(Yicai Global) Oct. 12 -- Chinese courier YTO Express Co. [SHA:600233] has announced price increases just days after its competitors ZTO Express Co. [NYSE:ZTO] and Yunda Holding Co. [SHE:002120].
The price hike began yesterday, when YTO posted online that it would bump up the price of sending a package of up to one kilogram by CNY0.3 (USD0.045) per parcel, and that of heavier packages by CNY0.3 per kilogram, Chinese news outlet The Paper reported today.
The firm upped its prices in order to “ensure smooth operation” of YTO’s entire courier network, guarantee quality service during peak season and offer improved customer experience.
ZTO Express upped prices on Oct. 10, citing a rise in transport, labor and raw material costs across the industry. ZTO also said the price rise would help it ensure quality of service and protect customer interests. Specific prices can be found by consulting local outlets, it said.
Yunda did the same the next day, saying increasing the price would promote development of the courier industry and help continuously improve service quality and efficient deliveries. The company also listed manpower, materials and operation costs as reasons for the hike. Customers can consult local branches for specific price adjustments.
The price hikes come just a month before Singles’ Day, China’s biggest online shopping festival, which takes place on Nov. 11 every year.