111 Launches Overseas Direct Delivery Service to Address Global Shortage
111, Inc. (Nasdaq: YI) announced Monday that it has launched an Overseas Direct Delivery service, aiming to address the global shortage of personal protective equipment need to stop Covid-19.
The online and offline healthcare platform said in a statement today that the new service provides "direct" delivery of masks, disposable gloves, protective gowns, and other safety-related equipment. Also, users will have the ability to access 111's service through flagship stores it has on e-commerce giant's websites including Amazon.com, Inc. (Nasdaq: AMZN), and Alibaba Group Holding Ltd.'s (NYSE: BABA) AliExpress.com.
The delivery service will be available in more than 200 countries covering five continents. That includes some of the hardest-hit countries by the pandemic such as the US, Italy, Spain, and Japan.
"111 has set up a team to manage outbound shipping, tracking, and delivery services for international orders," Pengcheng Zhu, the Co-Chief Operating Officer of 111, said in a statement today.
He added, "To ensure smooth delivery of our orders, we select and work with different logistics service providers who have import trading expertise in their respective countries."
In addition, 111 has established a pandemic command center and formed a strategic procurement team focused on purchasing and storing essential medical materials from Switzerland, New Zealand, Brazil, Ireland, South Korea, and other nations.
In early trading Monday, the stock in 111 slipped nearly 2% to $7.09 per American depositary share. The stock is now on pace to post a three-day losing streak. However, shares of the company are up 15% year-to-date.
Based in Shanghai, 111 connects its "hundreds of millions" of consumers to its pharmaceutical products and healthcare services. The company provides its services through its e-commerce pharmacy and indirectly through its offline pharmacy network. According to 111, it has partnerships with logistic and delivery giants including the United Parcel Service, Inc., (NYSE: UPS) and FedEx Corp. (NYSE: FDX)
Going forward, 111 will monitor global developments of the Covid-19 and will prepare to implement additional measures.