By Chris Bishop
Amazon has been voted top dog in the competitive world of brands in the Brand Finance Retail 50 survey – told you so, says the company’s representative in Africa.
The online shopping giant has been cashing in on the COVID-19 lockdown thanks to people’s inability to leave their home and has increased its brand share by 17.5 per cent to be worth $220,791,000. In second place is the US store chain Walmart, up 14.2 per cent with a brand worth $77,520. Industry experts say Walmart was a bit slow off the mark with online sales, but made up for it over the last year.
“Speaking at a conference in South Africa over a decade ago, I said I thought Amazon would become the biggest retail brand in the world. I was then told from the floor that I was wrong, Amazon was not a retail brand. It reminds me that many years ago I was told gently by a top CEO that I couldn’t be right all the time. Very good advice, but there is no harm in trying! Larry Page, a founder of Google, once said that the main reason brands failed is that they were unable to see the future,” says Jeremy Sampson, the CEO of Brand Finance Africa.