Jumia’s Sales Revenue Double In East Africa
Jumia records almost doubled profits from e-commerce purchases made across the East African region. Kenya, Tanzania, Rwanda, and Uganda sales saw Jumia record Sh1.3 Billion of revenue in the year 2018 up from the Ksh526 million recorded in the previous year.
According to disclosures on a potential IPO on the New York Stock Exchange, the sharp revenue increase is a clear indication that the e-commerce has been sharply growing over time.
The company made KSh7.8 billion from the West African market for the financial year 2018 which turns out to be its highest revenue recorded. North Africa managed to do trade amounting to KSh4.5 billion and South Africa generating KSh1.8 billion.
The rise in e-commerce can highly be attributed to the sharp penetration of smartphones and the growing number of middle class. Several online-based shops have hence been put up across the continent to tap the increasing demand for e-commerce purposely.
According to a report by McKinsey titled “Lions go digital report” it is estimated that by 2025, 10 percent of retail sales in Africa will be done online.
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