Sometimes it can be confusing to keep track of who does what in this postal world. The U.S. Postal Service has a wide range of stakeholders, including a few entities with oversight responsibilities. We, the Office of Inspector General (OIG), are one of those entities.
Here’s a question: What percentage of America’s 30 million companies export?
With global ecommerce topping $1.3 trillion last year, we would understand if you picked the top choice. The answer, however, is 1 percent – considerably lower than all other developed countries – according to the Department of Commerce. And of U.S. companies that do export, 58 percent export to only one country, usually Canada or Mexico.
The U.S. Postal Service is best known for delivering the mail. But did you know it’s also the number one seller of the most widely used type of alternative financial service in the United States? We’re talking about money orders, which function like prepaid checks. The Postal Service sold a whopping 97 million of them with a face value of $21 billion in fiscal year 2014.
With all those designer shoes, cutting-edge electronics, and trendy toys shipping into our homes via ecommerce, it’s only logical that sometimes the shoes won’t fit, the electronics won’t work, and the kids will have already moved on to the next hot toy.
The bottom line is that some of the stuff we buy needs to be returned. And that’s known as reverse logistics.
The story goes that Alibaba founder Jack Ma chose his company’s name for two reasons: He wanted to be ahead of Amazon alphabetically and he wanted a global-sounding name. It didn’t hurt that some people also associated the word Alibaba with “hidden treasure” – recalling the most famous story from The Arabian Nights.
Alibaba is China’s giant ecommerce platform that is now taking on the globe. Its September 2014 initial public offering in the United States was the largest ever, and Ma has signaled his interest in expanding here.