For Fedex AND UPS alike, the business has to evolve, constantly change and transform, what worked last decade/a year ago may not work today.
I sincerely hope both Fedex and UPS are doing enough behind the scenes to evolve the business, account for the Amazon (and others) threat.
One example that comes to mind is the comments made by UPS management during earnings call (simply pointing out an example, this is not Fedex vs UPS because I hope both of our companies thrive for decades to come). They stated 2019 will be a big year for improving/increasing margins due to I believe 80% of the sorting being done automated. Unfortunately I take this to mean machines will replace manual labor which reduces costs. One example where automation helps the bottom line. So when Amazon becomes a more direct competitor, maybe UPS (and Fedex) can be a bit more aggresive on pricing to better compete without compromising margins.
Competition is healthy, and a business needs to evolve or it will perish. I hope for all our sakes Fedex and UPS are doing/will do enough to evolve/transform. One thing is completely clear. Standing still, relying on what you have been doing in the past is NOT AN OPTION!!