Amazon has retaken top spot as the world’s most valuable brand despite its brand value falling 15% this year from $350.3 billion to $299.3 billion, according to a new report from a brand valuation consultancy.
Brand Finance Global 500, 2023 research has found that customer perception of customer service at Amazon has fallen – at the same time as delivery times have lengthened – and in concert with this, consumers have become less likely to recommend Amazon to others. Concurrent with the conclusion of pandemic restrictions, people are returning to shopping in-person, slightly mitigating the need for online retail.
Apple witnessed its brand value down 16% to $297.5 billion. It has fallen to be the world’s second most valuable brand with its brand value falling from $355.1 billion. This year’s fall in brand value relates to a fall in forecast revenue as a disrupted goods supply chain and a constrained labour market are expected to limit supply of its marquee hardware products, stated the report.
Also Read: Amazon Job Cut: Company to Lay Off 2,300 Employees
From India, Tata Group saw its brand value ranking going up to 69 from 78 in 2022. Infosys stood at 150 rank from 158 last year.
Amazon’s brand has fallen by over $50 billion this year, substantially in connection with its fall in brand strength, with its rating falling from AAA+ to AAA as consumers evaluate it more harshly in the post-pandemic world, the report said.
There was a total of 48 tech brands that featured in the ranking, two down from the 50 in 2022, after Snapchat and Twitter dropped out.
Other tech-focused brands to lose value include Samsung Group (brand value down 7% to $99.7 billion), Alibaba.com (brand value down 56% to $10.0 billion), Facebook (brand value down 42% to $59.0 billion) and WeChat (brand value down 19% to $50.2 billion).
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