What you think of Africa’s macroeconomic situation and consumer spending power, e-commerce behemoth Jumia knows that everyone enjoys a good Black Friday bargain. The company’s 2024 Black Friday campaign, which featured 20%–70% off phones, fashion, and lifestyle items, generated 2.6 million orders, an 18% increase over its 2023 Black Friday campaign.
Even though Jumia presently serves nine markets—two fewer than in 2023—that increase still occurred.
1.8 million Jumia customers participated in this year’s Black Friday—9% more than in 2023. The online shopping store says it distributed “over one million catalogues and thousands of community radio campaigns to reach new and existing customers.”
While the company did not disclose the value of those orders, it’s a positive boost after a third quarter in which order value—$162.9 million— remained largely flat.
“We have the right strategy and the right team in place to drive e-commerce adoption and serve the growing African consumer base while moving towards profitable growth,” Jumia CEO Francis Dufay told investors in an SEC filing. The company’s share price spiked briefly to around $12 in July but has since settled at around $3.98 per share.
Yet, it’s hard to ignore the elephant in the room: currency devaluation. Egypt and Nigeria, two of Jumia’s key markets have experienced devaluation and volatility in the past year, forcing a need for aggressive growth if it’s the company is to grow in USD terms.
“GMV, on a constant currency basis, increased 33% year-over-year,” Jumia’s filing noted. But in reported currency, it only increased by 2%.
