they cited changes both to how people shop for home items and the way people consume media.
The managing director added, "IKEA is already increasing digital investments while interest and volume in the catalogue have decreased." The company said that ending the catalog's production was an "emotional but rational decision."
In 2016, from 285,000 copies, the Ikea catalog grew in its first year to 200 million copies, which became the famous catalog's most significant year as well as Ikea's. At its height, the company produced almost 70 versions of the catalog in 32 different languages.
Ikea said that its online sales grew by 45% worldwide, last year, as shoppers made more than 4 billion website visits.
But last year, Ikea says, its online sales rose by 45% worldwide, with shoppers making more than 4 billion visits to its website, IKEA.com. Grüss said that the decision of phasing out the catalog was part of the company's plan to "meet customers wherever they are."
According to UPI, Ikea shifted to embrace more digital media as print readership declined. The statement added that Ikea was forced to embrace online shopping amid the coronavirus pandemic following initial resistance. Over the 2020 fiscal year, Ikea's online retail sales skyrocketed to 45%.
In October, Ingka Group, a holding company with 378 Ikea stores across 30 markets across the world, announced that the furniture giant had robust retail sales despite the pandemic probably because people spent more time in their homes and realized they need to improve their surroundings.
In 1943, Ingvar Kamprad founded Ikea at the age of 17 in Southern Sweden after his father gave him a small amount of money for doing good with his studies despite being diagnosed with dyslexia.
BRG International Founder Matias Alem had recognized this fact for a few years. So he remodeled his real estate brokerage into something completely new to solve the problem for his jet-setting international client base.
Ryan Early, hailed as 'Farmer Ryan' among sustainable agriculture experts, is a busy man. He has a laundry list of companies to his name, including Blue-Green Ventures, the company behind the revolutionary product, Blue MagicTM, a non-toxic and eco-sustainable pest preventative product using his patented BiomeMax TM Pheromonal Replication Technology.
Investor, financier, and expert in both cryptocurrencies and blockchain technology, Joy Mbanugo is the go-to in the sector. She has vast experience and knowledge across tax services, auditing, business operations, financial analysis, capital markets, and other specializations.
When Nick Collins was just 14 years old, he started his first business, which included around-the-clock phone calls and numerous questions from his parents. In fact, he began building his stout portfolio in the seventh grade by doing web design, incorporating creative content with brand strategies and plugging in a then-fledgling tech Flash.
Barry Gabster is the founder of InitiateU and is a leading proponent of the marketing mailer revolution, having already taken his company to 10x growth in 2021, alone. In fact, the exponential growth has seen the company rise from $800K-$8.5M just on word-of-mouth referrals.
If you think that the micro accounts are useful only for beginners who may not be able to cope with the fast dynamics of changing quotes on trading platforms, then this is not so. Professionalism grows out of these cent accounts.
Journalists love their jobs because they get to interact with people from all sorts of backgrounds and expertises, then turn around and share their knowledge with the world.
As the metaverse takes over more of our digital lives, the commoditization of all aspects of our virtual beings becomes more and more of a reality.
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.