Swedish furniture giant IKEA has become the first retailer in the world to introduce time as a new type of payment currency.
Proving that time is indeed money, the company is offering a new payment scheme in Dubai, United Arab Emirates, which allows shoppers to buy products based on how long it takes them to reach the store.
The “Buy With Your Time” campaign coincides with the opening of a new IKEA outlet in Jebel Ali.
HOW IT WORKS
Dubai shoppers traveling to IKEA stores can use Google Maps Timeline to document and show their journeys. The more time someone spends going to the store, the more items they can buy.
An hour’s journey is equivalent to approximately 28 USD, in line with the average wage in the United Arab Emirates.
DRIVING CUSTOMER LOYALTY
Because it allows customers to add up multiple journeys, the new payment method encourages more frequent trips to stores. Perhaps most importantly, though, it makes customers feel like their time is valued.
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.