…by Lere Awokoya, Chief Marketing Officer, Jumia Nigeria
Technology has amplified the insatiable human desire for consumption, propelling consumers to pursue a shopping experience that combines convenience and innovation. Gone are the days of physically scouring multiple stores searching for a specific item. Consumers yearn for the seamless ability to browse vast digital catalogues, compare prices, read reviews, and effortlessly make well-informed purchasing decisions.
This trend is evident in recent findings by the National Retail Federation (NRF), which show that consumers fully grasp the vital role of convenience in shaping their shopping preferences. The survey reveals that over 90% of consumers are inclined to choose a retailer based on convenience, relying on them to streamline the process and save valuable time and effort in their fast-paced lifestyles.
Empowering Consumers and Businesses
The evolution of innovation has continually improved on the shopping experience for both consumers and sellers, empowering them in numerous ways. For consumers, it has brought about a significant shift in the shopping landscape, granting access to a vast array of products and services that were once out of their reach. With the ability to research, compare, and make informed decisions, consumers have become discerning shoppers, confident in their choices. This empowerment not only enhances the shopping experience but also drives economic growth and social development.
Moreso, the rise of e-commerce has levelled the playing field for businesses and entrepreneurs, providing them with an equal opportunity to showcase their offerings to a global audience. The expansion of digital platforms has opened up new markets for businesses. A study by the International Trade Centre found that small and medium-sized enterprises (SMEs) that engage in international e-commerce are 7% more likely to survive than those that don’t. Through innovative and convenient solutions, businesses can reach customers beyond geographical boundaries, allowing even small enterprises to compete with larger players.
Pioneering the Retail Revolution
In Nigeria, the retail industry is experiencing a remarkable evolution in buying behaviour, driven by the relentless penetration of e-commerce and the sweeping tide of technological adoption. Consequently, businesses must obsess about their customers to keep up with their rapidly changing demands, tastes and preferences. At the same time, embrace new technologies that will enable agility, efficiency and creativity; these are some of the essential ingredients for winning in such a dynamic business environment.
One of the key players in this retail revolution is Jumia Nigeria. The company has transformed the Nigerian shopping experience over the past 11 years. The outbreak of the COVID-19 pandemic in 2020 also acted as a catalyst, accelerating the growth and adoption of e-commerce in Nigeria. The combination of the e-commerce boom and the unprecedented challenges posed by the pandemic ushered in a new era of dynamic growth and innovation in the Nigerian retail industry.
Driving Innovative Transformation
As Jumia marks its 11th anniversary in Nigeria, it is a moment to reflect on the transformative power of innovation in reshaping the shopping experience for millions of Nigerians. In 2012, the brand set out in Nigeria with a bold vision: to give every consumer access to a wide range of products at their fingertips, irrespective of location or socio-economic background.
One game-changer and notable contribution by the company is the renowned Jumia Black Friday, an annual shopping event that offers mind-blowing discounts and deals across a wide range of products and categories. As indicated in a Statista report, Nigeria’s e-commerce market reached a valuation of around $2.5 billion in 2021 and is projected to experience an annual growth rate of 14.7% from 2021 to 2025. This annual Black Friday shopping event significantly influences this trend, shaping consumer habits and offering customers easy access to discounted products and a rewarding shopping experience.
Jumia’s triumph in Nigeria also mirrors the ongoing digital revolution unfolding within the financial space in the country. There has been a recent surge in the availability and creation of digital payments, furthering financial inclusion and reducing dependence on cash transactions. The company’s venture into the digital payments sphere with JumiaPay offers a secure and seamless method for customers to make online payments, eliminating the need for cash transactions and enhancing financial inclusivity.
The company’s commitment to driving innovation is also demonstrated in its track record of incorporating groundbreaking partnerships to deliver optimal customer experience. Notably, Jumia recently partnered with Trove, Nigeria’s first micro investing platform to provide a seamless experience for customers looking to diversify their portfolios. By combining e-commerce and investment capabilities, the company continues to position itself as a comprehensive platform that caters to various financial needs, contributing to the overall digital transformation in Nigeria.
Boosting Economic Growth and Entrepreneurship
Jumia’s commitment to innovation has not only brought convenience to the customer but has also opened up economic prosperity opportunities for numerous individuals in the country. The e-commerce platform has become a launchpad for local entrepreneurs, enabling them to conveniently reach a broader customer base and grow their businesses. Through our seller program, we have also provided opportunities for small and medium-sized enterprises (SMEs) to thrive in the digital era, empowering over 30,000 MSMEs and brands to reach millions of consumers in Nigeria.
Furthermore, Jumia’s impact extends beyond the borders of major cities. Noteworthy contributions include the JForce initiative, a nationwide network of sales consultants, who earn commissions for successful orders placed for friends, family or others in the offline space. JForce has continued to serve as a source of income for hundreds of thousands of Nigerian youth who possess basic online shopping skills, especially in rural communities.
In Nigeria, Jumia’s homegrown success story serves as an inspiration and a reminder that local solutions can be both relevant and rewarding. As Jumia commemorates its eleventh year, the company remains dedicated to providing tailored digital solutions for the Nigerian consumer and continues to redefine the e-commerce landscape. Additionally, the company’s profound impact on the local economy through job creation and collaboration with local partners showcases its unwavering commitment to developing the Nigerian economy.
By leveraging technology that fosters innovation, prioritising a customer experience that provides ease and convenience, Jumia continues to pave the way for a future in which the Nigerian e-commerce industry thrives, leading to prosperity of the nation’s economy.