The Amazon of Africa, Jumia has shut down its e-commerce operations in Tanzania.
This comes less than two weeks after the retailer closed shop in Cameroon on November 18.Jumia, which has been dubbed “the Amazon of Africa,” said on Thursday it had shut its e-commerce business in Tanzania in a review of its portfolio.“We have to focus our resources on our other markets.
It is more important now than ever to put our focus and resources where they can bring the best value and help us thrive,” said Jumia in a statement.
Its Tanzanian e-commerce business stopped on November 27, the statement said.
The company said the decision to quit the market was due to unfavorable conditions on their path to achieve success.Jumia also said it would continue to support buyers and vendors in Cameroon online through its classified portal.
Jumia, which has positioned itself as the first African tech firm to be listed on the New York Stock Exchange, has seen its share price plummet since a Wall Street debut in April 2019.The firm has missed revenue estimates for the second time in three quarters, according to results announced this month.
Read also: Allen Onyema: Business Competitors working to bring him down
[sc_fs_faq sc_id=”fs_faq1xpx8z3t5″ html=”true” headline=”h2″ img=”” question=”Why Jumia shutdown in Tanzania and Cameroon” img_alt=”” css_class=”” ]The company said the decision to quit the market was due to unfavorable conditions on their path to achieve success.[/sc_fs_faq]
