FedEx operates a global package delivery and logistics network, moving express air freight, ground parcels and freight shipments for businesses and consumers around the world. Its express air network, built around a hub-and-spoke system centered on Memphis, historically differentiated FedEx by offering faster delivery guarantees than ground-based competitors, though the growth of e-commerce has shifted more volume toward slower, cheaper ground shipping. FedEx has spent recent years consolidating its previously separate Express, Ground and Services operating companies into a single integrated network, aiming to cut costs by eliminating duplicated infrastructure. The company's volumes and pricing power are closely tied to overall consumer spending and industrial activity, since package delivery demand rises and falls with how much merchandise and freight businesses and consumers are moving.