Boxed Announces Enhanced Collaboration with FedEx
Boxed has announced a new multi-year partnership with FedEx to enhance its delivery services nationwide.
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Rhea-AI Summary
Boxed has announced a new multi-year partnership with FedEx to enhance its delivery services nationwide. The agreement will allow Boxed to increase shipment volumes, reducing transportation costs and enabling reinvestment in lower prices and more promotions for customers. The collaboration aims to improve delivery capabilities, providing customers with a seven-day service, enhancing overall customer experience. This partnership highlights how e-commerce and logistics can work together to meet evolving customer demands in a challenging supply chain environment.
Positive
- New multi-year collaboration with FedEx enhances delivery service capabilities.
- Reduced transportation costs will be reinvested for customer benefits, including lower prices.
- Increased shipping capabilities offer a seven-day delivery service.
Negative
- None.
Details
News Market Reaction – BOXD
The recorded move for BOXD in the trading session of this news was +9.00%.
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Expanded seven day delivery nationwide highlights arrangement
NEW YORK, May 12, 2022 (GLOBE NEWSWIRE) -- Boxed (NYSE: BOXD) (“Boxed” or the “Company”), an e-commerce grocery platform that sells bulk consumables and licenses its e-commerce software to enterprise retailers, today announced a new multi-year collaboration with FedEx Corp (NYSE:FDX), in which the carrier will now deliver most of Boxed’s customer shipments.
The mutually agreed upon increase in shipment volume will allow Boxed to reduce the amount it spends on transportation across all its fulfillment centers. The company will reinvest the capital saved in better pricing for customers and more promotions on the products they love. In addition, more Boxed customers will have access to seven day a week service.
“In this challenging supply chain environment, e-commerce companies are seeking new avenues to counter escalating costs, and provide the best possible service to their customers,” said Boxed CEO Chieh Huang. “This enhanced alliance with FedEx provides us with the opportunity to address both.”
Boxed and FedEx have enjoyed a strong relationship since the company first started shipping orders in 2013., Boxed will increase its shipping capabilities by fully leveraging the FedEx network, and provide even better service to customers.
The commitment from FedEx will help Boxed grow its retail business and provide a consistent delivery experience throughout the country.
“The collaboration between FedEx and Boxed demonstrates how e-Commerce providers and shipping companies can craft new solutions to collectively meet our customers’ new demands and needs today and tomorrow,” said Ryan Kelly, vice president E-Commerce, SAM & Retail Marketing, FedEx. “We’re proud of this alliance and look forward to enabling Boxed and its retailers access to supply chain flexibility and capability that is unrivaled in the marketplace. It is what’s next for businesses of all sizes.”
About Boxed
Boxed is an e-commerce retailer and an e-commerce enabler. The Company operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a “big-box” store membership. This service is powered by the Company’s own purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed further enables e-commerce through its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology. The Company has developed a powerful, unique brand, known for doing right by its customers, employees and society. For more information visit www.boxed.com.
Media Contact
Dave Taft
dave@boxed.com
(732) 895-8238
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