JMIA Stock: Why Jumia’s Black Friday News Is Giving the “Amazon of Africa” a Boost Today

Jumia Technologies (NYSE:JMIA) stock is on the rise Tuesday following an update from the e-commerce company on its Black Friday performance.

The Jumia (JMIA Stock) logo on a laptop.
Source: monticello / Shutterstock.com

The Amazon (NASDAQ:AMZN) of Africa knocked it out of the park this year with its Black Friday event lasting from Nov. 5 to Nov. 30. The company says this was its biggest year yet for the event.

Highlights from the Black Friday period include GMV of $150 million, which is a 30% year-over-year. To go along with that, Jumia also saw order climb 39% higher to 4.3 million when compared to the same time last year.

Jumia notes that it’s seeing more traction for its Black Friday event since introducing it in Africa back in 2012. That includes nearly 40 million unique visitors to its platforms during the sale, which is a 27% jump from 2020.

Jumia also mentions that it saw more sellers taking part in the Black Friday event this year than previously. This had some 46,000 sellers participating, as compared to the 41,500 that took part in 2020.

Jumia is also boasting about its strong delivery performance during the Black Friday sale. It says that 58% of packages made it to customers the following business day. The company’s average delivery time was 1.5 days during Black Friday 2021, as compared to 2.2 days for Black Friday 2020.

The strong Black Friday performance also has investors taking an interest in JMIA stock. As a result, some 7 million shares have been traded as of this writing. For comparison, the company’s daily average trading volume is closer to 4.3 million shares.

JMIA stock is up 20.3% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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