Amazon is now the world's most valuable corporate brand, surpassing Apple and Google for the first time. In 2018, the total value of Amazon's brand surged 52%, this jump was enough to end Apple's and Google's dozen years in which they traded places as the most valuable brand.
In 2018, Apple's brand value rose 3% ($309.5 billion), while Google's brand grew 2% ($309 billion). The company has been expanding in the business services sector, having invested early in cloud computing and leading in the category with Amazon Web Services.
Amazon, which famously has eschewed profit in favour of a growth strategy, has relentlessly used data-driven insights to create streamlined and personalized experiences for its customers, such as by rolling out one-day shipping for Prime members. It also continued to make investments into new businesses, including an electric automaker Rivian.
However. The company is closing most of its U.S. restaurant delivery service, a 4-year-old business that failed to take off amid fierce competition from Uber Eats, DoorDash and others.
The service, called Amazon Restaurants, offered delivery in more than 20 cities in the U.S. but never captured more than 2% of the field's market share, experts said. It had expanded into the United Kingdom, but Amazon shut down the service in that country late last year. The closure of the U.S. business will happen on June 24.
Still, the corporate parent, Amazon.com Inc., continues has shown interest in delivering meals to diners' doorsteps. Last month, it bought a stake in British food delivery company Deliveroo, whose kangaroo logo is a common sight on bicycles and scooters in Britain.