When attempting to improve your retail strategy and boost customer loyalty, it helps to have role models in the industry to inspire and lead your business plans and decisions.
Fortunately, there are thousands of successful retail brands and companies across the globe, running profitable and attractive organisations.
To help you decide which of these many retailers would be best to model your business after, retail branding and research firm Millward Brown released its annual BrandZ Top 100 Most Valuable Global Brands rankings on May 21.
Unsurprisingly, online retail giant Amazon has come out on top, ranked as the world’s most valuable global retail brand with a value of $64 billion. Following strong results in 2013, Amazon managed to increase sales by 22 per cent, boosting its brand value by 41 per cent over the past 12 months.
American chain store Walmart was awarded second place, as its brand value fell by 2 per cent on last year’s results. Now trading at a brand value of $35 billion, Walmart boasts a massive 3,300 US ‘superstores’ that are designed to increase convenience by attaching adjacent distribution centres.
Retailers in Australia were relatively underrepresented in the top 100 list, although Woolworths managed to score seventh place, climbing one spot higher than 2013’s rankings.
Millward Brown Global BrandZ Director Peter Walshe explained that the top placed retailers were generally those stores that have “grasped the change in consumer attitudes”. In particular, the most valued brands were companies that addressed the needs of “cash crunched and time poor shoppers”.
“Many retailers are hampered by their large format stores designed for weekly grocery stock-ups rather than the ‘when I need it’ attitude of millennials. Focus on seamless customer experiences and share of life rather than share of wallet is more important than ever to retailers,” Mr Walshe said.
Further results from the wider global brands rankings revealed Google is the most valuable of all companies, regardless of industry. Overall, brand value has increased across every category by a combined 12 per cent from 2013 figures.
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