Last week I wrote about the struggling Nigerian eCommerce companies. QZ had recently put out on article stating that there were several eCommerce companies either shutting down or downsizing. It’s compelling. There doesn’t seem to be product market fit yet, and customers don’t have trust in the shopping experience yet.
So I was surprised to see McKinsey release a video with the Jumia CEO about how eCommerce in Nigeria is doing great. The video is below.
My view is that the QZ article is closer to reality. McKinsey has been pushing a positive narrative about Africa since two partners released a book on the same last year. It’s a thinly veiled attempt to drum up business for the offices in Africa. The other fact is Jumia’s losses grew to $140 million last