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Couriers raise rates over Singles Day
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AS e-business platforms and consumers prepare for a massive shopping spree on November 11 — also known as Singles Day — some private courier firms are planning a price hike, claiming that the annual shopping splurge in previous years left them making little, or even losing money.
The Shanghai YTO Express (Logistics) Co Ltd announced that each package will be charged 0.5 yuan (8 US cents) more after November 1, while STO Express also said it will adjust its prices shortly before the Singles Day.
STO said the decision was made as the shopping marathon in the past three years has not brought more profits, even though the business volume increased dramatically and staff were left exhausted.
“It’s a result of unchanged prices between quiet and busy seasons. We invested more in the busy season but made profits no more than usual,” it said.
Some 500 million parcels are expected to be sent from November 11 to 16, — up 50 percent from last year.
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