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
Wildlife census report key in increasing action
Algiers shows Africa's struggle between radical zeal and dependency
Champions Kabras Sugar out to extend Kenya Cup sweetness
MPs set to debate Bill outlawing detention of patients and bodies
G3 Rifle recovered as suspected robber lynched in Gatuanyaga, Thika
Right direction for the country, Mbadi defends Safaricom stake sale
Insurers caught flat-footed ahead of IRA's 24-hour cyber breach deadline
Ruto dreams of a 'new Singapore', but not when counties hold us back