A leading global market research agency has named Amazon as the world’s most valuable retail brand, with an estimated value of $98.98 billion USD.
The BrandZ Top 25 Most Valuable Global Retail Brands report, put together by Kantar Millward Brown, said the online retail behemoth has continually pushed the boundaries and expanded into new areas, subsequently increasing its value.
Amazon’s efforts to expand its dominance across consumer categories also had lots of momentum throughout 2016.
The report also indicated that Amazon’s brand value shot up by 59 per cent year-on-year, outperforming other major names like Alibaba, Ikea and US-based retail giants Home Depot, Costco and Walmart, which also owns Asda.
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Alibaba came in at second, yet trailed far behind Amazon, with a brand value of $49.29 billion USD followed by Home Depot at $36.44 billion USD, Walmart at $27.27 billion USD, and Ikea at $18.08 billion USD.
Other retailers which featured in the top 25 include Aldi, Tesco, Marks & Spencer, Boots parent company Walgreens and Lidl.
“The [Amazon] business is now as much a technology and media company as it is a retailer,” the BrandZ report said.
“It offers music streaming by subscription, was behind 16 Emmy nominations for original content in 2016, and Amazon Studios has released its first original movie, Chi-Raq, directed by Spike Lee.”