Jumia Market, which was previously known as Kaymu (an online marketplace founded in 2013), is part of Jumia Group. Jumia Group was formed to incorporate Africa Internet Group’s (AIG) ventures under one roof. These ventures, including Jumia Travel (formerly Jovago), Jumia House (Lamudi), popular e-commerce site Jumia, Jumia Cars (Carmudi) as well as Jumia Jobs (Everjobs) are some of AIG’s several brands that are in operation in 23 African nations.
In particular, Jumia Market is upping its game and wants to be an ‘Online Social Shopping Platform by becoming the new Instagram of ecommerce.’ In other words, the online shopping platform will focus on fashion rather than electronics and phones. This a bold statement that needed a launch event, which was held on May 28 to voice its mandate.
“The main objective is to make online shopping simple, straight forward, social and fun,” said Jean-Jacques Maikere, MD Jumia Market at the soft launch event dubbed as Jumia pop at The Alchemist Bar this Sunday. “Our market will tap into individuals looking for very different and unique products that they cannot find anywhere else.”
Ideally, the launch event gathered key fashion and jewelry designers, as well as beauty artists, who showcased wares they sell in Jumia Market. At the same time, the event entailed pop up sales to complement the usefulness of the event.
Jumia Market is out to make a name for itself and rethink strategy in markets such as Nigeria, Morocco, and of course, Kenya. It (Jumia Market) is pivoting its business model as a distinctive online market place, with an edge over existing ecommerce platforms such as OLX. It hopes to achieve this by giving potential clients a platform that is not only fast in terms of delivery, but also offers unbeatable deals.
What’s more, Jumia Market knows that user experience is paramount in getting hold of clients, which is why its app and website are user-friendly with adequate cataloguing and filters to zero down on particulars. In fact, Jumia Market insists on the importance of having its potential buyers see what they are buying, which is product descriptions are accompanied by quality pictures. This is achieved based on Jumia Market’s free training sessions for sellers who need to maximize their profits. Opening a seller’s account is free of charge.
“Selling will be really easy for users,” Said Jean- Jacques “What is required is a clear picture and good description of the unique products they sell. The process will take you less than 5 minutes.”
The ecommerce platform, which is mostly driven by young people hopes to steer its ‘Instagram of ecommerce’ moniker by building on the platform’s social-media-esque tools. For instance, Jumia Market wants buyers to be appraised of the events regarding their favourite sellers with a feedback system. Buyers can follow their sellers if they want to get updates about deals and new products. Moreover, Jumia Market offers a chat tool for buyers and sellers, which should cement reputations and in extension, profits.
Generally speaking, Jumia is possibly making losses if the financial results by Rocket Internet (one of the groups that pumped funds into AIG), which we are yet to get hold of, are to be believed.
Ecommerce is slowly gaining grounds especially in emerging markets where the uptake of internet use is skyrocketing. While the number of Kenya Internet users is more than 20 million, industry regulators have noted that eCommerce is still plagued by cyber-security issues, poor quality of service delivery and unreliable return-policy systems based on purchased goods.
On the bright side of things, Kenya and Nigeria are the top African countries that have spurred the growth of ecommerce, which contributes to 1-3% of the GDP in some sub-Saharan nations, a number that could rise to 10% of the total retail sales by 2025.
