Tech brands get even stronger as result of Covid-19,report shows

The Covid-19 effect, which has accelerated digital transformation trends like cloud-based tech and streaming, has reinforced the dominance of technology first brands. A report by Interbrand, ‘Connect in the decade of possibility,’ explores how the tech brands in the 100 Best Global Brands of 2020 have shown particularly fast growth, with the average increase among the top three brand alone being 50%.

The report highlights that tech-based brands, which have pushed the overall value of the top 100 brands to over $2tn, have thrived not because of what they do, but because of what they say, and the consumer trust they have won over. Apple, ranking number one, has consistently created products and stores that speak to the organisation’s philosophy of simplicity and individual empowerment. Another winner and new entrant this year, Zoom, has proved to be up to the connectivity challenges posed by the pandemic.

According to global chief innovation officer at Interbrand, Chris Nurko, the three sectors that were mostly transformed by the pandemic, financial services, medicine and healthcare, and education, were supported by brands that leaned into their technology and data-analytics to provide seamless engagement. Even brands that have been hit the hardest by Covid-19 because of their need for physical presence to generate revenue, like entertainment, hospitality, and travel, have turned to technology to redefine their businesses. Hospitality and restaurants, for example, shifted to home-delivery and grocery, focusing on D2C operations.

“Technology showed us a new path to resilience and ingenuity, and new ways of collaborating across distance, borders and infrastructural challenges,” says Nurko.

Senior director strategy at Interbrand, Andrew Stewart adds that the real winners are the tech brands have been embracing ethics and purpose making proactive choices to benefit a broadening set of stakeholders. Microsoft, Amazon and iBM, for example, were all part of a coalition of companies who refused to sell facial recognition technology to police until there are US federal regulations in place to govern its use against bias. In the meantime, Apple and Google, announced a global partnernship to enable contact tracing in a way that respected people’s privacy. 

Stewart also emphasise the essential role tech brands playing in creating connection and overcoming isolation but also racial injustice and economic inequality.

“The tech brands who embrace the equitable promise of connection can truly make a difference, providing an opportunity for prosperity for all. Tech brands can bring us together, and those who do it best will earn our love and our dollar,” he says.