With the fluctuating rate of foreign exchange in the country, which affects the prices of goods and services, Nigerian consumers continue to look for the most convenient channels and affordable means to procure goods and services.
When it comes to pricing, eCommerce pioneer, Jumia Nigeria is seriously pushing competition, even when pitted against international e-retailers like Amazon and Aliexpress. For instance, the iPhone8 64GB on amazon.com shows a price of $825 which when converted to local currency is about N296, 175. On Jumia, it currently sells for N281, 999.
Even a quick price comparison of popular outdoor markets and physical stores shows that Jumia Nigeria is keeping good on its word of giving shoppers the best prices. The e-commerce giant remains competitive, and in several cases cheaper than several well-known retail shops, outlets and open air markets such as the Saka Tinubu phone village in Victoria Island, Lagos.
For instance, the Samsung 32-inch sharp TV retails for N80, 000 on Jumia, while the same is sold on competing retail site for N90, 000. The PS4 500GB bundle is being sold for N119, 000 on Konga and N113, 890 on Jumia.
The Camon CX Air 5.5 inch currently retails for N40, 700 on Jumia while the very best price at other offline stores across the country is N40, 800. Also, the iPhone 7 plus 32GB is also available on Jumia at N260, 925 but at one popular offline physical stores, the best price is N325,000. At that same offline store, the Samsung S8 (4g+64g) retails for N252,000 while Jumia maintains a price of N219,999.
Jumia Nigeria’s Chief Commercial Officer, Shobhit Pandey says that Jumia’s best price strategy is coupled with the widest range of genuine products to help shoppers stretch their naira and get more value out of their budget and spending.
“There are more than 1.4 million products on Jumia.com.ng, ranging from furniture to baby products to electronics,” Pandey said. “Our commitment is to consistently bring shoppers the widest range of genuine products at the best prices.”
Head of Engagement Marketing, Ojuola Asuquo, highlighted the availability of customer protections on Jumia, which aren’t offered by most physical stores in Nigeria: “Jumia customers can pay cash on delivery, enjoy a 7-day return policy, have access to device insurance, and also enjoy free shipping offers and discount vouchers,” Asuquo said.
“For those who like to shop abroad, Jumia features international stores where you can shop and pay in naira and enjoy local shipping rates,” Asuquo said.