Amazon surpasses Apple to become world's most valuable brand at $299.3 bn
By siliconindia | Thursday, 19 January 2023, 03:39:17 PM IST
Amazon, the online retailer founded by billionaire Jeff Bezos, has surpassed Apple as the most valuable brand, which it held last year. Amazon took first place despite a 15% decline in brand value this year, from $350.3 billion to $299.3 billion. Only one Indian company, Tata Group, reached the list of the top 100 most valuable businesses.
Despite regaining the top spot, Amazon's brand worth has decreased by almost $50 billion this year, according to Brand Finance's Global 500 2023 list, and its grade has dropped from AAA+ to AAA.
Delivery times have increased at Amazon while customer service quality has decreased. As a result, consumers are now less likely to tell others about Amazon, according to a survey from Brand Finance's brand valuation consultancy.
The maker of the iPhone, Apple, fell to the number two spot and was named the second most valuable brand in the world (brand value decreased 16% to $297.5 billion from $355.1 billion).
Given that supply chain interruptions and a tight labour market are anticipated to restrict the availability of its signature hardware goods, this year's decline in brand value is related to a decline in estimated revenue.
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