In recent years, Amazon has become a gargantuan name in the world of e-commerce and after its owner Jeff Bezos became the world’s richest man in 2018 beating Microsoft’s founder Bill Gates, the company has steadily moved upwards.
With a valuation of US $ 315.5 billion, the company has managed to surpass the technology giants, Apple and Google, who had maintained a strong foothold in the top positions since 2007, according to the BrandZ Top 100 Most Valuable Global Brand ranking 2019, released by data consultant Kantar.
This comes after Amazon saw a whopping 52 per cent rise in its brand value, amounting to almost US $ 108 billion, whereas Apple and Google reported steady rise with 3 per cent and 2 per cent, respectively.
The agency, which is owned by British advertising group WPP, added that Amazon showed “little sign” of any slowdown in its growth.
The reason for the rapid success of Amazon lies in its product innovations and smart acquisition. It is leading in cloud computing, home hardware (Alexa) and has invested in several different organisations such as the UK food delivery service Deliveroo and self-driving car startup Rivian. Not only this, but also its excellent understanding of customer service and provision of a wide gamut of products and service has helped Amazon stay far ahead of competition and accelerate its growth.
Besides, for the first time, Alibaba beat Tencent to become the most valuable Chinese brand. Alibaba was the seventh biggest at US $ 131.2 billion, up two places on the previous year.