With people worldwide spending more and more time at home in 2020, companies and brands that have figured out how to effectively reach consumers online have been dominating the market, especially in the food and beverage, home appliance sectors and other online businesses.
Perhaps the least surprising thing of all, though, is the growth in the food and beverage industry this year. The companies that have been most agile in adapting to the 2020s briskly changing environment have seen tremendous results.
London-based online supermarket company Ocado and food delivery services Deliveroo and Just Eat are the fastest growing brands in the United Kingdom in 2020, according to the 2020 BrandZ Top 75 Most Valuable UK Brands report. The growth of Deliveroo and Just Eat is especially crucial because of the lifeline they created for fast food companies and restaurants that might otherwise have had to shut their doors. And while perhaps unsurprising, Ocado’s growth has been meteoric. Its brand value has grown by 63% over the past 12 months to £2.7-billion, making it the 18th most valuable brand in the UK.
Other interesting stats in terms of growing can be noticed in the iGaming industry as well, where we can find many UK-grown companies like Bet365 with headquarters in Stoke-on-Trent and Betfair with their head offices in London. According to the latest UK Gambling Commission report, the remote gaming sector showed combined growth of 20% between October 2018 and September 2019. That growth is accelerating through 2020, with online casino operators generating 3.9% more income between April 2019 and March 2020 compared to the same period a year before. Google trends also show searches for online casinos in the UK are at an all-time high.
One factor that has served the iGaming industry well is that it is heavily consumer-focused. Casinos have plenty of bonuses and other consumer-friendly offerings, which only serves to increase their value proposition over traditional casinos.
However, something that might come as a bit of a shock is the brand that has shown the most growth in value since the inception of the UK rankings in 2017, none other than home appliance company Dyson. Over the past three years, it has seen a 51% growth in its brand value to £2.9-billion, making it the 15th most valuable brand in the UK.
Dyson’s growth is somewhat surprising because its product offering of vacuum cleaners, hairdryers, and fans isn’t new or exciting. Still, a couple of areas it does exceptionally well in is also reflected in the other companies mentioned, namely difference and innovation. The big takeaway from the BrandZ report is companies focusing on difference and innovation are cleaning up the competition in the current market.
Innovation is a company’s willingness or ability to create and try something new, while the difference is a measure for how much a business stands out from its opposition. What is clear from the report is that any local businesses hoping for growth this year have no choice but to focus on these areas. It is a new marketplace that demands fresh ideas, and it’s becoming increasingly obvious that the old ways of doing business just don’t cut it anymore.