On May 6, the world’s largest communication group WPP and its research services arm Kantar released the 2019 BrandZ™ Top 100 Most Valuable Chinese Brands list. While tech behemoth Alibaba landed the top spot, China’s leading used-car trading platform Uxin (Nasdaq:UXIN) debuted on the list as the sole player in its field in China.
BrandZ™ evaluates brand meaning and brand differentiation by calculating financial value and brand power. It covers more than 3.7 million consumers and 160,000 brands in 43 countries. Its annual ranking is regarded as one of the most reliable brand valuation methods in the business field.
Also among newsworthy highlights from this year’s list is the increase in total value of the BrandZ™ Top 100 Most Valuable Chinese Brands by 30% to USD889.7 billion, marking the highest annual rise since the yearly ranking launched in 2011. What’s more, with 11 listings, technology brands accounted for more than any other brand category among the Top 100.
In 2019, the ranking expanded to include four new categories: consumer finance, entertainment, lifestyle platforms, and transport. According to the list, Uxin stands out thanks to its notable brand innovation and brand experience. At a roundtable discussion at the 2019 BrandZ™ ceremony, Wang Xing, global president of BrandZ™, commented that new brands such as Uxin have brought great convenience to consumers through mobile technology, to the extent that innovation in the field of used cars in China is already inspiring markets in the UK and other overseas countries.
At the same event, Uxin CMO Cindy Wang pointed out that in the era of new retail the core of marketing has shifted from products to consumers, especially in the used car industry where consumers recognize the reputation and services of the platform prior to interacting with the product to be purchased. Uxin has benefitted from building a robust supply chain that grants consumers a one-stop new retail service experience that covers used car concerns spanning from finance, transfer, logistics, and quality assurance. It likewise evidences strong support among consumers for Uxin’s brand value.
Founded in 2011, Uxin now operates in 900 different cities and regions across China. It has become China’s largest used car trading platform with a total revenue in the 2018 calendar year soaring to USD 483.1 million (RMB 3315.4 million). According to Uxin, its core advantage lies in its cross-regional transaction services that allow users to trade cars nationwide, a commerce opportunity that has brought about an influx of cars into China’s lower-tier cities and boosted overall sales of used cars in China. Thanks in part to the rapid growth of used cars trading, Uxin is seen by some as having successfully molded its brand image to become China’s go-to used car trading platform.
(Top photo from Uxin)