Regardless of the macroeconomic conditions in Africa, the allure of a good Black Friday deal is universal, and Jumia capitalized on this during its month-long 2024 Black Friday campaign. The campaign offered discounts ranging from 20% to 70% on phones, fashion, and lifestyle items, resulting in 2.6 million orders, marking an 18% increase from the previous year.
Interestingly, Jumia managed to achieve this growth even though it operated in two fewer markets compared to 2023.
This year, 1.8 million customers engaged in the Black Friday event, a 9% rise from the previous year. Jumia attributed this success to distributing over one million catalogues and launching numerous community radio campaigns to reach both new and existing customers.
While the exact value of the orders was not disclosed, this performance was a positive outcome following a flat third-quarter order value of $162.9 million. Jumia’s CEO expressed confidence in the company’s strategy and team, aiming to drive e-commerce adoption and cater to the expanding African consumer base for sustainable growth.
Despite this progress, currency devaluation in key markets like Egypt and Nigeria poses challenges, prompting the need for aggressive growth to ensure positive growth in USD terms.
According to Jumia’s filing, Gross Merchandise Value (GMV) increased by 33% year-over-year on a constant currency basis, while in reported currency, it saw a 2% increase.