NEW YORK, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Veho, the post-purchase experience company that is revolutionizing package delivery and returns for the modern economy, today announced record business growth as demand among brands for a seamless delivery and returns experience continues to accelerate. Throughout 2022, Veho remained the highest-performing last-mile logistics platform company in the U.S. by a large margin. Veho’s digital logistics platform continues to enable shippers to secure on-time delivery (OTD) north of 99% with a 4.8/5 customer satisfaction score—and that performance remained almost unchanged during the holiday season. In contrast, UPS reported 96.6% OTD, USPS 95.8% OTD, and FedEx 95.3% OTD.
Looking back at a 2022 market where many legacy shipping giants increased fees by a remarkable 5.9% or more, Veho is quickly emerging as the go-to logistics partner for e-commerce brands in 2023. Over the last year, Veho grew its annual revenue by nearly 200% and expanded to 32 markets, doubling the number of cities in which it operates. Veho also more than doubled its client base, bringing Fortune 100 retailers into its roster.
What’s more, Veho scaled its Doorstep Returns program by 2,800%, significantly grew its network across the country, and vastly improved its products and tech. During the holiday shopping rush of 2022, many brands shortened their returns policies in reaction to the economic downturn. Veho, on the other hand, is doubling down on returns as a major factor in customer lifetime value (LTV), and how important this is to future-proofing retail businesses. Now with customers making more returns than ever, the seamless returns experience that Veho enables is becoming a differentiator for e-commerce brands to attract and retain customers.
“In the last year, brands have grappled with cutting costs in the right places — and many have made these decisions at the expense of customer satisfaction. But with innovative post-purchase models like Veho, it doesn’t have to be an either-or decision,” said Itamar Zur, co-founder and CEO of Veho. “We continue to see incredible momentum and demand for seamless next-day delivery and returns, priming post-purchase to be the next big frontier for retailers in 2023. Veho is perfectly poised to own that space as last-mile logistics remains a key area of focus and investment across the market.”
Much of Veho’s success comes from the fact that the company has carved out a new logistics model that is entirely different from that of legacy carriers like UPS and FedEx. Because Veho’s digital logistics platform connects shippers with crowdsourced driver-partners, the platform can scale up and down with demand, enabling brands to secure on-time delivery without additional fees and charges. To meet ongoing demand and support the company’s growth strategy, Veho brought on former Google executive Brian McDevitt as Chief Revenue Officer and former Amazon executives Eric Swanson and Bimal Patel as Chief Commercial Officer and SVP, Supply Chain/Logistics, respectively. The company also recently announced former Kraft Heinz executive Yifeng Wang as Chief Financial Officer and former Axios CPO Dominique Taylor as Chief People Officer, along with kicking off a partnership with premium shipping platform Shipium.
Looking ahead to 2023, Veho will continue to scale its business and reimagine the post-purchase experience. The company’s long-term vision is to reinvent shopping by completely removing the friction from shipping and turning shipping into a lever to build customer loyalty and customer lifetime value for e-commerce brands.
“Right now, Veho is focused on expanding within key verticals and markets to continue our upward trajectory. To make this happen, we’re investing heavily in operational efficiency, technology advancements, and communications support,” said Zur. “We’re also working with an ever-expanding list of clients and partners to truly elevate brands’ customer experience and loyalty at ‘The Moment of Truth,’ which is when a customer receives or returns a package with Veho.”
Founded in 2016, Veho now operates in 32 markets and serves major brands such as Rent the Runway, HelloFresh, Misfits Market and Nespresso. To learn more about Veho, please visit: https://shipveho.com/.
About Veho
Veho is a post-purchase experience company. Through its tech-powered digital logistics platform, Veho is revolutionizing package delivery for the modern economy. Veho powers fast, transparent and personalized next-day delivery and returns for e-commerce companies so they can increase customer satisfaction and drive customer lifetime value. Veho’s premium experience is built on live customer communication, in-market warehouse locations and a dynamic marketplace to seamlessly match demand for deliveries with last-mile crowdsourced driver-partners. Veho provides e-commerce brands with an end-to-end, customer-centric solution that makes delivery their competitive edge. Learn more at ShipVeho.com.
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