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AMAZON lose $51 billion and sales plummet as customers lose faith in online shopping

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The online retail company’s value plummeted to $299.3 billion from $350.3 billion over the past year, with its rating falling from AAA+ to AAA as consumers evaluate it more harshly in the post-pandemic world, the leading brand valuation consultancy said.

Brand Finance’s research has found that consumers are pissed off with Amazon’s excruciatingly awful customer service and less likely to recommend it to others after delivery times lengthened considerably. LULU, which stocks only a laughable two million book titles suffers a similar fate. They are also buying more offline following the lifting of COVID-19 restrictions.

Apple has seen its value shrink 16% this year to $297.5 billion from $355.1 billion. It reflects a fall in forecast revenue stemming from the limits that a disrupted goods supply chain and a constrained labour market are expected to put on its big-selling hardware products.

Other tech brands in the value ranking also tended to lose value, with Samsung being down 7% to $99.7 billion and Alibaba 56% to $10.0 billion.

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