Ikea enlists fintech platform Ayden to get deeper customer insights

Ayden's Unified Commerce feature connects online and in-person payment data

With over 47 billion euros in revenue in 2023, Swedish home furnishing business  Ikea is the largest furniture company globally, and the second largest in the U.S. It has more than 301 stores and 30 franchised units around the world. In 2023, IKEA had about 860 million visitors to its stores worldwide, with 3.8 billion visitors, down from 4.3 billion in 2022.

That is a lot of people, and a lot of customer data that the company should be making actionable. In order to do that, the company announced a global partnership with Dutch financial technology platform Adyen this week in order to enhance cross-channel loyalty and get better insights into their customers.

Adyen is an end-to-end payments, data, and financial management platform, allowing businesses to accept payments on their website, in-app, and at the point of sale, while also protecting revenue, and giving them more control over their finances. 

Adyen currently connects merchants to over 250 payment methods across the world, including credit cards, debit cards, wire transfers, eWallets, and local payment methods. 

Ikea plans to use the Adyen platform to gather customer payment data from both physical and digital channels to uncover customer insights. The idea it that by gathering payment data from all sales channels on one platform, partners are able to identify the behavior of their shoppers to create more opportunities to sell to them.

In addition, Adyen’s platform provides a closed-loop payment system with processing, acquiring, local payment methods, and like-for-like settlement capabilities so that IKEA franchisees can reduce their contracts and integrations for global IT operations, while also minimizing the risk of operational disturbances.

Founded in 2006, Adyen's customers include Meta, Uber, H&M, eBay, and Microsoft.

"We are proud to partner with the IKEA business to help scale their efforts to understand their customers and the behaviors that lead to long-term relationships with the iconic brand," Tobias Lindh, Managing Director, Adyen Nordics & Baltics, said in a statement.

(Image source: ikea.com)