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Jumia ’s tax income and gross ware intensity demonstrate growth despite a diminution in quarterly active client , fit in to itsQ1 2024report . Revenue increased by 19 % year - over - year ( 57 % in constant up-to-dateness ) to $ 48.9 million , while GMV surged by 5 % twelvemonth - over - class ( 39 % in perpetual up-to-dateness ) to $ 181 million .
The quarterly active customers of the African e - tailer , on the other hand , wane by almost 5 % from 2 million to 1.9 million due to price - cut measures such as boil down client incentives and free transportation expenditure . However , this physical exercise led to a stickier and higher - quality customer base with increased redemption rates . The average order value rose by 3 % compare to Q1 2023 , reaching $ 39.6 million . Interestingly , despite the decline in customer base , Jumia ’s quarterly orders saw a 1.9 % increase to 4.6 million . Jumia attribute this maturation to continued advance in its supplying and Cartesian product potpourri .
“ This quarter is special because we at long last turned back to growth on GMV and orders . For a year and a half , very few people outdoors believe that we would be able to get Jumia to grow again with that level of slash on merchandising , staff , and everything . But it twist out we can with lower marketing and logistics costs and G&A , ” CEO Francis Dufay say on a call with TechCrunch . “ I imply , there are much fewer multitude at Jumia today who manoeuver the business . We ’ve lost about 40 % of the workforce since belated 2022 . And still , we ’re still growing . So that ’s a very important achievement , and we consider we still have a set of market potential to capture in our markets . ”
The atomic number 99 - commerce company says its tax income growth was because of sales event of heavy ticket items , such as electronics and home and living items , alongside higher delegacy and incarnate sale . Similarly , GMV growth reflects crusade to enhance its product smorgasbord , more effective marketing outlay , and reductions in customer incentives , with marketing expenses dropping 30 % from Q1 2023 .
In accession , this sort out expense management and further streamlining of its logistics connection cut back Jumia ’s quarterly cash suntan to $ 19.1 million from $ 22.0 million in Q1 2023 . accordingly , its operating red and familiarized EBITDA loss for the one-quarter drip 71 % year - over - twelvemonth and 83 % class - over - year to $ 8 million and $ 4 million respectively , showing a continuous effort from the company to importantly reduce price and ameliorate its gross margins until it reaches gainfulness .
A big driver in Jumia ’s seeking to make profitability continues to be JumiaPay ( the ratio of JumiaPay fiat on physical good die up from 20 % to 32.5 % in Q1 2024 ) . The continued rollout of JumiaPay on delivery in Nigeria and Kenya to increase cashless rescript position JumiaPay as a stronger enabler of its overall e - commerce weapons platform ; JumiaPay saw its proceedings reach 2 million , an increase of 52 % class - over - year while recording a 10 % class - over - class development in full processing volume ( TPV ) at $ 45.4 million in Q1 2024 .
Jumia , whose parcel price has increased 26 % to $ 6.90 since its earnings call , reported that its liquidity position in Q1 2024 totaled $ 101.5 million , with $ 28.6 million in Johnny Cash and hard currency equivalents and $ 72.8 million in term deposits and other financial assets . The company emphasized that 79 % of its liquidity was designate in USD , providing protection against fluctuation in local up-to-dateness valuations ( it incurred a $ 5.9 million cash passing due to currency interlingual rendition relate to devaluations in Egypt and Nigeria , two of its big markets , during the quarter ) .
