FedEx Corp. (NYSE: FDX) and Walgreens Boots Alliance Inc. (NASDAQ: WBA) made a huge announcement on Tuesday that will make it easier for customers to drop off returns at thousands of Walgreens across the United States.
These Walgreens locations will implement FedEx Returns Technology. The rollout will begin in early November, before the peak holiday season.
One new feature of this service will let customers print their return shipping label in a store. Also, any e-tailer using the FedEx Returns Technology platform can send their customer a return code via email that can be taken to a participating Walgreens location. From there, a store associate will print a return label in-store, eliminating the need for the customer to print a label at home and the need for merchants to print and include a return label in every package.
Walgreens is part of the FedEx retail convenience network, which currently offers FedEx pickup and drop-off services at nearly 14,000 retail locations.
Ryan P. Kelly, vice president of Global E-Commerce Marketing of FedEx Services, commented:
With the volume of e-commerce returns growing rapidly, it’s essential that retailers have an easy returns process that meets the expectations of today’s shoppers and carefully minds the growing costs. Shoppers prefer to take their online returns to a physical location, so by expanding FedEx Returns Technology to our broader convenience network with Walgreens, we’re enabling merchants and e-tailers to offer more locations for their customers to bring their returns.
Shares of FedEx traded down over 1% on Tuesday, at $140.02 in a 52-week range of $138.59 to $234.75. The consensus price target is $166.38.
Walgreens traded down 0.6% to $52.44 a share, in a 52-week range of $49.03 to $86.31. The consensus price target is $57.29.