{"id":4573,"date":"2022-11-19T11:15:53","date_gmt":"2022-11-19T10:15:53","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=4573"},"modified":"2022-11-19T11:15:56","modified_gmt":"2022-11-19T10:15:56","slug":"jumia-ends-prime-subscriptions-as-q3-report-shows-reduced-losses","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2022\/11\/19\/jumia-ends-prime-subscriptions-as-q3-report-shows-reduced-losses\/","title":{"rendered":"Jumia Ends Prime Subscriptions as Q3 Report Shows Reduced Losses"},"content":{"rendered":"\n
\n

African e-commerce company Jumia reported $50.5 million in revenue for this year\u2019s third quarter with declining operating losses (33%) and increasing gross profit (29%) compared to last year, while active customers and the value of services sold improved marginally. These results come out barely a week after the company\u2019s co-CEOs since 2012 stepped down\u2014<\/em>a move that raised eyebrows in the industry as to the company\u2019s direction.<\/p>\n

The company said the results underscore its march towards profitability and that it will cut services that are out of line with that goal.<\/p>\n

One such service being cut is Jumia Prime, an Amazon Prime-like loyalty program that promised unlimited free delivery<\/a> on all orders. Jumia started it in June 2019 with a pilot in three Nigerian cities at a monthly cost of 2,999 naira ($7), later extending it to Egypt, Kenya, Morocco, C\u00f4te d\u2019Ivoire, Ghana, Uganda, Tunisia, and Senegal. Jumia Prime\u2019s premise was that would-be regular shoppers preferred paying a renewable subscription to being charged varying shipping fees per order.<\/p>\n

But the company now believes online commerce in Africa is \u201ctoo early in the adoption curve\u201d for that product, per its earnings presentation<\/a> (pdf), and will instead focus on understanding how to make customers repeat buyers.<\/p>\n

\n

\u201cOver the past couple of years, we tested the concept of a monthly subscription program offering free delivery to consumers. The results from this experiment, in terms of consumer traction and stickiness, fell short of our targets as the market is probably not yet mature enough, leading us to pause this initiative.\u201d ~ Jumia\u2019s SEC filing, Q3 2022<\/em><\/p>\n<\/blockquote>\n

Axing Prime is a milestone for a new Jumia era: Jeremy Hodara and Sacha Poignonnec, co-CEOs since 2012, stepped down on Nov. 7. An interim chief executive and new management board have been in charge since.<\/p>\n

Jumia will be more realistic about product-market fit <\/strong><\/h2>\n

A presence in 11 countries makes Jumia Africa\u2019s largest online retailer, but the company\u2019s activities will be more constrained going forward. \u201cWe cannot be sharp in our execution if we are spreading ourselves too thin across too many projects,\u201d said Francis Dufay, the acting CEO who joined Jumia in 2014, on an earnings call yesterday (Nov. 17).<\/p>\n

The company will stop offering logistics as a service \u201cin countries where logistics infrastructure is not yet ready to support third-party volumes.\u201d It will be retained in Nigeria, Morocco, and C\u00f4te d\u2019Ivoire.<\/p>\n

The vertical, in addition to advertising<\/a> and marketing, was one of the company\u2019s attempts to make more money by leasing assets to other companies. The advertising bit seems to be going well with revenue from that vertical growing 64% year-on-year.<\/p>\n

Trimming the Dubai team<\/strong><\/h2>\n

Apart from cutting products, Jumia\u2019s filing to the US Securities and Exchange Commission (SEC) alludes to an ongoing layoff exercise.<\/p>\n

\u201cWe intend to drive more staff costs savings and are implementing headcount reductions in a number of areas of the business,\u201d the company said<\/a>, in a section describing general and administrative expenses.<\/p>\n

The affected roles appear to be based in Jumia\u2019s Dubai office where its executives tend to operate from. More of the company\u2019s senior team will relocate from there to Africa to be closer to the market, Dufay said on the call.<\/p>\n

Food delivery is Jumia\u2019s star product <\/strong><\/h2>\n

Jumia notably transitioned in 2020 from prioritizing the sale of high value-high cost items like phones and electronics to cheaper, more everyday items<\/a> like food.<\/p>\n

That seems to be going well: one in five items sold on Jumia between July and September was food as the category grew 38% year-on-year. It was their second largest category for the quarter in terms of volume behind fashion, making it \u201ca core aspect of our consumer value proposition,\u201d Antoine Maillet-Mezeray, Jumia\u2019s Executive vice president for finance and operations, said.<\/p>\n

Jumia faces competition from international companies like Bolt, and Glovo in Africa\u2019s food delivery industry. In Nigeria, Eden, Chowdeck, and CoKitchen are venture-backed startups aiming for market share. Jumia is betting on an easy-to-use app and an ability to connect customers to nearby restaurants for differentiation, but tight margins amidst rising cost of food in Africa due to inflation<\/a> could yet prove a challenge to keeping prices attractive. The company is already scaling back on grocery deliveries in some markets due to poor unit economics.<\/p>\n

While Jumia\u2019s new leadership is eager for new milestones that accelerate profitability, patience will be required. A trend of slowing demand that started around September is expected to continue till December, with the financial year closing with an adjusted EBITDA loss of up to $220 million. The company had $104.3 million in cash and cash equivalents as of Sept. 30.<\/p>\n<\/div>\n\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The e-commerce firm has officially ended Jumia Prime, an Amazon Prime-like loyalty program that promised unlimited free delivery on all orders.<\/p>\n","protected":false},"author":5,"featured_media":4574,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3,4,10],"tags":[107,425,427],"series":[],"ppma_author":[533],"class_list":["post-4573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","category-startup","category-stock","tag-amazon","tag-jumia","tag-jumia-prime"],"yoast_head":"\nJumia Ends Prime Subscriptions as Q3 Report Shows Reduced Losses<\/title>\n<meta name=\"description\" content=\"The e-commerce firm has officially ended Jumia Prime, an Amazon Prime-like loyalty program that promised unlimited free delivery on all 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