Jumia Co-CEO on Africa's Untapped eCommerce Goldmine
Africa's e-commerce opportunity is enormous and largely untapped, with online sales making up less than 1% of retail sales in the region. Investors are taking notice and piling into shares of Jumia, the leading e-commerce platform in the continent. Jumia co-founder and co-CEO Sacha Poignonnec spoke with host of Voices of Wall Street Dion Rabouin about Jumia’s strategy to dominate e-commerce, expand deeper into fintech and build out food delivery services. Poignonnec also discusses profitability targets and his take on why Amazon and Alibaba have yet to encroach on his turf.
Jumia Technologies AG operates an e-commerce platform in Africa. The company's platform consists of marketplace, which connects sellers with consumers; logistics service that enables the shipment and delivery of packages from sellers to consumers; and payment service, which facilitates transactions to participants active on the company's platform in selected markets.Its marketplace offers various products in a range of categories, including fashion and apparel, smartphones, home and living, consumer packaged goods, beauty and perfumes, and other electronics, as well as access to various services, such as restaurant food delivery, hotel and flight booking, classified advertising, airtime recharge, and instant delivery.The company was formerly known as Africa Internet Holding GmbH and changed its name to Jumia Technologies AG in January 2019. Jumia Technologies AG was founded in 2012 and is headquartered in Berlin, Germany. (From: StockAnalysis.com)