• Tuesday, April 23, 2024
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BusinessDay

How Jumia is reshaping the e-commerce scene one Black Friday at a time

Naira devaluation weakens Jumia’s sales value by $182m

Since the 1980s, when the term “Black Friday” became a catchphrase for consumers and entrepreneurs alike, the day has taken on a life of its own, spreading across the globe from the United States of America to Nigeria.

Black Friday, once synonymous with early morning queues, frantic in-store shopping, and frenzied deal-hunting, has now evolved into a phenomenon that transcends borders, uniting consumers and businesses in the pursuit of unbeatable discounts.

Read also: Jumia blames poor Q2 result on worsening macroeconomic terrain

Within Nigeria, Black Friday is no longer confined to a single day of retail madness. Leading e-commerce platform, Jumia has reimagined it into a month-long shopping event characterised by premium deals from an array of exclusive brands.

The transformation is a testament to Jumia’s commitment to providing its customers with the best shopping experience possible. Similarly, the shopping event has become a symbol of affordability, accessibility, and aspiration, encompassing products from prestigious brands like Xiaomi, Diageo, Oraimo, Nivea, Haier Thermocool, and Adidas, offering a diverse range of offerings that cater to every shopper’s desires.

Black Friday: Impact on Consumers

In a continent marked by diverse cultures, languages, and infrastructural challenges, Jumia has provided a platform where consumers can access an extensive range of products with convenience and trust. These annual sales have fundamentally transformed the way people shop, making quality products more accessible than ever.

In addition, the company’s commitment to customer satisfaction has not gone unnoticed. The platform’s user-friendly interface, secure payment options, and efficient delivery system have all played a pivotal role in enhancing the Black Friday shopping experience. Nigerians can now browse, select, and purchase premium products with ease, all while enjoying the convenience of doorstep delivery. This level of convenience and reliability has garnered a loyal customer base of millions of people who eagerly anticipate the annual Black Friday event.

Similarly, consumers eagerly anticipate the exclusive discounts and deals offered during the Black Friday sales, enabling consumers purchase items they may have otherwise considered unattainable.

These discounts and deals offered under the umbrella of its infamous creations such as Daily Check-Ins, Brand Days, Anchor deals, and Flash sales, have served to create an irresistible pull for thousands of consumers who have elevated Black Friday months to a status akin to national holidays and global festivities.

Quite understandably, this stems from the underlying theme behind every deal and discount on Black Fridays: an opportunity to save.

The opportunities to save during the Black Friday months impact not only the economy but the droves of consumers who have taken advantage of it. Hubspot in its State of Customer Service report revealed that 78 percent of customers search for fair deals when shopping.

In a country where the economy is in a delicate state, this behaviour stems predominantly from the desire to stretch funds further. With the discounts and deals offered during the Black Friday month, this survival hack becomes much easier to do for the average consumer, ensuring that many are kept from despair and plunging below the poverty line.

Read also: Jumia eyes Nigerian rural market to boost profitability

Empowering SMEs and Businesses

Beyond the immense benefits of saving that accompany the deals and discounts of Black Friday, a closer look at the month-long event reveals that it has a profound impact on the nation’s GDP — particularly on the growth of SMEs.

SMEs (Small and Medium-sized enterprises) have over the years, proven to be the catalysts of Nigeria’s economic growth.

According to the Nigeria Bureau of Statistics, SMEs accounted for about 48 percent of the national GDP between 2017 and 2021. This means that every growth recorded by a Small and Medium-sized enterprise ripples into the nation’s economic fabric. Due to the increased exposure offered on the Jumia Marketplace platform, every Black Friday, over 14,000 entrepreneurs and SMEs on the Jumia Marketplace platform receive bolstering patronage that strengthens their economic standing and capacity.

Through the company’s platform, local entrepreneurs can reach a vast and diverse customer base — spanning big cities/commercial hubs and rural areas — that was previously out of reach. This expansion of market reach has given countless small businesses the opportunity to grow and prosper, levelling the playing field with larger corporations.

The ripple effect of impact on small businesses extends to job creation and economic growth. By providing a platform for businesses to thrive, Jumia is contributing to employment opportunities and driving economic development across the African continent.

As Jumia celebrates the 10th edition of the Black Friday shopping event in Nigeria, it’s an opportune moment to reflect on the incredible transformation it has brought and its enduring impact on the nation’s economy.

Jumia’s dedication to providing a superior shopping experience and empowering both consumers and SMEs has made it a pioneer in reshaping the e-commerce scene in Nigeria. It’s a testament to how innovation and dedication can transform a traditional event into a powerful force for economic empowerment and prosperity.

Tailored to deliver an immersive shopping experience for consumers, Jumia’s annual Black Friday Festival continues to set new benchmarks in the world of online retail. With a relentless commitment to providing its customers with unbeatable deals, the festival has become a much-anticipated event, not only for bargain hunters but also for anyone looking to make the most of their shopping budget.

Read also: Adapting to dynamic market, leveraging technology, helped us grow – Jumia Nigeria CEO

Jumia’s unique approach blends cutting-edge technology, user-friendly interfaces, and a vast array of products to create a seamless and exciting shopping journey.

 

Robert Awodu is the Regional Head of Public Relations & Communication, Sub-Saharan Africa