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eBook Introduction Summary
Founded in 1943 by Ingvar Kamprad, IKEA sells ready-to-assemble furniture and home accessories. What started as a vision to bring interior design to the masses has grown to 433 IKEA stores operating in 52 countries. It’s been the world’s largest furniture retailer since 2008.
To put those numbers into perspective, the brand sells a set of its Billy bookcases every ten seconds. It’s said that one in ten Europeans were conceived on an IKEA bed.
You might be familiar with the numbers, but did you know that IKEA uses psychology to help drive its success?
In this eBook, we'll dive into the following principles and applications:
- The IKEA Effect in Furniture Assembly
- Peak-End Rule in TaskRabbit Acquisition
- Choice Overload Effect in Merchandising and Product Design
- The Scarcity Effect in Store Design
- The Endowment Effect in Store Design
- The Gruen Effect in Store Design
- Priming Effect in the Food Court
- Anchoring in the “Open the Wallet” Section
- Sunk Cost Fallacy in Store Locations
- Scarcity Effect and the Thrill of Novelty in Bulla Bulla
- Temporal Distortion in Store Design
- Peak-End Rule in Cafe Placement