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Kelley Blue Book Report: New-Vehicle Prices Climb in November, While Higher Incentives Continue to Entice Buyers

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New-vehicle prices in November were higher year over year for the second straight month, as vehicle costs reached $48,724.Incentive spending jumped to 8.0% of the average transaction price in November, an increase from 7.8% in October. Incentive spending has increased for five consecutive months as new-vehicle inventory builds.New-vehicle sales surprised to the upside in November, as pent-up demand and improving consumer sentiment drove the market.

ATLANTA, Dec. 11, 2024 /PRNewswire/ — New-vehicle prices in November climbed higher year over year for the second straight month, according to data from Kelley Blue Book released today. Last month, the average transaction price (ATP) for a new vehicle was $48,724, an increase of $699, or 1.5%, from November 2023. The November ATP was also higher by $720 compared to the downwardly revised ATP in October of $48,004.  

New-vehicle inventory at the start of November was above 3 million units for the first time since 2020, providing new-vehicle shoppers with excellent buying opportunities. And buy they did. Despite higher prices, sales last month topped 1.36 million units, according to Kelley Blue Book, and delivered a seasonally adjusted annual rate (SAAR) of sales of 16.5 million, the best sales pace since the spring of 2021.

“Higher prices were met with higher discounts in November, which has kept the retail business moving,” said Cox Automotive Executive Analyst Erin Keating. “Following the national election, pent-up demand and some improvements in consumer confidence seem to be driving the market. And higher incentives are certainly helping as well.”

Sales incentives for new vehicles in November averaged 8.0% of ATP, up from 7.8% in October. Incentives have now increased for five straight months. One year ago, in November 2023, incentive spending was equal to 5.3% of ATP. Incentives last month were higher by more than 50% year over year (approximately $1,300), while vehicle prices increased by only 1.5% (approximately $700), helping improve affordability and likely boosting vehicle sales.

Transaction prices in November, at $48,724, were at the highest point of 2024 and are up 2.3% since January. In any given year, vehicle transaction prices typically peak in December. ATPs reached an all-time high of $49,926 in December 2022. Last December, the Kelley Blue Book ATP estimate was $49,023, the highest ATP of 2023.

“The end of the year typically sees an increase in transaction prices, as luxury sales pick up as the year winds down,” added Keating. “If sales volumes in November are any indication, we think 2024 will end on a positive note for the auto business. Yes, prices are trending higher year over year, but higher incentives and discounts are bringing in buyers.”

New-Vehicle Incentives Vary Widely
While the average new-vehicle incentives in November were equal to 8.0% of the ATP, the amount of discounting in the market varied widely across the many brands, with a majority exceeding the industry average. Of the mainstream brands tracked by Kelley Blue Book, 14 posted incentive spending below the industry average in November, with Porsche, Land Rover, Toyota and GMC continuing to offer some of the lowest incentive levels in the market. Last month, Porsche’s incentive spending per vehicle averaged just 2.9% of the vehicle transaction price, which was over $115,000 last month for the German sports car brand.

Meanwhile, 20 brands had above-average incentive spending in November, with 11 of the 20 spending above 10% of ATP. Volkswagen, Ram, Audi and Nissan were a few of the market’s most generous brands in terms of incentive spending in November.

Segments with the lowest incentive spending last month were High-Performance Cars, Compact Cars and Small/Midsize Pickups. On the high side, according to the latest Kelley Blue Book report, were Luxury Cars, Full-Size Pickups and Compact SUVs.

The Compact SUVs segment, which accounts for nearly 1-in-5 new-vehicle sales in the U.S. market, continues to be the most popular and competitive segment in the U.S. market. More than 20 excellent models are competing in the segment, and the average price for a new Compact SUV in November was $36,858, higher year over year by 1% but lower than the industry average by more than 30%. Last month, incentive spending in the Compact SUV segment was 10.2% of ATP, a jump from 9.4% in October and an indication of the competitiveness of the popular Compact SUV segment. Only the High-End Luxury Cars segment (BMW 7-Series, Mercedes S-Class, Lexus LS, etc.) had higher incentives, at 11.6% of ATP.  

EV Incentive Climb Higher, Prices Fall from October
New electric vehicle sales were also strong in November, with initial estimates suggesting that November volume in the U.S. market was the second-best ever, behind only August 2024. And the story is likely similar to the broader market – higher incentives are helping.

In November, Kelley Blue Book estimates show that the average transaction price for a new EV was $55,105, a decrease of 1.8% from the downwardly revised October price. EV prices last month were lower year over year by 3.8%. Incentive spending on EVs jumped, reaching 14.9% of ATP, the highest level since the pandemic and an increase from the upwardly revised 14.6% in October. At 14.9% of ATP, the typical incentive package last month for a new EV exceeded $8,200, which includes, when applicable, point-of-sale government-backed incentives.

“We have said consistently that 2024 will be the ‘Year of More’ for electric vehicles,” added Keating. “There are certainly more incentives being offered. EVs right now are the best deals in the market.”

Data tables are available for download.

About Kelley Blue Book 
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry for nearly a century. As the industry standard for generations, Kelley Blue Book provides transparent, objective information and data-driven, innovative tools for consumers, automotive dealers and manufacturers. Kelley Blue Book publishes millions of market-reflective values weekly on its top-rated website KBB.com, from its famous Blue Book® Trade-In Values to the Kelley Blue Book® Price Advisor tool, which offers a range for what consumers reasonably can expect to pay for a vehicle in their area. KBB.com editors rate and review hundreds of new vehicles each year to help consumers understand the Best Cars and Best SUVs to meet their needs. Kelley Blue BookSM Instant Cash Offer provides a redeemable trade-in offer to transaction-ready consumers and conveniently connects them to local participating dealers. Kelley Blue Book’s Service Advisor provides guidance on how much to pay for service and repairs, allowing consumers to schedule service with local dealers on KBB.com. Kelley Blue Book also provides vehicle values to finance and insurance companies as well as governmental agencies. Kelley Blue Book is a Cox Automotive brand.

About Cox Automotive
Cox Automotive is the world’s largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, auto manufacturers, dealers, lenders and fleets. The company has 29,000+ employees on five continents and a portfolio of industry-leading brands that include Autotrader®, Kelley Blue Book®, Manheim®, vAuto®, Dealertrack®, NextGear Capital™, CentralDispatch® and FleetNet America®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on X, CoxAutoInc on Facebook or Cox-Automotive-Inc on LinkedIn.  

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Agoda’s 2025 Travel Calendar: A Month-by-Month Guide to Asia

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January 13, 2025

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SINGAPORE, Jan. 13, 2025 /PRNewswire/ — Digital travel platform Agoda has unveiled a list of destinations in Asia for each month of 2025, providing travelers with a month-by-month guide to the continent’s seasonal attractions, cultural highlights, and unique experiences.

The monthly travel guide suggests different places and cultures throughout the year, based on perfect times to visit. From the peaceful charm of Luang Prabang in January to the lively Diwali celebrations in Jaipur come October, Agoda’s selection offers a diverse range of experiences for every traveler.

Andrew Smith, Senior Vice President, Supply at Agoda, shared, “At Agoda, we love helping people explore the world for less. We believe travel should be accessible and inspiring, and this guide is designed to help travelers discover the magic of Asia every month, all year round. With Agoda’s easy-to-use platform, uncovering Asia’s incredible diversity and beauty has never been easier.”

Agoda’s 12 Destinations in Asia to Visit in 2025 are:

January: Luang Prabang, Laos

Discover the charm of Luang Prabang with its blend of traditional Lao and French colonial architecture. Enjoy the cool, dry weather perfect for exploring temples and the surrounding natural beauty.

February: Maldives

This tropical paradise boasts pristine beaches, luxurious overwater villas, and world-class diving with excellent visibility. February’s dry season offers clear skies, warm temperatures, and calm seas.

March: Kanazawa, Japan
Experience the beauty of cherry blossoms in Kanazawa, where traditional gardens and historic districts offer a picturesque backdrop. The mild spring weather is ideal for exploring this cultural gem.

April: Cebu, Philippines

Sunny weather and clear waters make it perfect for island-hopping to spots like Kawasan Falls and Moalboal. Visitors can also enjoy white-sand beaches, lively marine life, and the city’s rich cultural heritage.

May: Da Nang, Vietnam

Pleasant weather and fewer crowds make it ideal for relaxing on sandy beaches or exploring the Marble Mountains. Nearby Hoi An offers charming lantern-lit streets and a peaceful riverside ambiance.

June: Chengdu, China

Known for its lively culture and delicious cuisine, Chengdu offers travelers the chance to explore the famous Research Base of Giant Panda Breeding and enjoy the city’s renowned spicy Sichuan dishes. June’s pleasant weather makes it an ideal time to visit.

July: Tioman Island, Malaysia

Crystal-clear waters and lively coral reefs make it a diver’s paradise during this month. The island also offers pristine beaches and lush rainforests for nature lovers.

August: Bali, Indonesia

Enjoy Bali’s dry season with its beaches, temples, and landscapes. Visit Uluwatu Temple, explore Ubud’s rice terraces, and snorkel in Nusa Penida.

September: Kathmandu, Nepal

Explore Nepal during its post-monsoon season. Visit Durbar Square, trek in the Kathmandu Valley, and enjoy views of the Himalayas.

October: Jaipur, India

Celebrate Diwali in the Pink City. Historic landmarks like Amber Fort and Hawa Mahal add to the city’s cultural charm.

November: Siem Reap, Cambodia

Explore Angkor Wat during Cambodia’s cool season. Witness the sunrise over the temple complex, visit Bayon Temple, and experience the Old Market.

December: Bangkok, Thailand

End the year in Asia’s most popular Christmas destination, according to Agoda’s 2024 Christmas rank. Admire the dazzling Christmas lights at the city’s many shopping malls and ring in the New Year with spectacular fireworks along the Chao Phraya River.

Agoda offers over 5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, making it easy for travelers to explore Asia’s best destinations all year round. For more information, visit Agoda.com or download the Agoda mobile app.

–END–

 

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Cornerstone Robotics Raises over US$70 million Funding to Forge Accessibility in Robotic Surgery

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January 13, 2025

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Funding from leading investors to accelerate R&D and international expansion to make robotic surgery solutions accessible to more

HONG KONG, Jan. 13, 2025 /PRNewswire/ — Cornerstone Robotics (the “Company”), a leading global innovator in surgical robotics, today announced that it has successfully raised over US$70 million in Series C financing led by EQT with participation from Qiming Venture Partners, Alpha JWC Ventures, the Innovation and Technology Venture Fund, eGarden Ventures, CTS Funds, K2VC, Long-Z Capital, etc.

This funding will accelerate the Company’s efforts in advancing the commercialization process, developing new surgical robotics products, conducting clinical trials, obtaining regulatory approvals, and promoting global adoption of advanced robotic surgical solutions.

In addition to receiving funding from a group of prominent investors, the Company headquartered in Hong Kong and the Greater Bay Area, also received investment from the Innovation and Technology Venture Fund under the Innovation and Technology Commission of the Hong Kong Special Administrative Region Government. The endorsement underscores confidence for Cornerstone Robotics’ product innovation and global commercialization capabilities. This backing will further enable the Company to expand into key geographies, including countries in Europe, Southeast Asia and across global markets.

Since its establishment in September 2019, Cornerstone Robotics has aimed to revolutionize healthcare by making advanced surgical systems accessible globally. Through in-house R&D and vertical supply chain integration, Cornerstone Robotics delivers high-quality performance at competitive prices, enabling partnerships with leading medical centers in mainland China, Hong Kong, and Europe, including the Faculty of Medicine of the Chinese University of Hong Kong, and Chinese University of Hong Kong-Shenzhen Medicine. The Company’s successful clinical trials in multiple specialties – including urology, general surgery, gynecology and thoracic surgeries – have built a solid foundation for international expansion.

In September 2024, Cornerstone Robotics achieved a significant milestone when it obtained the National Medical Products Administration (NMPA) approval in China for “Sentire”, its pioneering Endoscopic Surgical System. Additionally in 2024, Cornerstone Robotics established a site in the UK. This collaboration aims to foster cutting-edge innovation, support advanced research, and enhance the Company’s ability to serve patients in Europe and across global markets.

Professor Samuel Au, founder and CEO of Cornerstone Robotics, stated, “Cornerstone Robotics experienced several pivotal milestones over the past year. We are deeply grateful to our shareholders for their trust and support. This milestone is not only a recognition of our team’s efforts in translating surgical robotics innovations into practical applications but also a testament to our commitment to long-term, high-quality development. ‘Building the cornerstone of surgical robotics industry’ has been our aspiration since we began in 2019. After five years of efforts, we have achieved independent R&D and manufacturing, also received recognition from the NMPA in 2024. Moving forward, our team will continue to innovate, expand global markets, advance international certifications, and collaborate with more partners to create value for the intelligent healthcare industry and contribute to a better future for humanity.”

Excerpts from Investment Institutions’ Remarks

[EQT]

Clara Ho and Gordon Shaw, Partners in the EQT Private Capital Asia advisory team, said, “Globally, there is an urgent need to make high-quality robot-assisted surgical care accessible to patients, yet few companies have the capability to deliver the level of safety, precision, and rigor required for these critical procedures. Cornerstone Robotics stands out as a leader in this space, combining cutting-edge medical robotics with a focus on expanding access to care. EQT is proud to support Cornerstone Robotics by leveraging our deep expertise in healthcare, technology, and life sciences to help advance their mission of providing innovative and cost-effective surgical solutions to patients worldwide.”

[Qiming Venture Partners]

William Hu, Managing Partner of Qiming Venture Partners, said, “The development and clinical application of surgical robots continue to drive improved treatment outcomes. Since Qiming Venture Partners’ investment in Cornerstone Robotics, we have observed steady enhancements in the company’s product performance and the continuous growth of its team. We believe Cornerstone Robotics is well-positioned to deliver increasingly competitive products and greater clinical value to customers worldwide. We are delighted to continue our investment and support as we work together toward new milestones.”

[Alpha JWC Ventures]

Jefrey Joe, General Partner Alpha JWC Ventures, said, “Alpha JWC Ventures is excited to partner with Cornerstone Robotics in their journey to expand into Southeast Asia. We believe their innovative approach to surgical robotics aligns with the growing needs and opportunities in the healthcare sector. We are committed to supporting their growth and success to bring the highest standards of healthcare in the region.”

The financial advisor to the Company is UBS.

About Cornerstone Robotics

Cornerstone Robotics (CSR) is dedicated to delivering accessible surgical systems that allow patients around the world to benefit from the highest standards of care. Our first-generation Endoscopic Surgical System is developed entirely in-house and has received approval by China’s National Medical Products Administration (NMPA). With multiple manufacturing facilities established in Greater Bay Area and corresponding supply chain support, we offer safe and accessible surgical robots to the world.

To find out more information, please visit our website at https://www.csrbtx.com/en/ .

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, X, YouTube and Instagram

About Qiming Venture Partners

Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companies in the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.

Since our debut, we have backed over 580 fast-growing and innovative companies. Over 210 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 80 portfolio companies that have achieved unicorn or super unicorn status.

About Alpha JWC Ventures

Alpha JWC Ventures is an early to growth-stage Southeast Asian venture capital firm. Its debut fund was launched in 2015 as Indonesia’s first independent and institutional early-stage venture capital fund. Over the years, Alpha JWC has established a strong reputation and clear positioning in the market as the leading venture capital firm with one of the region’s largest on-the-ground teams and a global network. The firm currently manages around US$ 650 million AUM – the largest early-stage fund in Southeast Asia – and 80+ active portfolio companies across Southeast Asia.

For more information, please visit https://www.alphajwc.com.

About Innovation and Technology Venture Fund

Innovation and Technology Venture Fund (ITVF), under the Innovation and Technology Commission of the Hong Kong Special Administrative Region Government, co-invests with venture capital funds selected as ITVF’s co-investment partners (CPs) at a matching ratio of approximately 1 (ITVF): 2 (CP) in eligible local innovation and technology (I&T) start-ups to enrich the local I&T ecosystem.  The ITVF enhanced scheme has been also launched to invest in start-ups of strategic industries.

To find out more information, please visit the website at https://www.itf.gov.hk/l-eng/ITVF.asp

About eGarden Ventures

eGarden Ventures is a venture capital firm specializing in early growth-stage companies within emerging sectors. We are committed to supporting dedicated startup founders, providing not only financial investment but also strategic resources and guidance to help businesses thrive post-investment.

About CTS Capital

CTS Capital is a multi-stage healthcare and life sciences investment institution. Managed by a team of seasoned professionals with deep insights into the healthcare industry and extensive expertise in private equity, CTS Capital is committed to partnering with exceptional entrepreneurs and scientists, and actively engaging in the growth of its portfolio companies to drive technological and commercial innovations in China’s healthcare sector and the global market.

Guided by a research-driven investment strategy, CTS Capital’s investment focus spans biotechnology, innovative therapeutics, innovative medical devices, precision diagnosis, healthcare services, and other cutting-edge technologies within the broader healthcare landscape.

Since its inception, CTS Capital has invested in several leading companies in their respective sectors, many of which have achieved successful public listing, including United Imaging (688271.SH), SinoCellTech (688520.SH), SinoBiological (301047.SZ), Giant Biogene (02367.HK), and Recbio (02179.HK).

About KV2C

Founded in 2010, K2VC is an early-stage venture capital firm devoted to promoting technology advancement, indutrial upgrade, business model innovation and consumer lifestyle revolution. K2VC manages both RMB and USD funds, with AUM over 10 billion RMB and 700 portfolios companies year to date.

The English name of K2VC, comes from the abbreviation of Mount chhogo ri. K2 is the second highest mountain in the world and known for being the most difficult to climb, which symbolizes the great pursuit of entrepreneurs to surpass themselves and challenge their limits. K2 wishes to be a mountain guide for the entrepreneurs, accompany them in every step of the climb, overcome the difficult and reach the peak.

K2VC manages two funds, K2 Angel Partners and K2 Venture Partners. Besides venture capital investment, K2 also promotes social progress by funding Non-for-profit organizations and social enterprises.

About Long-Z Capital

Founded in 2017, Long-Z Investments focuses on investment in the consumer and technology industries and strives to become an important supporter of top entrepreneurs in these two industries. Rooted in Meituan ecosystem, we boost unique and rich industrial resources and advantages. At present, we have managed three RMB funds and one USD fund, with funds under management exceeding 13 billion yuan. The investors include government-guided funds, the world’s top sovereign funds, pension funds, well-known FOFs, leading enterprises in the consumer industry, internet companies, alumni donation funds and well-known professional institutions. Since establishment eight years ago, we have invested in dozens of member enterprises, including Li Auto, Cornerstone Robotics, ProfoundBio, MIXUE Ice Cream & Tea, Good Me, HEYTEA, Manner Coffee, Moonshot AI, Unitree Robotics, Del Technology, RongSemi, Axera, EcoFlow and SICHAIN, etc.

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Increff Selects Easyship’s Leading Multi-Carrier API To Help Retailers Navigate Global Shipping

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January 13, 2025

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NEW YORK, Jan. 12, 2025 /PRNewswire-PRWeb/ — Easyship, one of the world’s leading multi-carrier shipping platforms, today announced a new partnership with Increff, a merchandising software leader specializing in inventory and warehouse management.

“By integrating Easyship’s best-in-class shipping technology, we are empowering our clients to scale globally with confidence and access 550+ shipping services,” said Kanika Bhalla, CRO of Increff. “This partnership reflects our commitment to equipping retailers with the tools they need.”

This collaboration marks a significant milestone in Increff’s expansion from a domestic technology powerhouse into North America, Europe, and Asia. By leveraging Easyship’s powerful multi-carrier shipping API, Increff’s 700+ global eCommerce clients can now access seamless logistics solutions spanning 220+ destinations worldwide.

Revolutionizing Logistics & Inventory Management

The integration of Easyship’s advanced shipping technology into Increff’s omnichannel Warehouse Management System (WMS) and Ship from Store solutions empowers retailers to:

Save up to 91% off retail prices on shipping labels, significantly reducing operational shipping costs and boosting store profitability.Access to 550+ courier services worldwide, ensuring unparalleled flexibility and control across North America, Europe, and Asia.An advanced courier selection algorithm that optimizes shipments for cost, speed, and reliability, streamlining domestic and international deliveries.

Driving Global Growth for Retailers

“By integrating Easyship’s best-in-class shipping technology, we are empowering our clients to scale globally with confidence and access more than 550 shipping services,” said Kanika Bhalla, CRO of Increff. “This partnership reflects our commitment to equipping retailers with the tools they need to thrive in competitive markets. Together, we are unlocking new revenue streams for our clients while enhancing their operational efficiency and customer satisfaction.”

This strategic collaboration enables Increff to expand its global footprint while meeting the needs of retailers in competitive markets. It combines advanced inventory management, merchandising, and logistics into one seamless solution, ensuring an optimized and efficient experience for global retailers.

Enhanced Value Through Innovation

With Easyship as its preferred global shipping partner, Increff reinforces its mission to deliver intelligent solutions that improve operational efficiency and elevate the customer experience.

“Partnering with Increff enables us to combine our powerful multi-carrier shipping tools with cutting-edge inventory management, creating a seamless experience for retailers looking to expand globally,” said Tommaso Tamburnotti, Co-Founder of Easyship. “This partnership exemplifies the close synergy between effective inventory management and worldwide logistics technology, enabling retailers to grow faster while streamlining their operations.”

Start Saving On Shipping Costs

Retailers already using Increff’s WMS can now access Easyship’s global courier network, enabling faster delivery to locations like the United States and Canada while saving up to 91% on shipping and fulfillment costs. These benefits demonstrate how the partnership addresses critical challenges for retailers expanding their reach and improving their operational workflows.

NRF 2025 Partnership Launch

The program will officially launch at NRF 2025, with full integration and product availability expected later in the year. Retailers can visit the Increff booth at the annual National Retail Federation’s ‘Retail’s Big Show’ expo for live demonstrations of the new partnership’s capabilities.

About Increff

Increff is a leading retail technology company specializing in solving complex inventory management and supply chain challenges for retailers. With AI-powered merchandising and cloud-hosted omnichannel solutions, Increff helps brands optimize inventory, improve sales performance, and make data-driven decisions. The company’s solutions currently serve over 700 global brands across diverse retail categories, from fashion and electronics to consumer packaged goods.

For more information, visit: www.increff.com

About Easyship

Easyship is a global shipping platform that empowers businesses of all sizes to simplify fulfillment, save on shipping costs, and enhance customer delivery experiences. Trusted by tens of thousands of merchants worldwide, Easyship offers retailers access to a global network of over 550 courier services with discounted rates and advanced shipping and productivity tools to compare carriers, print labels, track shipments, and automate pick and pack processes.

For more information, visit: www.easyship.com

Media Contact

Tommaso Tamburnotti, Easyship, 44 44 7724256658, press@easyship.com, https://www.easyship.com/developers

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