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Jumia- The 'Ecommerce Unicorn' of Africa
An Insight into African DemographicsAfrica comprises 15% of the total population in the world with nearly one billion people. The ‘medium projections’ by the United Nations hint at a population rise of 1.6 billion by 2030 and 2.7 billion by 2050 (that will account for more than a quarter of the total population in the world). This can be associated with massive urbanisation, widespread employment opportunities and higher disposable income by the masses that is congenial for growth of Ecommerce industry in the continent. As such, Jumia having started from a low-key, has by now established itself as the ‘Amazon of Africa’ in a matter of just 3 years.
What is special about Jumia?Jumia, at the vanguard of Ecommerce in Africa, is based on a business model that takes the challenges faced by the continent into account. The reasons why Jumia stands out as one of the best international online marketplaces for sellers worldwide can be listed as following:
- Africa’s first ‘Unicorn’: Jumia is Africa’s first ‘Unicorn’ being the sole tech-venture that is bubbling to the billion-dollar demarcation. It is a highly substantive and symbolic marketplace. With a lot of in-depth knowledge about the local markets, Jumia has established its foothold in Africa like none of its competitors.
- Total market value: With nearly $326 million funding by investors like Goldman Sachs, MTN and AXA, Jumia has affirmed $1 billion as its current market value.
- Outreach: The marketplace has an extensive reach across 23 nations. It mainly operates in countries like Algeria, Cameroon, Angola, Ethiopia, Ivory Coast, Ghana, Nigeria, Kenya, Morocco, Tanzania, Senegal, Zamibia, Uganda and so on.
- Closest Competitors: If Jumia’s immediate competition in Africa needs to be studied, Konga, Kilimall, Rupu etc. are the names worth mentioning. Though these marketplaces may be smaller than Jumia in market value, the outreach is almost the same.
- Visibility: Nearly 4,500,000+ monthly visits are accounted on Jumia’s official website. This itself depicts the undeniable visibility that the platform has to its name and why sellers wish to be an active part of this platform.
- Large Product Chest: Jumia offers a large variety of product categories in its catalogue that customers can conveniently choose from. The best-selling product categories are Electronics, Clothing, Jewelleries, Accessories, Health & Beauty and others.
- Digital Penetration: A noteworthy 1,300,000+ mobile apps of the site have been downloaded so far. Also, a fan following of nearly 1,300,000+ people on social media re-establishes the widespread popularity of the platform.
- Satisfied Customers: 9 out of every 10 customers using Jumia report to be satisfied accessing the platform and the products that are outsourced. More the number of happier customers, higher the chances of product sales and net profitability for sellers.