Popular E-commerce site Jumia has openly revealed that it can not guarantee its visitors the quality and safety of products posted and sold by vendors on the platform.
Jumia, which gives buyers the chance to buy goods from local and international vendors broke the news recently while filing its initial public offering(IPO) on the New York Stock Exchange.
The announcement means bad news for millions of clients who face countless physical and health risks over products bought through the platform. While Jumia has been trying to keep visitors safe, it admitted that it has been an uphill task to come up with successful ways to govern third-party vendors using the platform.
The E-commerce platform however kept visitors on notice and urged them to watch out for fake vendors and scammers who are prone in most online marketplaces with their misrepresented products.
On the flip side, Jumia put in place a return policy for items worth KSh 1,500 and more. journalists understands the policy is a 90-day cover which takes care of electronic products bought from local vendors.
The cover
Jumia to list on the NYSE, aiming to become Africaβs first tech unicorn.
— Marcello Schermer (@Marcelloscherme) March 13, 2019
π Active in 14 countries
π΅ 4 million active users
πΌ 81.000 active sellers
π 13.4m deliveries per year
π β¬130.6m revenue in 2018
π β¬862m consolidated loss since inception https://t.co/oxqrPu9HHD pic.twitter.com/zwc7BlvS6o
IPO from hell?
— Paul Njoroge (@PaulxNjoroge) March 15, 2019
Jumia's IPO is almost making a case against e-commerce in Africa.
Simply put, don't try this at home unless you can burn $1B.
2018 revenue: $149.6 million
2018 losses: $195.2 million
Total active customers: 4 million pic.twitter.com/woakzbvYmB