Jumia to close food delivery business
Business
By
Standard Reporter
| Dec 14, 2023
Jumia technologies is set to close its food delivery business in a bid to cut costs.
According to Reuters, Jumia will focus on growing its online retail business.
"It's a segment that's very difficult across the world, with very challenging economics and big losses. It's also a segment that is extremely competitive across the world and Africa," Chief Executive Officer Francis Dufay told Reuters.
"The economics are tough in this market because the costs are very high and there is plenty of competition so there is downward pressure on the commissions that we make and upward pressure on marketing costs because everyone is fighting for customers."
Some of the countries that Jumia operates in are; Kenya, Algeria, Egypt, Ghana and Senegal.
READ MORE
Tanzania Vice President Emmanuel Nchimbi resigns
KRA now targets Eastleigh, Kamukunji traders in tax compliance push
Rising India and Kenya's resemblance: Can we grow together?
Mother, daughter arrested over alleged Sh40 million Karatina land fraud
Public participation: Bar owners petition House over the Tobacco Bill
Why inclusion is becoming a business imperative, not just a workplace value
Parliament passes Bill seeking dedicated lanes for cyclists and pedestrians
SHA begins verification of Sh10m-plus NHIF legacy claims
'Walk the talk or resign,' lawyer tells Ruto
India overtakes China as biggest supplier of seafarers as demand sours to 2.5m