African e-commerce giant Jumia has reported an 18% increase in sales during its 2024 Black Friday campaign, generating 2.6 million orders despite operating in two fewer markets compared to the previous year. The company's month-long campaign, which offered discounts of 20%-70% on phones, fashion, and lifestyle items, saw 1.8 million customers participate, a 9% increase from 2023.

According to Jumia, the growth was driven by its effective marketing strategy, which included the distribution of over one million catalogues and thousands of community radio campaigns to reach new and existing customers. While the company did not disclose the value of the orders, the surge in sales is a positive boost after a third quarter in which order value remained largely flat at $162.9 million.

Jumia's CEO, Francis Dufay, expressed confidence in the company's strategy, stating that it has the right team in place to drive e-commerce adoption and serve the growing African consumer base while moving towards profitable growth. The company's share price briefly spiked to around $12 in July but has since settled at around $3.98 per share.

However, the elephant in the room remains currency devaluation, particularly in key markets such as Egypt and Nigeria. The company's filing noted that GMV (Gross Merchandise Value) increased 33% year-over-year on a constant currency basis, but only 2% in actual terms. This highlights the need for aggressive growth to offset the impact of currency fluctuations on revenue.

Despite these challenges, Jumia's Black Friday performance suggests that the company is on the right track, and its focus on marketing and customer engagement is paying off. As the African e-commerce market continues to grow, Jumia's ability to adapt to macroeconomic conditions and drive sales will be crucial to its long-term success.

The company's performance is also a testament to the enduring appeal of Black Friday deals, even in markets with limited customer spending power. As Jumia continues to navigate the complexities of operating in multiple African markets, its ability to drive sales and growth will be closely watched by investors and industry observers alike.