The initiative was due to launch in November but was delayed due to lockdown measures.
Now available at all Ikea stores in England, this means customers can return items in exchange for up to £ 250 in store vouchers.
People reporting products will receive decreasing amounts depending on the condition of the product.
Those returned as new will see customers receive vouchers at 50% of the original price, 40% for those with minor scratches, and 30% for added furniture that is well worn with multiple scratches.
Dressers, sideboards, bookcases, shelves, dining tables and dressers are among the products eligible for the program.
Customers who wish to participate can complete an online form that will generate an offer for the returned merchandise before bringing it to store to receive a voucher.
Ikea will attempt to resell the products under “pre-liked” labels.
Peter Jelkeby, director of sustainability at Ikea UK & Ireland, said the retailer was “committed to making sustainable living more affordable, attractive and accessible”.
“Through the buyout, we hope to make circular consumption widespread, making it easier for customers to acquire, maintain and pass on products in a circular fashion,” Jelkeby said.