Prophet, a global brand and marketing consultancy, recently released a report on the most favored brands of Chinese consumers. Data showed that Alipay ranks first and WeChat ranks second among the top 10 most relevant brands in the Chinese market. In electronics, Chinese local brand Vivo comes in 17th, leaving Microsoft and Apple behind.
Based on Prophet's analysis, Alipay has completely reformed the idea of electronic financing. Alipay's market share is up to 70 percent of the national electronic payments market. Its active users have reached 450 million, and the company's average daily transaction volume has reached 175 million RMB.
Moreover, Prophet attributed the success of Vivo to its focus on China's high-end market, rather than the low-end and low-profit part of the market, as its competitors emphasize. Samsung ranks 45th on the list, though its ranking may have been influenced by the recent incidents of explosions, according to a Chinese partner of Prophet.
Brand relevance is based on which brands are constantly in demand by consumers. Prophet interviewed nearly 10,000 Chinese consumers and selected the top 50 brands among 279 brands in 24 industries around the world. The criteria it used include customer obsession, pragmatism, inspiration and innovation. This is the first time that Prophet has reported on the Chinese market.
