Retail giant Amazon announced Monday that it will open its supply chain networks to other businesses as part of its new Amazon Supply Chain Services.

The new service, called Amazon Supply Chain Services, pits the e-commerce giant directly against UPS and FedEx.

Amazon will allow companies across industries, such as retail, healthcare and manufacturing, to use its supply chain network.

UPS and FedEx stocks sank Monday after Amazon announced it was opening up its supply chain network to outside companies.

Retail giant Amazon announced Monday that it will open its supply chain networks to other businesses as part of its new Amazon Supply Chain Services.