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PUDO grows its network of parcel counter locations in the US by 25% over the last few months

The Toronto-based logistics firm said it is activating multiple new counters, known as PUDOpoints, daily for nine consecutive weeks in major US cities

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PUDO’s network of PUDOpoint counters provides hosted and carrier-neutral parcel pick-up, drop-off and returns in convenient locations

PUDO Inc (CSE:PUDO) (OTCQB:PDPTF) has expanded its network of package pickup and drop-off points in the US by 25% since the beginning of June, it reported on Thursday.

The Toronto-based logistics firm said it is activating multiple new counters, known as PUDOpoints, daily for nine consecutive weeks in major US cities.

"We are now navigating that perfect storm of crisis and opportunity that we've been predicting for these past five years as we optimized our business model," PUDO CEO Frank Coccia said in a statement.

READ: PUDO reports 46% revenue increase as the parcel logistics company adds a batch of new services

"Pilot projects with major partners proved that our PUDOpoint counters network can effectively and drastically reduce so-called last-mile gridlock, and help couriers and online retailers bring the costs of B2C shipping (to residential addresses) into lockstep with B2B shipping (to business/commercial addresses)," the CEO added.

Last-mile gridlock can occur with B2C deliveries when the recipient is not home to answer the door (known as failed first attempt or FFA deliveries), and unattended parcel theft.

PUDO’s network of PUDOpoint counters provides hosted and carrier-neutral parcel pick-up, drop-off and returns in convenient locations throughout North America. Partners save money per parcel and PUDO earns revenue per parcel.

"It has taken some time to build a critical mass of partners, counters, and consumer members, but we are indeed now starting to see PUDOpoint counter locations in the online checkouts of our online retailer partners,” Coccia added.

“(We) are also seeing a steady increase in the number of bulk FFA re-directs going straight to community-based PUDOpoint counters associated with specific routes rather than make the long trip back to regional courier depots for re-scanning and re-integration.”

Multibillion-dollar industry

According to PUDO, North America's retail e-commerce sector is valued at $827 billion and door-dropped parcel theft costs retailers nearly $6 billion in total.

"E-commerce was an unstoppable train before the COVID-19 pandemic forced millions of traditional bricks and mortar shoppers to try and fall in love with the convenience of online shopping,” Coccia told investors. 

“As North America's only and largest carrier-neutral parcel pick-up and drop-off network built specifically for e-commerce, we are most definitely or soon will be in all of the right places at the right time.”

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 2.1 CAD

CSE:PDO
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