Retail

IKEA Allows Consumers To Use Time As Currency

IKEA Allows Consumers To Use Time As Currency

With a move that could change how shoppers buy merchandise, IKEA is allowing consumers to essentially pay with their time. IKEA Dubai is launching a campaign that will let shoppers use their time as currency by showing their Google Maps timeline to checkout workers to show how long it took them to travel to IKEA stores, Forbes reported.

"Before the birth of this campaign, we realized two things: time is precious today, and many loyal IKEA customers spend a significant chunk of it visiting our locations, which are sometimes away from the city center,” said an IKEA spokesperson. "We think it’s only right to reward our customers’ efforts by repaying them for the time spent reaching us. It’s our way of helping the Dubai community make the most of every minute.”

The campaign, called “Buy With Your Time,” was created to help shoppers who live on the edges of towns and typically spend a lot of time traveling to IKEA stores. The “time currency” prices are reportedly based on the average salary in Dubai. The campaign is said to be timed with the opening of a new location in Jebel Ali.

In separate news, IKEA is now building megastores in urban areas without parking spaces – starting with a Vienna, Austria location – as more shoppers are living car-free lifestyles. The strategy complements the fact that because of the large size of many of the store’s items, more consumers are choosing to have their purchases sent to them.

News also recently surfaced, however, that IKEA is expected to shutter a British location, as the merchant says the store had a “substantially lower” number of shoppers than first forecast. The Coventry store has regularly had losses since its 2007 opening, with shoppers instead choosing to transact via eCommerce or visit retail parks.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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