The COVID-19 outbreak has led to the savage disruption of retail the world over.
Almost overnight, foot traffic in physical stores disappeared, and supply chains were left scrambled. Now at a major fork in the road, many retailers are forced to make tough decisions that were completely unforeseen.
While some global retail giants are laying down their weapons and filing for bankruptcy, others are innovating to save themselves, serving their customers in new and unexpected ways.
Today’s graphic uses data from Kantar’s Brand Z report to illustrate the retailers that are growing through adversity, and those that may struggle to survive.
Editor’s note: The report compares brand value of the top 75 retailers globally between 2020 and 2019, using mid-April as a cut-off date for incorporating latest financial information. Some early effects of the pandemic are incorporated in these calculations, but the pandemic’s impact on retail going forward is uncertain.
Retailers Rising to the Top
The calculation of brand value refers to the total amount that a brand contributes to the overall business value of the parent company.
In this case, it is measured by taking the financial value of a brand (latest data as of mid-April), and multiplying it by the brand’s contribution, or the ability of the brand to deliver value to the company by predisposing consumers to choose the brand over others or pay more for it, based purely on perceptions.
Based on these metrics, activewear brand lululemon is the world’s fastest growing retail brand for the second year running. Famous for its culture of accountability and global community events, the brand has struck the perfect balance between a seamless online and offline experience.
Explore the 10 fastest growing retail brands of 2020 HERE.
Interestingly, Walmart holds three spots in the ranking as it also owns Flipkart and Sam’s Club. Moreover, the American retail giant purchased a stake in Chinese e-commerce platform JD.com, which has grown from 5% to 12%.
The two brands entered the strategic partnership together with the goal of dominating the Chinese market and surpassing Alibaba.
The Recipe for Retail Success
While every retailer has a unique growth strategy, according to the authors of the report, there are three factors that are undeniably crucial for success.
- Value: Offering value for money through fair pricing for all products or services.
- Uniqueness: Having a clear purpose and standing for something that consumers find meaningful.
- Premium: Being perceived as being worth more than the price consumers pay.
Further, research also suggests that successful brands dominate their respective category when it comes to brand awareness and consistently provide experiences that enrich their customers’ lives, as demonstrated by lululemon.
As retailers continue to shift their focus towards digital transformation, consumers are still finding great value in having the best of both worlds when it comes to combining e-commerce and brick-and-mortar, otherwise known as “brick and click”.
Retailers Struggling to Stay Relevant
Unfortunately, there are several brands that haven’t yet mastered this winning ….
This infographic illustrates how the fastest growing and declining retail brands are attempting to stay relevant in the pandemic economy. [ … ]
The post Ranked: The Fastest Growing and Declining Retail Brands, from 2019-2020 appeared first on NewsCetera.
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