Say what you’ll about Africa’s macroeconomic situations and buyer spending energy, however everybody loves Black Friday deal, and e-commerce large Jumia understands this. Throughout its 2024 month-long Black Friday marketing campaign, which noticed 20%-70% reductions on telephones, style, and way of life gadgets, the corporate generated 2.6 million orders. It’s an 18% enchancment on its 2023 Black Friday marketing campaign. 

That development occurred although Jumia now operates in 9 markets, two fewer than in 2023. 

1.8 million Jumia prospects participated on this yr’s Black Friday—9% greater than in 2023. Jumia says it distributed “over a million catalogues and 1000’s of group radio campaigns to succeed in new and present prospects.”

Whereas the corporate didn’t disclose the worth of these orders, it’s a constructive enhance after a 3rd quarter during which order worth—$162.9 million— remained largely flat. 

“Now we have the suitable technique and the suitable staff in place to drive e-commerce adoption and serve the rising African client base whereas transferring in the direction of worthwhile development,” Jumia CEO Francis Dufay informed traders in an SEC submitting. The corporate’s share worth spiked briefly to round $12 in July however has since settled at round $3.98 per share. 

But, it’s arduous to disregard the elephant within the room: foreign money devaluation. Egypt and Nigeria, two of Jumia’s key markets have skilled devaluation and volatility previously yr, forcing a necessity for aggressive development if it’s the corporate is to develop in USD phrases.  

“GMV, on a relentless foreign money foundation, elevated 33% year-over-year,” Jumia’s submitting famous. However in reported foreign money, it solely elevated by 2%.