After FedEx moved to Tennessee, it provided services to 25 cities, but at the beginning it was full of difficulties and suffered serious losses. But a few years later, business began to improve.1In July, 975, the company made its first profit. 1978, FedEx was officially listed.
At present, FedEx serves 3 million customers in 265,438+00 cities every day. The main competitors, including DHL, UPS and USPS, hatched FedEx with $96 million in venture capital, which also set a record for a single investment in American history.
April 20 13, FedEx plans to reduce its transportation capacity to and from Asia.
If FedEx fails, people will not see the unprecedented prosperity of today's venture capital market. Although the venture capital market will still exist, it is not so active.
20 13 on April 27th, FedEx recently built a second parcel processing station in Grossby-Lund, Berlin, Germany, to further strengthen the company's market position in this region. The new processing station employs 20 people and is responsible for parcel collection and delivery, route planning and related administrative work.
Create a monument
Fred Smith took a big risk and put all his $8.5 million assets into FedEx, but it wasn't enough. In order to raise a huge amount of money, he lobbied the big bankers and investors on Wall Street, and raised 96.44 million US dollars, setting a record for a single investment by the American business community.
After the 1960s, American economy became more and more dependent on service industry and high-tech industry. The era when raw materials are transported from raw material bases to large factories by railways, highways and even canals, and then made into huge industrial products by workers is quietly disappearing. Many companies that manufacture low-quality and high-priced products no longer rely on being close to the origin of raw materials, and technicians, scientists and managers have become the scarcest commodities in the economic structure. Therefore, many companies set their enterprises in places that can attract scientists, technicians and managers, such as places where cultural enjoyment, higher education, entertainment and environmental atmosphere suit their interests. The manufacturing equipment of the factory can be located in the suburbs of San Francisco, Boston and new york, or in the Bahamas.
This new industrial layout has caused the dispersion of people and products, but it has also brought a new problem, that is, how to deliver all kinds of information and goods quickly, safely and reliably, especially some high-tech products with strong timeliness. Although a lot of information can be transmitted through electronic equipment, goods such as drawings, documents, tapes, disks and small electronic components cannot be sent to their destinations through telecommunication services. For those companies that are engaged in technology or rely on information, the traditional postal delivery and freight companies are far from meeting their requirements in terms of reliability and timeliness. Therefore, in the transportation market in the United States, there is an urgent need for a company that can guarantee the fast and reliable delivery of goods. This is a challenge of the times and a rare opportunity. However, it is this famous American entrepreneur Fred Smith, who is known as the "father of overnight express delivery industry", who is keenly aware of this opportunity, bravely accepted the challenge and firmly grasped the historical opportunity. Just as Henry Ford saw many people eager to live in the suburbs and launch low-priced cars in time, Fred Smith created a new service industry that was "delivered overnight" in American history.
1962, Fred Smith was admitted to Yale university. In college, with the potential quality and unique intuition of an excellent entrepreneur, he predicted that the third wave of the American industrial revolution would be maintained by computers, microprocessors and electronic equipment, and the maintenance of these equipment would depend on the timely supply of parts with a small number and high prices, and related letters, parcels and inventory lists should also be obtained as soon as possible. He thinks it is necessary to set up an overnight delivery service company. Fred Smith put his ideas into a paper. However, his professor thinks that although many ideas in the paper have some merits, they are not feasible. First of all, the federal government's control of the route will hinder this service; In addition, the competition of established airlines that have used passenger routes to transport parcels will also make this service unsuccessful; And the huge amount of money needed to provide this service is beyond the reach of any newly established company. However, the original intention of Fred Smith to set up an overnight express delivery company has never wavered.
From 65438 to 0966, Fred Smith graduated from Yale University with a bachelor's degree in economics. After graduation, he enlisted in the army, became a member of the United States Marine Corps, and served in the battlefield in Vietnam. After serving for two years, Fred Smith left the army. He won a silver star medal, a bronze star medal and two purple hearts. The experience of the battlefield in Vietnam made Fred Smith face unprecedented death and danger in the hot and humid Vietnamese jungle with the temperature as high as 120 degrees Fahrenheit. The Vietnam War experience cultivated his indomitable spirit to cope with the possible failure of enterprise management; The experience of Vietnam War taught him how to manage and motivate employees. Fred Smith, who experienced the tempering of the Vietnam War, once said, "I am so disgusted with destroying and blowing things up that I especially want to do something constructive when I come back." David Silver, an American venture capitalist, pointed out in The Rich: "The experience in Vietnam made Smith intuitively realize the danger, and even made him take risks."
1969, after Smith returned to the United States from Vietnam, he first acquired an aircraft maintenance company called Arkansas Airlines, and turned it into a trading center for buying and selling second-hand aircraft, with a profit of $250,000 within two years. But Smith was not satisfied with this success. When he was in college, he put forward the idea of sending small packages overnight and kept it in mind. He first commissioned a consulting company to study and investigate the situation and prospects of the transportation market. According to the current situation of American postal service provided by consulting company, Smith further proved the great potential in this field.
Fred Smith's unique intuition foresees that overnight delivery service will be very important.
According to the survey results of the consulting company, Fred Smith immediately set out to establish an overnight express delivery company that can really adapt to the development trend of the high-tech era. On June 28th, 197 1, FedEx Company was formally established. Its headquarters is located in the former site of Little Rock, and the slogan "Welcome customers" is hung in the company office.
After the company was formally established, Fred Smith tried to win the first big customer and sought to sign a service contract with the Federal Reserve System Company. For this first business, he tried his best and spent countless nights studying all night. I don't know how many times he ran back and forth between new york and Washington, and spent hundreds of hours explaining, communicating and coordinating with those "official people".
In Fred Smith's view, the overnight delivery he provided can save the other party a lot of money and time, and the benefits are obvious. The other party has no reason to refuse this service. He firmly believes that this business can be done, and even the company name is "FedEx Company". When negotiating with Federal Reserve Systems, Fred Smith confidently purchased two Da salter Eagle aircraft with turbofan engines from Pan Am. He believes in the words of Plato, a sage: "If wealth is used well, it will bring endless benefits to mankind." Fred Smith personally contributed 350,000 US dollars, and the family trust fund guaranteed a bank loan of 3.6 million US dollars, and converted the purchased passenger plane into a cargo plane to be suitable for transporting parcels.
However, Fred Smith never dreamed that a few weeks later, he got the news that the Federal Reserve refused to accept overnight express service. The Federal Reserve Committee, which is responsible for supervising the Federal Reserve system, officially notified FedEx to reject FedEx's application to provide overnight express service for the Federal Reserve system. The reason is that banks in some areas under the Federal Reserve system do not agree with Fred Smith's proposal. For a long time, in the banking system of the Federal Reserve, banks in various regions have acted independently, and after years of painstaking efforts, they have formed their respective spheres of influence. Although the system can save time and money by express delivery of bank notes by plane overnight, it has blocked the financial resources of too many people. Many people rely on the original workflow to survive. What about these people's vested interests if new ways are adopted to deliver bills?
The plan to express bills for the Fed system by plane was a complete failure. Two specially purchased planes are idle in the hangar, and the newly established FedEx Company and Fred Smith, who is only 26 years old, are facing a heavy blow from the first battle defeat. However, Fred Smith is undoubtedly regarded as one of the greatest contemporary entrepreneurs, precisely because he has shown indomitable fighting spirit, outstanding leadership and extraordinary wisdom in the face of any difficult and sinister environment, as an employee of FedEx said: "In the first three or four years after its establishment, FedEx may go bankrupt five or six times, but Fred Smith will not give up. He is really an indomitable man. With infinite confidence in the future and full of courage, he created a miracle. "
The latest financial report released by FedEx Group (FDX) on Wednesday showed that the company's revenue in the third quarter of this year increased by 4% to 1 1 billion US dollars, but its net profit decreased by 3 1%, achieving a profit of 36 1 billion US dollars. The adjusted profit is lower than the market expectation. According to a data released by FedEx, if the level of infrastructure and port management in China is raised to half of the best level in the world, it will promote the rapid development of the logistics industry and contribute 2.6 trillion US dollars to the world GDP, equivalent to 4.7% of the world GDP; It will add10.6 trillion US dollars to world trade, which is equivalent to the contribution rate of 14.5% to world trade, far higher than the level that zero tariff can reach in the world.
conquer
Fred Smith's incisive and original analysis of the express service market, his efforts, his self-confidence, his extraordinary leadership, his rare courage, especially his courage and adventurous spirit of putting all his property into FedEx, have conquered countless shrewd and cunning venture capitalists and conquered 96 million dollars in their pockets.
Fred Smith was not intimidated by overwhelming opposition. He continued to achieve his goal with the courage and manner of an outstanding entrepreneur who dared to innovate and take risks. As he himself said, he must innovate, even if it is only to survive. From 1972 to the beginning of 1973, Fred Smith invested $75,000 to set up a senior advisory group composed of experts, pilots, technicians and advertising agencies, and conducted in-depth market research again. Through a more in-depth feasibility analysis of the market potential, they clearly found that with the rise of emerging technologies, the traditional industrial towns in the United States are declining day by day, while those little-known places are rapidly rising and becoming emerging industrial and commercial centers. In the past, the old tradition of transporting goods from one industrial zone to another is changing. Consignment is a small package, but it is more timely than before. People check things as small as switches, rubber pipes or blueprints. Fred Smith reformulated his business plan according to the re-investigated market situation, but this plan proved the point put forward by his university teacher in his paper: "The huge amount of money needed to provide this service is unbearable for any new company." The new business plan is much more complicated than the original plan, and the amount of funds needed is also very large. First of all, there must be a certain number of means of transportation-planes and cars, and a service network and multiple routes should be established throughout the country. At this time, Fred Smith showed a rare courage as an entrepreneur, and resolutely decided to invest all his $8.5 million in FedEx. Then, he tried his best to lobby the big bankers and investors on Wall Street. Fred Smith's incisive and original analysis of the express company market, his efforts, his self-confidence, his extraordinary leadership, especially his courage and adventurous spirit of putting all his wealth into FedEx, left a deep impression on these private investors. Several large companies, including Wancang Insurance Company and Citigroup Venture Capital Company, have successively invested in FedEx. Soon, he raised $96 million, setting a record for a single investment in American business.
It was Smith's extraordinary entrepreneurial feat that touched venture capitalists. The injection of $96 million venture capital made it possible for Smith to move towards his goal.
Most entrepreneurs don't have enough funds to start a new company, but they must seek foreign funds, often from relatives and friends first, and then from the Federation of Industry and Commerce, banks and other institutions to obtain loans. Most high-tech entrepreneurs, because of their high risks and no collateral, will not be funded by traditional lending institutions unless the performance or orders of new companies show signs of success. Therefore, the next object that entrepreneurs are looking for is mostly venture capitalists.
Entrepreneurs usually propose business plans to one or more venture capital companies through friends or associations. If a business plan looks highly feasible, the venture capital company will interview the entrepreneurial team and ask for information about entrepreneurs and innovations through informal information networks.
insist on
FedEx Company is one of the great entrepreneurial legends in the second half of the 20th century and a miracle of venture capital cases.
After obtaining venture capital, the first thing Fred Smith did was to buy the 33 D 'salter Eagle again, because it is small and does not need to apply for a license from the Civil Aviation Commission. The consulting company also provided him with a large number of managers who are familiar with air transport business. Everything is ready,1April, 973, FedEx officially started its business.
FedEx initially provided services to 25 cities, but disappointingly, only 186 packages were delivered on the first night. In the first 26 months of operation, FedEx lost $29.3 million and its debtors lost $49 million. FedEx is in danger of bankruptcy at any time, and its early supporters have withdrawn and refused to continue investing. This is the most difficult time for FedEx, as Fred Smith himself said: "No one in the world can know what I experienced that year (1973). That year gave me so much pain, so much pressure, so many things happened, so many trips I made, and so many meetings with investment bankers, General Dynamics and hundreds of different people in Memphis. In the most difficult period of starting a business, Smith, with his indomitable spirit, infinite confidence and full courage in the future, and extraordinary charm as a leader, attracted employees of the federal company, making them willingly hand over their own interests and future to the company to tide over the difficulties with Fred Smith.
1in July, 973, Fred Smith went to Chicago to raise funds and tried to obtain much-needed additional investment from General Dynamics, but was rejected. Fred Smith had to return to Memphis in disappointment. While waiting for the plane from Chicago to Memphis in frustration, he impulsively boarded the plane to Las Vegas. He wants to try his luck there. Fred Smith, who had several hundred dollars with him, played a game of 2 1 at the gambling table and won $27,000. This is one of his personal dramatic venture capital. He invested several hundred dollars and won back 27,000 dollars. It can be seen that the entrepreneur's funds are still so scarce that he pays the workers with the money he won from gambling. In order to pay off the company's debts, he sold his private jet and even forged the lawyer's signature to withdraw money from the family trust fund that originally belonged to his two sisters. His two sisters flew into a rage when they found out. 1975, 1 June, 2008, was sued and sent to court. This is his second dramatic venture capital investment, which is devoted to the danger of his own trial and imprisonment. During the trial, he admitted the fact of forging a lawyer's signature to get a bank loan, and defended himself, saying, "At that time, I thought I was a Smith enterprise, which was a very clear thing. And I think my two sisters feel the same way. " 1975 65438+February, Smith was acquitted.
In order to improve its business conditions, Fred Smith made every effort to win customers and open up markets. In order to get the contract from the General Administration of the United States, FedEx opened six routes in the west. In the competition with other enterprises, he kept the price so low that people doubted whether there was any profit. On the other hand, Fred Smith is concerned with long-term interests. He believes that although this business is not very profitable, it can be used as the facade of the company. The company can use this business to express to the outside world: "Look, even the contract of the General Post Office can be obtained, and the service of FedEx is nothing to worry about. This will not only reassure investors, but also win more users. "
"Heaven rewards diligence" may also be true. FedEx, in a difficult situation, met with unexpected good luck. First of all, the government lifted the restrictions on the air transport industry, which greatly increased the transportation volume of the freight industry. Due to the sudden surge of commercial transportation demand, major domestic freight forwarding companies are overwhelmed by the business in big cities and have no strength to meet the requirements of small cities, which provides a major market gap for FedEx and makes its business volume increase rapidly. Another good luck is that 1974, due to the long-term strike of employees of United Parcel Service, Railway Express Company finally went bankrupt. These two things provide FedEx with a good opportunity to develop its business and improve the situation.
From 65438 to 0975, the company's operating conditions began to improve. July was the first profitable month for FedEx, and the company made a profit of $55,000. The operating income of that year reached $75 million. At this time, FedEx has 36,5438+0,000 regular customers. FedEx delivers parts, plasma, transplanted organs, medicines and other items that need to be quickly delivered to customers all over the country. FedEx provides overnight express service in 130 cities and 75 airports. FedEx's purple plane shuttles around the country with countless packages every night. 1976, FedEx made a net profit of $3.5 million; 1977 The operating income exceeded 1 billion USD and the net profit was 8.2 million USD. FedEx finally got out of the predicament and created a miracle. 1977, Fred Smith was selected as one of the top ten outstanding entrepreneurs in China by a magazine in new york, and praised "in a short period of five years, his innovative marketing system and successful publicity of public image made him a great entrepreneur with a turnover of 65,438+1100 million dollars and a net profit of 8.2 million dollars." 1In August, 978, the article published by Knight Daily stood still despite many difficulties. With indomitable will and fighting capacity, he resisted any deviant behavior that hindered progress. His outstanding performance is not only an example for entrepreneurs, but also something that each of us should follow. The article points out: "Venture capitalists who invest in Smith value his indomitable spirit."
The company's stock went public, and FedEx became the first air freight company in the world. Venture capitalists who own shares have begun to calculate their own profits, which are constantly changing, because stocks are constantly increasing in value.
Set off a revolution
The overnight express service initiated by Fred Smith has set off an enterprise revolution all over the world and changed the way people do business. From then on, enterprises can stay away from the city center.
By the end of 1980s, FedEx was still developing at such a speed, and it was still the leading enterprise in the overnight express delivery industry in the United States. By 1988, FedEx has provided overnight express service to 90 countries and regions around the world. 1989 acquired its biggest competitor: Hu Fei International Company. This acquisition war may be more risky than the American war against Vietnam.
As the leading adventurer in American business circles, Fred Smith's adventurous spirit will never disappear. After entering the 1980s, he took the internationalization of FedEx as his greatest wish. 1989, when he announced the acquisition of FedEx's biggest competitor, Hu Fei International Company, which entered the air freight field 20 years earlier than FedEx, everyone was surprised. This is Fred Smith's largest acquisition so far, which has aroused unprecedented strong response in American business circles and public opinion circles. Businessweek described Fred Smith's latest acquisition as "the biggest gamble to date". Some industry analysts also questioned that Fred Smith exposed an enterprise full of difficulties and problems to the risks of existing enterprises. They doubted whether Fred Smith was sane. The evidence they presented is that Flying Tiger Company is a company with great traditional influence and conformism, while FedEx Company is a company full of innovative spirit. FedEx's enthusiasm and attitude of not being bound by tradition are in sharp contrast with Flying Tiger's attitude of being the boss and pampering itself. Many people who oppose the acquisition of Flying Tigers predict that the acquisition of Flying Tigers will put Fred Smith in trouble. Even Bernard Lalander, Fred Smith's industrial consultant, told him, "This merger must be treated with the same caution as the mating of two porcupines. FedEx is playing high-stakes, high-risk casino cards. " It is generally believed that in view of the differences between the Federal Company and the Flying Tiger Company in various aspects, their merger is not feasible. Opponents of the merger say that the merger of FedEx and Flying Tiger will make Fred Smith's situation more difficult than expected. However, Fred Smith was not intimidated by these predictions. He firmly believes that the acquisition will make FedEx an outstanding global air cargo company. He pointed out: "There is no doubt that this is a major challenge. I don't think this is an act of betting on the company. As a result of this acquisition, we have acquired a large number of hard assets. "
Flying Tiger International Company is the largest freight company in the world. It was founded by several wartime pilots after World War II. After the establishment of the company, the business volume carried by the company continued to rise, and the profits were also increasing. It is one of the strongest air freight companies in America. By 1988, Flying Tiger had 22 Boeing 747 aircraft, 6 Boeing 727 aircraft1/kloc-0, and 6 DC-8 aircraft, with 6,550 employees and an annual operating income of $654.38+0.4 billion. In the unprecedented fierce competition in the air freight market, and in the case of strong competitors one after another, Flying Tiger Company still maintains the style of industry leader. Various problems in company management are becoming more and more serious, financial expenditure is uncontrolled, machinery and equipment are becoming more and more obsolete, and employees have also developed the bad habit of pampering themselves. Under the leadership of the powerful trade union, they kept asking for a raise. Finally, 1984, the financial report of Flying Tiger Company showed a deficit for the first time. At this time, Fred Smith immediately asked the Flying Tiger Company to buy all the routes of the company, but it was rejected.
After the failure to acquire Flying Tiger, Fred Smith quickly acquired Melco Express, whose service network covers more than 80 countries and regions around the world. After the acquisition, FedEx's business expanded to the Netherlands, Britain and the United Arab Emirates. However, Fred Smith is not satisfied with this acquisition. He thought it was too slow. He has repeatedly stressed to the board of directors that if FedEx has not extended its footprint to other parts of the world by 2000, the company's prospects will only be "short-lived", and the acquisition of Flying Tiger Airlines is the only effective way to quickly realize the internationalization of FedEx.
Finally, Fred Smith waited for his chance. 1At the end of 988, saul steinberg, the largest shareholder of Flying Tiger International Airlines and the chairman of Reliance Financial Services Company, announced the acquisition of 83% of the shares of Flying Tiger Company, which is not in his name. I heard that someone wanted to buy Flying Tiger Company, and Fred Smith immediately joined the competition. His price of $20.88 per share was $6 higher than the market price of Flying Tiger Company, which ensured the success of the acquisition.
The most attractive thing about Feihu International Air Freight Company is the international routes painstakingly operated for 40 years. At that time, the Flying Tiger claimed to have the navigation rights and landing rights of 2 1 country for more than 45 years. It is precisely because of this that Flying Tiger Company can become the largest heavy-haul freight company in the world. More than half of all its transport planes are Boeing 747 large transport planes, and their planes can fly over five continents. In Fred Smith's view, the right of navigation and airport take-off and landing owned by Flying Tiger Company can't be bought at any time. Before the acquisition of Flying Tiger, FedEx had only five landing rights at foreign airports: Montreal, Toronto, Brussels, London and Tokyo. After the acquisition of Flying Tiger International Air Freight Company, FedEx can own the flight and landing rights of three airports owned by Flying Tiger Company, namely Paris, Frankfurt and Japan, as well as several cities in East Asia and South America. After the acquisition of Flying Tiger Company, FedEx no longer has to hand over the business of many countries to other airlines because it has no landing right, and can directly transport goods on these routes with its own aircraft, thus providing important conditions for the substantial improvement of FedEx's overseas business.
However, after the acquisition of Flying Tiger Company, FedEx was burdened with huge debts, and the improvement of overseas business conditions was not as expected. FedEx's international express service has been losing money, losing $74 million from 65438 to 0989. In addition, Flying Tiger Freight, a heavy cargo [font color=#0049d3] air cargo company under Flying Tiger International Air Freight Company, has also given FedEx a foothold in the heavy cargo industry. As one analyst said, "FedEx's method of sending small packages abroad by large aircraft is tantamount to suicide. Now FedEx can put small packages around the big containers of Flying Tiger Company and transfer the large DC- 10 aircraft used for overseas transportation back for large domestic routes. "
After entering the 1990s, FedEx Company faced more fierce competition in the domestic express delivery market in the United States. In the competition, its market share has always maintained a leading position. Every day from late at night to early in the morning, FedEx carries parcels from all over the world, accounting for almost 3/4 of the total number of parcels. When it comes to express delivery, the first thing people think of is FedEx.
FedEx's foreign business has not improved significantly after the acquisition of Flying Tiger International Airlines, and the continuous losses and the debt increase caused by the acquisition of Flying Tiger Company have reduced the company's profits. FedEx's revenue rose from $5.2 billion in198 to $7.69 billion in199/kloc-0, but its profit dropped from $420 million in198 to $279 million in199. Industry analysts have different opinions on whether FedEx can make overseas business profitable. Opponents believe that the acquisition of Flying Tiger is a wrong decision, while Fred Smith believes that with the continuous increase of FedEx's overseas business, foreign business will eventually be profitable.
Fred Smith admits that the acquisition of Flying Tiger Company may be the biggest adventure in his life, which increased the company's debt by 65.438+0.4 billion dollars. However, the 40-year international route opened by Flying Tiger Airlines will help FedEx become one of the world's first-class enterprises.
In the history of American enterprises, FedEx is one of the fastest growing companies and a representative of pioneering and innovative spirit. 1February, 1979, Happiness magazine called FedEx one of the "Top Ten Most Successful Enterprises in the 1970s". According to Deng Business Monthly, FedEx is one of the "five best managed companies in 198 1 year". FedEx is also known as "one of the 100 companies with the best working conditions in America". From 65438 to 0990, FedEx won the prestigious Malcolm Baldrige Award for its perfect service. FedEx is the first service company in American history to receive this honor.
Ted turner's innovation has influenced the global television news industry, while Fred Smith's innovation has changed and influenced the business activities of enterprises to the same extent. From then on, enterprises can be far away from the city center and built in remote areas, even without building a special warehouse in the factory.
Because Fred Smith delivered the parcel to any place in the world with "absolute certainty" overnight, extensive business changes and business opportunities became possible. These new global changes and business opportunities have changed the business world and will ultimately affect the balance of global economic power. The charismatic Fred Smith is a key factor in these global changes. He himself is known as the "father of overnight express delivery industry" for advocating and establishing overnight express delivery service.
In the history of American enterprises, FedEx is one of the largest enterprises founded by venture capital, which makes its success a miracle of entrepreneurship. An article in Memphis Business Daily entitled "Purple Light Shines on the Earth" pointed out: "The story of FedEx Company is a story of enterprise growth full of ideals, impulsiveness, capital and adventure." Venture capitalist David Silver said, "FedEx is a miracle." One biographer called FedEx "one of the greatest entrepreneurial legends in the second half of the 20th century." Charles Lee, the earliest and most loyal supporter of FedEx, spoke highly of the success of FedEx. He pointed out: "If FedEx failed, we would not have seen the unprecedented activity of the venture capital market today. Although the venture capital market will still exist, it is not so active. Even without other contributions, the success of FedEx not only brought huge profits to venture capitalists, but also gave them confidence to invest their money in other companies in the 1980s, thus greatly promoting the unprecedented prosperity of the venture capital market. It can be said that 96 million dollars of venture capital has hatched the giant FedEx. This is undoubtedly a brilliant page in the history of venture capital. "
Acquisition event
On 20 14 12 16, FedEx agreed to acquire the reverse logistics company Genco. This means that FedEx is making great strides in the field of e-commerce. Genco's annual sales are $654.38+600 million, and it handles more than 600 million returns every year.