Time: The new currency of the future? IKEA Dubai offers customers the option to pay with time
It is beginning to seem that time is the new currency of our time. Companies like IKEA are using innovative marketing techniques to encourage customers to spend more time in the store. One example is the “Shop with Time” campaign at IKEA Dubai, where customers can pay for their purchases with the time they spend on the way to the store.
This campaign has gained huge popularity and attracted more customers to the store. Customers who are willing to spend more travel time are also willing to stay longer in the store and impulse buy more products. This type of motivation has led to greater customer loyalty and increased sales.
The involvement of mapping services such as Google Maps in this campaign enabled the tracking of time spent by customers on the go. However, this raises privacy concerns. Even so, most customers are not opposed to sharing their travel time data as long as it comes with benefits and incentives.
This new approach to paying over time raises interesting questions about the view of money and its value. While the traditional view is that money is just notes or coins that serve as legal tender, IKEA presents us with an alternative perspective. It focuses on the value of time and shows that time can also be a valuable currency.
This innovative campaign also shows that in microeconomics, the price of something is not just the amount of money we are willing to sacrifice for goods or services. Price can also be expressed in the time we have to spend to earn money. In this way, time becomes one of the most valuable commodities of our time.
Companies like IKEA see the growing importance of time for people and are trying to use this value to their advantage. Attracting customers to IKEA stores by extending the time spent in the store and creating a pleasant environment that makes customers make repeat purchases. Customers are willing to invest more time and travel longer distances because they realise that the experience and benefits they get are worth it.
The ‘Shop with Time’ campaign proved to be a successful marketing ploy that attracted customer attention and generated interest in the IKEA brand. This innovative strategy is an example of how companies can rethink the traditional view of money and focus on the value of time.
Time is a non-renewable resource that we have limited access to. While money can be gained and lost, time is unique and immutable. Therefore, it is important to understand the value we place on money and how we use our time effectively.
IKEA Dubai’s ‘Shop with Time’ campaign has become an example of how a brand can reach out to customers in an innovative way and elicit positive emotional responses. Using time as an alternative form of payment helps people realise its value and motivates them to spend extended time in the store.
Source, photo: startuptalky.com
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