As co-CEO, Kene knows how difficult it can be to build and operate an African e-commerce platform, especially when localized digital technological initiatives are involved. During this interview, he shares how he is making a difference by connecting generations of Africans through digital transformation, and how the company is striving to make its products and services more accessible in every region it operates in masstamilan.
Jumia is Africa’s sole tech company listed on the NYSE, and it’s a major player in the continent’s e-commerce landscape. It launched in Nigeria in 2012 and has since expanded to five other countries : Egypt, Morocco, Ivory Coast, Kenya and South Africa. It’s also a key player in the logistics space, as it has a robust network of warehouses and drop-off points across its 11 markets myvuhub.
The e-commerce platform’s unending losses are a major concern for investors, who believe the company is light-years from becoming profitable. However, the company made progress in reducing its loss this year; it reduced its operating loss to $43.2 million from $52.4 million in the same period last year and its adjusted EBITDA losses declined 13% to $45.5 million, according to the latest results teachertn.
In the meantime, it remains a heavily invested company by its largest shareholder, Scottish asset management firm Baillie Gifford, which purchased Jumia’s stock back in 2019 after acquiring it for over $1 billion three years ago. The fund, which has been around for more than 100 years, is known for its early-stage investments in reputable private and public tech companies such as Amazon, Google, Salesforce, Tesla, Airbnb, Spotify, Lyft and Palantir, among others.
Jumia’s leadership shifts this year have helped the company focus on its long-term goal of achieving profitability. It has installed Francis Dufay as acting CEO to replace co-founders Jeremy Hodara and Sacha Poignonnec who stepped down from the role in November of last year. The new management team aims to reduce costs and accelerate growth, according to the company’s third-quarter results pagalsongs.
A major part of this is leveraging the technology Jumia has developed over the years to help it connect more Africans to its goods and services. This includes using machine learning to optimize product delivery times, AI to simplify payments and blockchain to increase security.
It’s also investing in a strong logistics network, which has a presence in over 20 countries and covers every major urban area in the African region. It’s also experimenting with new ways to deliver its goods, such as partnering with modern eco-friendly mobility providers.
Lastly, Jumia is investing in its customer experience, which is the number one priority for any digital business. The company is currently working on a redesigned homepage and a mobile app to improve the shopping experience for customers in each country yareel.
Jumia is focusing on four key categories in order to boost its revenue and gross merchandise value (GMV) — fashion and beauty, electronics, home appliances and food. It’s also seeking to generate new revenues from value-add services that it can offer its vendors and increase the quality of its local supply of goods. It’s also planning to reduce monetization shortcuts it has taken in the past and focus on building a more attractive platform for its third-party sellers to sell on.