Despite a value drop of $51 billion or 15% this year, according to the annual Brand Finance Global 500 rating, Amazon has regained its status as the most valuable brand in the world, according to Sputnik.
The fact that this has happened despite the company's value dropping from $350.3 billion to $299.3 billion and its rating changing from AAA+ to AAA due to consumers' more negative perceptions of it in the post-pandemic world should be noted. Since COVID-19 restrictions have been lifted, research from Brand Finance reveals that customers are less satisfied with Amazon's customer service and less willing to recommend it to others, and they are also increasingly making offline purchases.
According to the survey, despite Amazon's brand worth declining this year, it has climbed by 36% since the COVID-19 pandemic started. This is a result of the company's growth in a number of economic sectors. On the other hand, Apple's brand value has dropped this year, from $355.1 billion to $297.5 billion, a decrease of 16%. This is owing to the anticipated decline in income brought on by supply chain interruptions and labour market limitations, which will have an impact on its well-known hardware products.
Despite a challenging year for the tech industry, Amazon overtook Apple. The e-commerce giant had previously held the title of the most valuable brand in the world from 2018 to 2020.
A reduction in value was also seen by other technological companies besides Amazon and Apple, with Samsung's worth falling by 7% to $99.7 billion. On the other hand, the value of producers of electric cars increased significantly. Due to the rising demand for electric vehicles brought on by the transition to a low-carbon economy, Tesla's brand value climbed by 44% to $66.2 billion and BYD's worth increased by 57% to $10.1 billion.
Jeff Bezos founded Amazon in 1994. The business started off solely selling books online, but it swiftly grew to sell a wide range of products. The establishment of Amazon's Marketplace, which allowed independent sellers to sell their products on Amazon's platform, was one of the late 1990s company's efforts to increase the variety of products and services it offered. The company introduced Amazon Web Services in 2002, giving people and companies a platform to host websites and other applications.
Amazon launched Amazon Prime in 2005 as a subscription service with free two-day shipping and other perks. Amazon has also branched out into other industries over the years, including grocery delivery, smart home gadgets, and streaming media (through Amazon Prime Video) (with Amazon Fresh and Whole Foods). With activities in e-commerce, cloud computing, artificial intelligence, and many other sectors, Amazon is currently one of the biggest and most prominent organisations in the world. The business has repeatedly come under fire for the way it handles its employees. A surge of labour union activities in the US and other countries have been sparked by Amazon's treatment of its employees.