Connect with us

Markets

Jumia Partners Dangote Cement, Records 14m Visits in Black Friday Sales

Published

on

Black friday
  • Jumia Partners Dangote Cement, Records 14m Visits in Black Friday Sales

Jumia, the online shopping platform, has announced its partnership with Dangote Cement in the ongoing Black Friday sales campaign, where it recorded 14 million visits to its websites and over 86,000 smartphone sales within two weeks of the commencement of Black Friday festival in Nigeria.

Announcing the new partnership, which allows customers in Lagos, Abuja and Port Harcourt, to buy and ship Dangote Cement from jumia.com.ng website, at a reduced cost of N2,500 per bag, in three different quantities, the CEO of Jumia Nigeria, Juliet Anammah, said Jumia had already doubled its volume of sales in just two weeks into this year’s Black Friday sales, when compared with its volume of sales for last year.

Announcing its Biggest Black Friday sales figures in 2017, Anammah said Jumia has recorded 14 million visits since the commencement of the 2017 Black Friday Festival campaign on November 13th, out of which 1.9 million visits was recorded on the first Black Friday Big Bang day, which held on November 24. Another Big Bang day is expected to hold December 8.

Sales statistics released by Jumia, showed that overall, 85 per cent of all visits were made on a mobile device, compared to 72 per cent in 2016; 86,000 smartphones and counting have been sold in the past two weeks; 380,000 number of spaghetti packets that have shipped out; and the number of times the Jumia app has been installed since the beginning of Black Friday festival, is 208,214. The statistics also showed that the top selling feature phone has been the Tecno T401, with Triple Sim, Back Camera and Flash.

The annual sales event, which was initiated in Nigeria in 2013 by Jumia, remains the busiest and largest shopping day of the year on both online and offline stores.

According to Anammah, “This year’s explosive Black Friday numbers demonstrates the increasing capacity and flexibility of the online retail space in Nigeria.

“We deliver to the 36 states across Nigeria, and are able to reach neighborhoods and shoppers who traditionally have not had access to a wide variety of products and deals. This year we also see the increasing interest in groceries and other Fast Moving Consumer Good (FMCG) products, which reflects the increasing relevance of Black Friday to the average Nigerian.”

This year’s Jumia Black Friday Festival featured partnerships with Intel, Pampers, Infinix, Philips, Fero, HP, MTN and Air France-KLM. For the first time, the shopping event featured a lottery giveaway with the grand prize of a brand new car courtesy of Coscharis Nigeria Limited. Another big first this year was the sales of premium cars at up to 60 per cent off, like the Range Rover Evoque Coupe and the Jaguar XE.

FCMB is also sponsoring an extra 10 per cent off on all orders above N5,000 that are paid for using an FCMB account on Jumia Pay.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Brent Crude Oil Approaches $70 Per Barrel on Friday

Published

on

Crude oil

Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension

Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.

Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.

Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.

While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.

According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.

The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.

I do believe we’re headed for a much healthier supply and demand environment” she said.

Continue Reading

Crude Oil

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Published

on

opec

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.

OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.

Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”

Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.

Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.

Experts have started predicting $75 a barrel by April.

“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”

Continue Reading

Gold

Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin

Published

on

Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges

Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.

The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.

The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.

We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.

Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.

Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.

In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.

The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.

 

Continue Reading

Trending