US retail giant Amazon is now the world leader in terms of brand value, eclipsing both Apple and Google, according to a recent report.
The brand value of Amazon surged by 52 percent to $315 billion, global market research agency Kantar said in its 2019 100 Top BrandZ report.
Amazon jumped from third to first place to eclipse Google – which slid from first to third place with Apple holding on to the second spot.
Founded by Jeff Bezos in 1994, the Seattle-based e-commerce giant rose to the ranks thanks to key acquisitions, superior customer services and a disruptive business model, the research firm Kantar said in a statement.
The research noted that Amazon showed “little sign” of any slowdown in its growth.
The top ten companies were once again dominated by US firms, with Apple on $309.5 billion, Google on $309 billion and Microsoft on $251 billion.
Further into the study, Kantar highlighted that Visa had the fifth biggest value at almost $178 billion, while social networking group Facebook was the sixth largest at nearly $159 billion.
For the first time, Alibaba beat Tencent to become the most valuable Chinese brand.
E-commerce leader Alibaba was the seventh biggest at $131.2 billion, up two places on the previous year. Meanwhile, internet giant Tencent fell three spots to stand at number eight with a value of $130.9 billion.
According to the study, the leading brands have embraced “disruptive” business models to beat traditional rivals in the technology, finance and retail sectors.
“Amazon’s phenomenal brand value growth of almost $108 billion in the last year demonstrates how brands are now less anchored to individual categories and regions,” said Doreen Wang, Kantar’s global head of BrandZ.
Brand value on the key survey is calculated on the basis of the companies’ financial performance and their standing among consumers across the globe.
To qualify for the ranking, brands must be publicly traded, or publish their financial results. BrandZ’s list combines measures of brand equity based on interviews with more than 3 million consumers about thousands of brands, with analysis of each company’s business and financial performance, using data from Kantar Worldpanel, according to CNBC.