eCommerce

Jumia has completed its at-the-market (ATM) offering of 20,227,736 American Depositary Shares (ADSs), raising $99.6 million. This follows a decline in share price and revenue in Q2 2024.

Jumia’s share price dipped on Thursday, August 8, 2024, continuing the decline that began on Tuesday, August 6, 2024, after the company reportedly missed its projected 2024 second-quarter revenues.

Alibaba’s online retail subsidiary, AliExpress, is set to launch operations in Ethiopia after finalising an agreement with the Ethiopian government.

Jumia’s Q2 2024 revenue fell 25% from Q1 and 17% from last year, but CEO Francis Dufay remains optimistic, citing increased customer loyalty and order growth.

Takealot, a South African eCommerce platform, is being exploited by duplicitous merchants who are taking advantage of some of the platform’s features to sell replicas and counterfeit goods, a report said.

Tracey Turner, co-founder of Copia, a Kenyan-based B2B eCommerce platform, is reportedly launching a new startup barely two months after her former company entered administration and 1 month after it announced shutdown.

The Nigerian government is considering eCommerce platform regulations and user cyber insurance, as part of the National Digital Economy and E-Governance Bill.

Shoprite has introduced an eCommerce platform in South Africa aimed at alleviating challenges encountered by small businesses, including Spaza shops.

South African-born Naspers has reported a trading loss of R252 million ($14 million) for its subsidiary, Takealot Group. Mr D, its food delivery and logistics company, achieved profitability for the first time.

Wasoko and MaxAB’s planned “merger of equals” is still pending completion seven months after its announcement. This delay is attributed to extended due diligence, ongoing restructuring, and macroeconomic challenges.

Jumia has revealed plans to combine its three Nigerian warehouses into a single 30,000-square-metre depot in Lagos. Also, the company is looking to expand into more cities in the country.

Alerzo, a Nigerian eCommerce startup, reportedly announced another round of layoffs in February 2024, the third in 13 months, affecting approximately 600 employees.

Jumia’s revenue increased by $48.9 million in Q1 2024, and its gross profit was $31.2 million. It also reported an operating loss of $8.3 million, down 71% from 28.4 million in Q1 2023.

After several postponements, Amazon has finally launched its online marketplace in South Africa, with customers receiving free delivery on their first order.

Weeks after closing its operation in Zanzibar and pausing business in Uganda and Zambia, Wasoko, a Kenya eCommerce platform, reportedly denies exiting Rwanda and discloses that it’s hiring to fill up positions across its Kenyan, Rwandan, and Tanzania markets.

Orders on Jumia dropped by 22% in 2023. The eCommerce company blamed Inflation and currency depreciation, which continue to reduce customer purchasing power. It will now focus on reducing advertising spend and building small and agile teams.

Naspers, Africa’s largest company by market value, is increasing its investment in Takealot, a South African online retail platform as Amazon plans to enter the country.

eCommerce startups — MaxAB and Wasoko — have signed preliminary merger terms to serve over 65 million consumers in eight African countries.

Jumia Food to cease operations in Nigeria and six other African countries by Dec 2023, amid profitability challenges. This follows Bolt Food’s exit and contrasts with Chowdeck’s Glovo’s recent expansions