Jumia Technologies AG (JMIA) 首席执行官 Sacha Poignonnec 于 2019年 第二季度业绩 - 收益电话会议记录

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Jumia Technologies AG (NYSE:JMIA) Q2 2019 Results Earnings Conference Call August 21, 2019 8:30 AM ET

Jumia Technologies AG(纽约证券交易所代码:[JMIA])2019年第二季度业绩收益电话会议2019年8月21日美国东部时间上午8:30

公司参与者

Safae Damir - Head of Investor Relations and Corporate Development
Sacha Poignonnec - Co-Founder and Co-Chief Executive Officer
Antoine Maillet-Mezeray - Chief Financial Officer

  • Safae Damir - 投资者关系和企业发展主管
  • Sacha Poignonnec - 联合创始人兼联席首席执行官
  • Antoine Maillet-Mezeray - 首席财务官

电话会议参与者

Scott Devitt - Stifel
Aaron Kessler - Raymond James
Mark Mahaney - RBC Capital Markets
Alex Chavdaroff - Morgan Stanley
Andrew Howe - Citi
Ralph Schackart - William Blair
Sarah Simon - Berenberg

  • Scott Devitt - Stifel
  • 亚伦凯斯勒 - 雷蒙德詹姆斯
  • Mark Mahaney - 加拿大皇家银行资本市场
  • Alex Chavdaroff - 摩根士丹利
  • 安德鲁豪 - 花旗
  • Ralph Schackart - William Blair
  • 莎拉西蒙 - 本伦贝格

会议主持员

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results Conference Call for the Second Quarter of 2019. [Operator Instructions]
I would now like to turn the call over to Safae Damir, Head of Investor Relations for Jumia. Please go ahead.

早上好,女士们,先生们。 谢谢你的支持。 欢迎参加2019年第二季度的Jumia结果电话会议。[操作员说明]

我现在想把这个电话交给Jumia的投资者关系负责人Safae Damir。 请继续。

Safae Damir

Thank you, Alisa. Good morning, everyone. Good morning everyone. Thank you for joining us today for our second quarter 2019 earnings call. With us today are Sacha Poignonnec, Co-Founder and Co-CEO of Jumia, and Antoine Maillet-Mezeray, CFO. This call is also being webcast on the IR section of our corporate website.
We will start by covering the safe harbor. We would like to remind you that our discussions today will include forward-looking statements. Actual results may differ materially from those indicated in the forward-looking statements. Moreover, these forward looking statements may speak only to our expectations as of today. We undertake no obligation to publicly update or revise these statements.
For discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today, please see the Risk Factors section of our final prospectus filed in connection with our initial public offering on April 15th 2019.
In addition, on this call, we would refer to certain financial measures not reported in accordance with IFRS. You can find a reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures in our earnings press release which is available on our Investor Relations website.
With that, I'll hand over to Sacha.

Alisa,谢谢你。大家,早安。大家,早安。感谢您今天加入我们的2019年第二季度财报电话会议。今天与我们一起的是Jumia的联合创始人兼联合首席执行官Sacha Poignonnec和首席财务官Antoine Maillet-Mezeray。此电话也在我们公司网站的IR部分进行网络直播。

我们将从覆盖安全港开始。我们谨提醒您,我们今天的讨论将包括前瞻性陈述。实际结果可能与前瞻性陈述中指出的结果大不相同。而且,这些具有前瞻性的陈述可能只能说明我们今天的期望。我们没有义务公开更新或修改这些声明。

有关可能导致实际结果与今天所表达的前瞻性陈述不同的一些风险因素的讨论,请参阅我们在2019年4月15日首次公开募股时提交的最终招股说明书中的风险因素部分。

此外,在此次电话会议中,我们将参考未按照国际财务报告准则报告的某些财务指标。您可以在我们的投资者关系网站上的盈利新闻稿中找到这些非IFRS财务指标与相应IFRS财务指标的对账。

有了这个,我会交给萨莎。

Sacha Poignonnec

Thank you, Safae. And hello, everyone. It's a pleasure to speak with you today. This is our second quarterly release as a public company, and we are happy to report another strong quarter of delivery on our mission and strategy.
Going public in April, we've been pleased to see lots of interest in our company and had the opportunity to interact with a broad base of investors and market participants. We recognize some of you might still be new to Jumia. So I wanted to take this opportunity to briefly remind you of our mission, who we are today, and how we plan to build on the success of Jumia.
If you'd like to please turn your attention to Page 5, I'll start with our mission. We are passionate about Africa and deeply convinced that technology can improve everyday life on the continent. We feel, Jumia, with the mission to give consumers access to goods and services in a convenient way and to help sellers distribute their goods and services more effectively, while making positive and sustainable impact across the continent.
Moving on to Page 6. Our platform consists of our marketplace, where sellers and consumers can connect and transact. Jumia Logistics, which facilitates the delivery of the goods to consumers, and JumiaPay, which facilitates digital payments between the participants on our platform.
Consumers use Jumia to save time and save money. They can buy products across many different categories like phones, fashion, groceries, as well as a number of services like food delivery for example. You can also use Jumia to pay for a number of services, such as data top-up, airtime recharge or utility payment, and all of this is happening under one brand with one single sign-on for the users. We have already achieved significant scale, almost 5 million consumers transacted on Jumia during the last 12 months, with over 80,000 sellers, 90% of the items sold were on Marketplace, generating more than a €billion of GMV over the same period.
Jumia Logistics handled 13 million packages and 54% of our transactions were processed with JumiaPay in our two largest markets during Q4 of 2018. We are the leading Pan-African e-commerce platform and we see significant long-term opportunity to drive the adoption of e-commerce and the shift of retail spend from offline to online in Africa.
Our sellers, on Page 7, are an important part of our ecosystem, and we strive to offer them the most compelling value proposition. We work with three types of sellers; brands and key accounts, local sellers, and cross-border sellers. We create a lot of value for them.
We offer them a gateway to Africa, giving them access to a large and growing consumer base, and we provide a lot of services beyond that, including unique data, consumer insights, marketing support, logistics, and even access to financial services.
On the other side of the Marketplace, I'm now on Page 8, we provide consumers with selection, price and convenience, in addition to unique local adaptations. We have really tailored the full shopping experience to many local specificities in order to adapt to our consumers' tastes and preferences.

谢谢你,Safae。大家好。今天很高兴与您交谈。这是我们作为一家上市公司的第二季度发布,我们很高兴为我们的使命和战略报告另一个强劲的交付季度。

4月份上市,我们很高兴看到我们公司很感兴趣,并有机会与广泛的投资者和市场参与者进行互动。我们认识到你们中的一些人可能仍然是Jumia的新手。所以我想借此机会简要提醒您我们的使命,我们今天是谁,以及我们计划如何在Jumia的成功基础上再接再厉。

如果您想将注意力转向第5页,我将从我们的使命开始。我们对非洲充满热情,并深信技术可以改善非洲大陆的日常生活。我们认为,Jumia的使命是让消费者以方便的方式获得商品和服务,并帮助卖家更有效地分发他们的商品和服务,同时在整个非洲大陆产生积极和可持续的影响。

继续阅读第6页。我们的平台由我们的市场组成,卖方和消费者可以在这里进行连接和交易。 Jumia Logistics促进向消费者提供货物,JumiaPay促进我们平台上参与者之间的数字支付。

消费者使用Jumia节省时间并节省资金。他们可以购买许多不同类别的产品,如手机,时尚,杂货,以及食品配送等多种服务。您还可以使用Jumia支付多种服务,例如数据充值,通话时间充值或公用事业支付,所有这些都发生在一个品牌下,用户只需一次登录即可。我们已经取得了相当大的规模,在过去的12个月里,有近500万消费者在Jumia上交易,超过80,000个卖家,90%的销售商品都在市场上,同期产生了超过10亿欧元的GMV。

Jumia Logistics处理了1300万个包裹,54%的交易在2018年第四季度在我们的两个最大市场中与JumiaPay一起处理。我们是领先的泛非电子商务平台,我们看到了推动采用电子商务以及非洲零售支出从线下转向在线。

我们的卖家,在第7页,是我们生态系统的重要组成部分,我们努力为他们提供最具吸引力的价值主张。我们与三种类型的卖家合作;品牌和关键客户,本地卖家和跨境卖家。我们为他们创造了很多价值。

我们为他们提供通往非洲的门户,使他们能够进入庞大且不断增长的消费群体,我们提供许多服务,包括独特的数据,消费者洞察,营销支持,物流,甚至金融服务。

在市场的另一边,我现在在第8页,我们为消费者提供选择,价格和便利,以及独特的本地改编。我们真正根据当地的具体情况量身定制了完整的购物体验,以适应消费者的口味和喜好。

We offer our consumers an integrated ecosystem, on Page 9, which is very powerful to drive adoption and engagement. This brings a lot of strategic benefits to Jumia. First, it provides multiple points of entry into our platform for the different demographics.
For example, middle class consumers can start with buying fashion phones and then move to other categories. Consumers on smaller budgets or consumers who are not necessarily ready to buy physical goods online can enter through micro transactions like airtime recharge. And more affluent consumers can enter through restaurant delivery or travel services.
Secondly, this ecosystem drives engagement. We have something to offer for most consumer needs everyday. One day you buy a pair of shoes, one day grocery, one day a small appliance. And in Africa, consumers recharge their airtime almost every day. This integrated ecosystem of goods and services drives the relevance, engagement and ultimately consumer lifetime value.
And last but not least, the ecosystem provides diversification, as you can see on the right-hand side, we are very well diversified across product categories and we are relevant to consumers across many aspects of their retail spend. This is very attractive for us as we do not depend on one single category.
Our Marketplace is complemented by Jumia Logistics and JumiaPay, both of which are key enablers, of course, of our of services like food delivery for example. You can also use Jumia to pay for a number of services, such as data top-up, airtime recharge or utility payment, and all of this is happening under one brand with one single sign-on for the users.
We have already achieved significant scale, almost 5 million consumers transacted on Jumia during the last 12 months, with over 80,000 sellers, 90% of the items sold were on Marketplace, generating more than a EUR1 billion of GMV over the same period. Jumia Logistics handled 13 million packages and 54% of our transactions were processed with JumiaPay in our two largest markets during Q4 of 2018. We are the leading Pan-African e-commerce platform and we see significant long-term opportunity to drive the adoption of e-commerce and the shift of retail spend from offline to online in Africa.
Our sellers, on Page 7, are an important part of our ecosystem, and we strive to offer them the most compelling value proposition. We work with three types of sellers; brands and key accounts, local sellers, and cross-border sellers. We create a lot of value for them. We offer them a gateway to Africa, giving them access to a large and growing consumer base, and we provide a lot of services beyond that, including unique data, consumer insights, marketing support, logistics, and even access to financial services.
On the other side of the Marketplace, I'm now on Page 8, we provide consumers with selection, price and convenience, in addition to unique local adaptations. We have really tailored the full shopping experience to many local specificities in order to adapt to our consumers' tastes and preferences.

我们为消费者提供了一个集成的生态系统,第9页,它非常强大,可以推动采用和参与。这为Jumia带来了许多战略利益。首先,它为我们的平台提供了针对不同人口统计数据的多个入口点。

例如,中产阶级消费者可以从购买时尚手机开始,然后转移到其他类别。预算较少的消费者或不一定准备在线购买实体商品的消费者可以通过微观交易进入,如通话时间充值。更富裕的消费者可以通过餐厅送货或旅行服务进入。

其次,这个生态系统推动了参与我们每天都能满足大多数消费者的需求。有一天你买了一双鞋,一天买杂货,一天买一个小家电。在非洲,消费者几乎每天都会为他们的通话时间充电。这种集成的商品和服务生态系统推动了相关性,参与度和最终消费者终生价值。

最后但并非最不重要的是,生态系统提供了多样化,正如您可以在右侧看到的那样,我们在产品类别中非常多样化,并且我们在零售支出的许多方面与消费者相关。这对我们来说非常有吸引力,因为我们不依赖于单一类别。

我们的市场由Jumia Logistics和JumiaPay作为补充,当然,这两者都是我们提供食品服务等服务的关键推动因素。您还可以使用Jumia支付多种服务,例如数据充值,通话时间充值或公用事业支付,所有这些都发生在一个品牌下,用户只需一次登录即可。

我们已经取得了相当大的规模,在过去的12个月中有近500万消费者在Jumia上交易,超过80,000个卖家,90%的销售商品都在市场上,同期产生了超过10亿欧元的GMV。 Jumia Logistics处理了1300万个包裹,54%的交易在2018年第四季度在我们的两个最大市场中与JumiaPay一起处理。我们是领先的泛非电子商务平台,我们看到了推动采用电子商务以及非洲零售支出从线下转向在线。

我们的卖家,在第7页,是我们生态系统的重要组成部分,我们努力为他们提供最具吸引力的价值主张。我们与三种类型的卖家合作;品牌和关键客户,本地卖家和跨境卖家。我们为他们创造了很多价值。我们为他们提供通往非洲的门户,使他们能够进入庞大且不断增长的消费群体,我们提供许多服务,包括独特的数据,消费者洞察,营销支持,物流,甚至金融服务。

在市场的另一边,我现在在第8页,我们为消费者提供选择,价格和便利,以及独特的本地改编。我们真正根据当地的具体情况量身定制了完整的购物体验,以适应消费者的口味和喜好。

We offer our consumers an integrated ecosystem, on Page 9, which is very powerful to drive adoption and engagement. This brings a lot of strategic benefits to Jumia. First, it provides multiple points of entry into our platform for the different demographics.
For example, middle class consumers can start with buying fashion phones and then move to other categories. Consumers on smaller budgets or consumers who are not necessarily ready to buy physical goods online can enter through micro transactions like airtime recharge. And more affluent consumers can enter through restaurant delivery or travel services.
Secondly, this ecosystem drives engagement. We have something to offer for most consumer needs everyday. One day you buy a pair of shoes, one day grocery, one day a small appliance. And in Africa, consumers recharge their airtime almost every day. This integrated ecosystem of goods and services drives the relevance, engagement and ultimately consumer lifetime value.
And last but not least, the ecosystem provides diversification, as you can see on the right-hand side, we are very well diversified across product categories and we are relevant to consumers across many aspects of their retail spend. This is very attractive for us as we do not depend on one single category.
Our Marketplace is complemented by Jumia Logistics and JumiaPay, both of which are key enablers, of course, of our business as well as monetization and growth avenues in their own right. If I start with Logistics on Page 10, we chose to build an asset-light platform powered by data and technology. We identified relevant local partners in each region, city and neighborhood, and equipped them with the tools and processes to operate their own assets but powered with our systems.
We complemented this partners' network with physical locations, seller drop-off stations, consumer pick-up stations and warehouses, and maybe here, I would like to mention the recent partnership we entered with Vivo Energy, who is operating over 2,000 service stations in Africa, and in particular, they operate under the Shell brand and among the initiatives we are developing together, we are offering consumers the possibility to use the retail service stations to pick up and drop off their online orders, and also to place and pay for Jumia orders in certain service stations. This creates more convenience for the users who prefer to use stations instead of home or office delivery and it brings economic benefits for both Jumia and Vivo. So it's a very good win-win partnership that we have here.
The strategic benefits of Jumia Logistics are that it is asset light, it is scalable, and it has strong capillarity allowing us to reach consumers in major cities, but also secondary cities and rural areas.
In the same way, we built Jumia Logistics to overcome the challenges of distribution in our countries, we have built JumiaPay to facilitate our own digital payment.
Moving on to the Page 11, to make Jumia Pay attractive to both consumers and sellers, we integrated all relevant payment methods and created a seamless online shopping and payment experience. Consumers can choose to link their JumiaPay wallet to the payment method of their choice, such as a debit or credit card, a bank account, a mobile money account, or even a cash agency account. And JumiaPay is not only a great solution to the digital payment challenges we face, but it also has the potential to become a leading payment system in our market.

我们为消费者提供了一个集成的生态系统,第9页,它非常强大,可以推动采用和参与。这为Jumia带来了许多战略利益。首先,它为我们的平台提供了针对不同人口统计数据的多个入口点。

例如,中产阶级消费者可以从购买时尚手机开始,然后转移到其他类别。预算较少的消费者或不一定准备在线购买实体商品的消费者可以通过微观交易进入,如通话时间充值。更富裕的消费者可以通过餐厅送货或旅行服务进入。

其次,这个生态系统推动了参与我们每天都能满足大多数消费者的需求。有一天你买了一双鞋,一天买杂货,一天买一个小家电。在非洲,消费者几乎每天都会为他们的通话时间充电。这种集成的商品和服务生态系统推动了相关性,参与度和最终消费者终生价值。

最后但并非最不重要的是,生态系统提供了多样化,正如您可以在右侧看到的那样,我们在产品类别中非常多样化,并且我们在零售支出的许多方面与消费者相关。这对我们来说非常有吸引力,因为我们不依赖于单一类别。

我们的市场由Jumia Logistics和JumiaPay作为补充,当然,这两者都是我们业务以及货币化和增长途径的关键推动因素。如果我从第10页的物流开始,我们选择建立一个由数据和技术支持的资产轻量级平台。我们确定了每个地区,城市和社区的相关当地合作伙伴,并为他们配备了运行自己资产但使用我们系统的工具和流程。

我们通过物理位置,卖方送货站,消费者接送站和仓库补充了这个合作伙伴的网络,也许在这里,我想提一下我们与Vivo Energy最近的合作伙伴关系,Vivo Energy在2000多个服务站运营非洲,特别是它们以壳牌品牌运营,在我们共同开发的计划中,我们为消费者提供了使用零售服务站来接送他们的在线订单,以及放置和支付的可能性。 Jumia在某些加油站订购。这为喜欢使用车站而非家庭或办公室交付的用户创造了更多便利,并为Jumia和Vivo带来了经济效益。所以这是我们在这里的一个非常好的双赢合作伙伴关系。

Jumia Logistics的战略优势在于它具有资产轻量级,可扩展性,并且具有强大的毛细作用,使我们能够覆盖主要城市的消费者,也可以覆盖二级城市和农村地区的消费者。

同样,我们建立了Jumia Logistics以克服我们国家的分销挑战,我们建立了JumiaPay来促进我们自己的数字支付。

接下来,为了使Jumia Pay对消费者和卖家都具有吸引力,我们整合了所有相关的支付方式,并创造了无缝的在线购物和支付体验。消费者可以选择将他们的JumiaPay钱包链接到他们选择的付款方式,例如借记卡或信用卡,银行账户,移动货币账户,甚至是现金代理账户。 JumiaPay不仅是我们面临的数字支付挑战的绝佳解决方案,而且还有可能成为我们市场中的领先支付系统。

On Page 12. For the near to mid term, we are focusing on two main avenues of growth and value creation with JumiaPay. The first one is a financial services marketplace, where we use JumiaPay to connect financial institutions with our sellers and consumers. This is a very natural extension of our existing marketplace and we can leverage the data we collect, our existing distribution platform, and the multiple use cases in our ecosystem. Here, let me give you an example. We have launched a seller lending service, where we provide data to third-party financial institutions in order to improve their ability to score sellers' credit. This helps our sellers to access short-term loans provided by this financial institution and we make a commission on the sale of the financial products.
The second main avenue is payment processing. Here, we intend to use JumiaPay to process payments on behalf of third-party merchants, starting with online merchants with the goal to also cover offline merchants, some of whom are already active on the Jumia platform.
The €50 million investment we received from MasterCard as part of the private placement, which took place concurrently with the IPO, is a great validation of the payment solution that we have built, and also a catalyst for further product development and innovation. And these payment processing services on the right are not yet live, but we are working on them in order to meet the regulatory and technical requirements to make it happen in the near future.
On Page 13, when we look ahead, we see significant long-term opportunity to drive the adoption of e-commerce. In Africa, the penetration of e-commerce is less than 1%. In Latin America, it's 2.4%. In America, about 10%. And in China, 20%. So this massive opportunity is really ahead of us and we believe that we have build a platform to successfully capture this opportunity, as well as an engine to create something much bigger.
Amazon, Alibaba, and MercadoLibre started with e-commerce and they leveraged it to create value in payments and other businesses. For us, we already have e-commerce and logistics. We already added food delivery. We are now building payments and financial services, and in the future, there are multiple other segments we can expand to, because we build Jumia as a platform that is capable of doing so much more.
Now, right now, as we have said multiple times in the past, we are very focused on our core operations with the objective of scaling up, generating strong growth while driving monetization, cost efficiency and increasing the penetration of JumiaPay. This is exactly what we have continued to deliver in Q2, and let's now go to Page 15 to review the progress we have made on our financial strategy.
Our financial strategy is centered around four key pillars; top line growth, monetization, cost efficiencies and JumiaPay. In the second quarter, we continued to deliver on each of those four pillars. GMV growth accelerated to 69% when compared with Q2 last year. Gross profit increased by 94%, faster than GMV growth, and our adjusted EBITDA loss as a percentage of GMV decreased by 562 basis points. And this has been achieved while we continue to make progress on JumiaPay. JumiaPay is now available in six of our countries, Nigeria, Egypt, Ivory Coast, Ghana, Morocco, and Kenya, which collectively represent a combined population of almost 440 million people.

在第12页。在近期到中期,我们专注于JumiaPay的两个主要增长和价值创造途径。第一个是金融服务市场,我们使用JumiaPay将金融机构与我们的卖家和消费者联系起来。这是我们现有市场的一个非常自然的扩展,我们可以利用我们收集的数据,现有的分销平台以及我们生态系统中的多个用例。在这里,我举个例子。我们推出了卖家贷款服务,我们向第三方金融机构提供数据,以提高他们对卖家信用评分的能力。这有助于我们的卖家获得该金融机构提供的短期贷款,并且我们会出售金融产品的佣金。

第二个主要途径是支付处理。在这里,我们打算使用JumiaPay代表第三方商家处理付款,从在线商家开始,目标也包括离线商家,其中一些人已经在Jumia平台上活跃。

我们从万事达卡获得的5000万欧元投资作为私募的一部分,与IPO同时进行,对我们构建的支付解决方案进行了很好的验证,也是进一步产品开发和创新的催化剂。而右边的这些支付处理服务尚未生效,但我们正在努力实现这些服务,以满足监管和技术要求,以便在不久的将来实现。

在第13页,当我们展望未来时,我们看到了推动电子商务采用的重要长期机会。在非洲,电子商务的渗透率不到1%。在拉丁美洲,这是2.4%。在美国,大约10%。在中国,20%。所以这个巨大的机会真的领先于我们,我们相信我们已经建立了一个成功抓住这个机会的平台,以及一个创造更大的东西的引擎。

亚马逊,阿里巴巴和MercadoLibre从电子商务开始,他们利用它来创造支付和其他业务的价值。对我们来说,我们已经拥有电子商务和物流。我们已经增加了食品供应。我们现在正在构建支付和金融服务,并且在未来,我们可以扩展到其他多个细分市场,因为我们将Jumia打造成一个能够做得更多的平台。

现在,就像我们过去多次说过的那样,我们非常关注我们的核心业务,目标是扩大规模,在推动货币化,成本效率和提高JumiaPay渗透率的同时实现强劲增长。这正是我们在第二季度继续提供的,现在让我们回顾一下我们在财务战略方面取得的进展。

我们的财务战略围绕四个关键支柱;收入增长,货币化,成本效率和JumiaPay。在第二季度,我们继续实现这四大支柱中的每一个。与去年第二季度相比,GMV增长率加速至69%。毛利增长94%,快于GMV增长,我们调整后的EBITDA损失占GMV的百分比下降了562个基点。在我们继续在JumiaPay上取得进展的同时实现了这一目标。 JumiaPay现已在我们的六个国家,尼日利亚,埃及,象牙海岸,加纳,摩洛哥和肯尼亚提供,这些国家共有近4.4亿人口。

We have also expanded the scope of JumiaPay beyond our physical goods marketplace, and in selected countries, it's now available in our food delivery portal as well as our hotel booking portal. And last but not least, we continue to expand the range of services available from third parties powered by JumiaPay. In Nigeria, for example, we allow consumers to access micro loans, we also added event tickets; in Egypt, we added vouchers on local deals; and all of these services are offered by third-party providers on the JumiaPay app.
I will now hand over to Antoine to review the financial performance in more detail.
Executive

我们还扩大了JumiaPay的范围,超越了我们的实体商品市场,在选定的国家,它现在可以在我们的食品交付门户网站以及我们的酒店预订门户网站上获得。 最后但并非最不重要的是,我们继续扩大由JumiaPay提供支持的第三方提供的服务范围。 例如,在尼日利亚,我们允许消费者获得小额贷款,我们还增加了活动门票; 在埃及,我们在当地优惠中增加了优惠券; 所有这些服务都由JumiaPay应用程序上的第三方提供商提供。

我现在将交给Antoine,以更详细地审查财务业绩。

行政人员

Antoine Maillet-Mezeray

Thank you, and hello, everyone. Let's now get into the details of Q2 financial performance. Let's start with two of our top line drivers, GMV and active consumers. We generated very strong GMV growth this quarter of 69% on a yearly basis, so beating our target of 56% -- 60%. This is the strongest level of growth in the last five quarters. This was driven by strong growth of active consumers and spend per active consumer.
The last 12 months active consumers as of June 30th was 4.8 million versus 3.2 million a year ago, representing 51% yearly growth. Compared to the first quarter of '19, we added 589,000 consumers versus a quarterly net add of 211,000 consumers over the same period last year. This increase represents the strongest level of quarterly net adds in the last five quarters.
The acceleration in consumer growth speaks to the increasing relevance of our platform, which drives consumer adoption and engagement. In parallel, with the strong growth of those top line drivers, we are able to increase the monetization of our platform.
On Page 17, I would like to remind you that the most relevant monetization metrics for us are marketplace revenue and gross profit. We don't see revenue as a meaningful metric to assess the monetization of our business, as it is impacted by shifts in the mix between the first-party and marketplace. In the second quarter of '19, we continued to see a reduction in the proportion of first-party with national GMV.
Our marketplace revenue increased by 90% on the back of strong growth across all components of marketplace revenue. Our gross profit margin increased by 78 bps taking our gross profit margin as a percentage of GMV to 6.2% as a result of an increased rate of monetization. As we grow our user base and our GMV, we are demonstrating our ability to further monetize our platform.
Moving on to Page 18, you can see that we generate our marketplace revenue from diversified streams, which all grew strongly this quarter. Commissions, which are charged to our sellers, grew by 92%. Fulfillment, which are delivery fees charged to consumers, grew by 103%.
Value-added services, which include services like logistics, packaging, content creation, grew by 47%. And last but not least, marketing and advertising revenue, which includes, for instance, performance marketing campaigns, placement of banners on our platform, experienced very strong growth of 490%. This stream represented 8% of marketplace revenue in Q2 '19 versus 2 % in Q2 '18.
We drive monetization intensity on our marketplace in a very subtle manner. Some quarters, there maybe more intensity on the certain type of services based on how we see the adoption from sellers and consumers and their willingness to pay for such service. Over time, revenue diversification is very important for us, and we continue to build additional revenue streams to drive monetization, both from participants of our platform, consumers and sellers, as well as third party.
Moving onto expenses, Page 19, our strong gross profit growth helps us cover an increasing proportion of our fulfillment expense, and in Q2 '19, our gross profit covered almost all our fulfillment expense. In Q2 '18, we lost EUR1.4 million post-fulfillment costs versus EUR0.3 million in Q2 '19. Our fulfillment expense includes large valuable portion, that is influenced by a number of factors, including the origin of the package, its destination as well as its volume.

谢谢,大家好。现在让我们了解第二季度财务业绩的细节。让我们从两位顶级车手GMV和活跃消费者开始。我们本季度的GMV增长非常强劲,每年增长69%,因此超出我们56%-60%的目标。这是过去五个季度中最强劲的增长水平。这主要得益于活跃消费者的强劲增长和每位活跃消费者的消费。

截至6月30日,过去12个月的活跃消费者为480万,而一年前为320万,年增长率为51%。与19世纪第一季度相比,我们增加了589,000名消费者,而去年同期则增加了211,000名消费者。这一增长代表了过去五个季度中季度净增长的最强劲水平。

消费者增长的加速说明了我们平台越来越重要,这促进了消费者的采用和参与。与此同时,随着这些顶线驱动程序的强劲增长,我们能够增加平台的货币化。

在第17页,我想提醒您,我们最相关的货币化指标是市场收入和毛利润。我们认为收入不是评估我们业务货币化的有意义指标,因为它受到第一方和市场之间组合变化的影响。在19世纪的第二季度,我们继续看到第一方与全国GMV的比例下降。

由于市场收入的所有组成部分的强劲增长,我们的市场收入增长了90%。由于货币化率上升,我们的毛利率增加了78个基点,使我们的毛利率占GMV的百分比达到6.2%。随着我们的用户群和GMV的增长,我们展示了我们进一步通过平台货币化的能力。

继续阅读第18页,您可以看到我们从多元化的流中获得了市场收入,这些流量本季度都在强劲增长。向我们的卖家收取的佣金增长了92%。履行是向消费者收取的运费,增长了103%。

包括物流,包装,内容创建在内的增值服务增长了47%。最后但并非最不重要的是,营销和广告收入,包括,例如,绩效营销活动,在我们的平台上放置横幅,经历了490%的强劲增长。该流量占19世纪Q2的市场收入的8%,而在18年第二季度为2%。

我们以非常微妙的方式推动我们的市场上的货币化强度。在某些方面,基于我们如何看待卖方和消费者的采用以及他们支付此类服务的意愿,某些类型的服务可能会更加强烈。随着时间的推移,收入多元化对我们来说非常重要,我们将继续建立额外的收入来源,以推动货币化,包括我们平台的参与者,消费者和卖家以及第三方。

转向支出,我们强劲的毛利增长有助于我们承担越来越大的履约费用,并且在19年第二季度,我们的毛利润几乎涵盖了我们的所有履约费用。在18年第二季度,我们在履行后的成本损失了140万欧元,而2009年第二季度则为零欧元。我们的履约费用包括大量有价值的部分,受到许多因素的影响,包括包裹的来源,目的地以及数量。

Compared with last year, we have seen this quarter an increase of cross-border business in the mix, an increase in medium and large packages as well as an increase in the volume of everyday FMCG goods. While there is a level of quarterly variation, we see a general trend within our business towards an increase in gross profit post-fulfillment expense. In the first half of '19 as a whole, we reached break-even at gross profit post-fulfillment expense.
Turning to sales and advertising expense and G&A, Page 20, we continue to see clear, efficient improvements and operating leverage benefits. Our sales and advertising expense as a percentage of GMV decreased by 67 bps to 5.4% of GMV in Q2 '19. In the first half of '19, our GMV grew approximately twice faster than our sales and advertising.
We continue to benefit from strong run awareness and consumer adoption, and we focus on directing our advertising expense towards more cost effective marketing channels. Our G&A and Tech expense as a percentage of GMV decrease by 344 bps to 11.1% of GMV as we realized economies of scale. As a result of accelerating monetization and cost efficiencies, we are making further progress towards profitability.
Our adjusted EBITDA loss as a percentage of GMV improved by 562 bps from 21.4% in Q2 '18 to 15.8% in Q2 '19 taking this forward in our path to profitability. Our operating loss decreased from 25.2% of GMV to 23.7% of GMV. Our operating loss includes share-based compensation expense, which is a non-cash expense. We've seen an elevated level of this expense in Q2 '19 reaching €0.5 million as the IPO completed in April this year triggered divesting of some of the stock options granted as part of the 2016 plan. You can find more details on the share-based compensation expense going forward in Appendix. Adjusted for these non-cash expense, our operating loss as a percentage of GMV reduced by 529 bps from 21.7% to 16.4% of GMV.
So, in summary, we have great momentum in our business allowing us to deliver strong results on our all four pillars of our strategy.
With that, I'll hand over to Sacha.

与去年相比,本季度我们看到跨区业务增加,中大包装增加以及日常快速消费品的数量增加。虽然有一定程度的季度变化,但我们看到我们的业务中的一般趋势是实现毛利后履约费用的增加。在整个19世纪上半叶,我们实现了毛利润后履约支出的收支平衡。

谈到销售和广告费用以及G&A,我们继续看到明确,有效的改进和运营杠杆效益。 19年第二季度,我们的销售和广告费用占GMV的百分比下降了67个基点,降至GMV的5.4%。在19世纪上半叶,我们的GMV增长速度大约是我们销售和广告的两倍。

我们继续受益于强大的运营意识和消费者采用,我们专注于将我们的广告费用转向更具成本效益的营销渠道。随着我们实现规模经济,我们的G&A和技术费用占GMV的百分比下降了344个基点,降至GMV的11.1%。由于加速货币化和成本效率,我们正在进一步提高盈利能力。

我们调整后的EBITDA损失占GMV的百分比从18年第二季度的21.4%提高到562个基点,从19年第二季度的15.8%提升至我们的盈利之路。我们的经营亏损由GMV的25.2%下降至GMV的23.7%。我们的经营亏损包括以股份为基础的补偿费用,这是一项非现金支出。我们已经看到,在今年4月IPO完成后,19年第二季度这笔费用的高水平达到了50万欧元,这引发了对2016年计划中部分股票期权的剥离。您可以在附录中找到有关基于股票的薪酬费用的更多详细信息。根据这些非现金支出进行调整后,我们的经营亏损占GMV的百分比从GMV的21.7%降至52.4个百分点至16.4%。

总而言之,我们的业务发展势头良好,使我们能够在战略的四大支柱上取得强有力的成果。

有了这个,我会交给萨莎。

Sacha Poignonnec

Thanks, Antoine. Looking ahead, if you please move to Page 22, and building on this momentum, you can see that we have multiple additional opportunities to drive long-term growth and value creation. Today, and this is something that we have repeatedly said, we are very disciplined. We are only focusing on our existing business and the path to profitability through scale. This means that we stick to our existing regions and categories, we drive the growth of Jumia with a clear focus on cost efficiency and path to profitability.
Once this is achieved, there are lots of other opportunities to go after, in order to create even more value. New business lines like, for example, digital content, new geographies, and maximize value creation from our logistics, payment and marketing assets. There's so much more we can go after. But for now, we are fully focused on our core business.
Now, before I wrap up, I would like to give you a bit of context and color to the sales practice review, including in our release, when we became aware of allegations concerning improper sales practices, we started a review. This was disclosed in our prospectus and we are now proactively giving you an update.
This is part of our continued effort to be very transparent with the market. As you can read, so far, we're talking about isolated instances that had only a modest GMV impact and virtually no impact on our financial statements. We are constantly reviewing and improving our systems and controls to help us avoid such instances in the future.
It's been a very solid quarter. At Jumia, we've all our teams executing on our strategy. We grew our top line drivers GMV, active consumers very strongly. Our gross profit grew even faster at 94%. So far in 2019, we are positive after fulfillment and we have also made a lot of good progress on cost efficiency. We just celebrated our seventh anniversary this summer and we took the time to reflect on the tremendous journey we've had so far and remind ourselves of why we have embarked on it.
This celebration is also a moment of gratitude towards our consumers, sellers, partners and shareholders that are making this possible, our mission to improve everyday life in Africa through technology is what keeps us going. We are very excited by the opportunity that lies ahead of us. In our 14 markets, there are about 700 million people and almost 350 million Internet users. Nigeria itself is set to become the third most populous country on the planet by 2050, according to the United Nations. And we believe that this digitally born new generation will provide huge momentum for Jumia in the decades to come.
Thank you very much for your attention, and we are now ready to take your questions.

谢谢,安托万。展望未来,如果您转到第22页,并在这一势头的基础上,您可以看到我们有多个额外的机会来推动长期增长和价值创造。今天,这是我们反复说过的,我们非常自律。我们只关注现有业务以及通过规模实现盈利的途径。这意味着我们坚持现有的地区和类别,我们通过明确关注成本效率和盈利之路来推动Jumia的发展。

一旦实现这一目标,还有许多其他机会可以追求,以创造更多价值。新业务线,例如数字内容,新地理位置,以及通过物流,支付和营销资产最大化价值创造。还有更多我们可以追求的东西。但就目前而言,我们完全专注于我们的核心业务。

现在,在结束之前,我想向您介绍销售实践审核的一些背景和颜色,包括在我们的发布中,当我们发现有关不正当销售行为的指控时,我们开始进行审核。这已在我们的招股说明书中披露,我们现在主动向您提供更新。

这是我们不断努力使市场变得非常透明的一部分。正如您所读到的,到目前为止,我们所讨论的是孤立的实例,这些实例只有适度的GMV影响,对我们的财务报表几乎没有影响。我们不断审查和改进我们的系统和控制,以帮助我们避免将来出现此类情况。

这是一个非常稳固的季度。在Jumia,我们所有的团队都在执行我们的战略。我们的顶级车手GMV,活跃的消费者非常强大。我们的毛利润增长更快,达到94%。到目前为止,在2019年,我们在履行之后是积极的,我们在成本效率方面也取得了很多进展。我们今年夏天刚刚庆祝了我们的七周年纪念日,我们花了很多时间来思考我们迄今为止所经历的巨大旅程,并提醒自己为什么要开始它。

此次庆祝活动也是对我们的消费者,销售商,合作伙伴和股东的感激之情,我们通过技术改善非洲日常生活的使命是让我们前进的动力。我们对摆在我们面前的机会感到非常兴奋。在我们的14个市场中,约有7亿人和近3.5亿互联网用户。据联合国统计,到2050年,尼日利亚本身将成为地球上人口第三多的国家。我们相信,这个数字化的新一代将为Jumia在未来几十年提供巨大的动力。

非常感谢您的关注,我们现在准备好回答您的问题。

问答环节

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question today comes from Scott Devitt with Stifel. Please go ahead.

谢谢。 我们现在开始问答环节。 [操作员说明]今天的第一个问题来自Scott Devitt和Stifel。 请继续。

Scott Devit

Hi. Thank you. Sacha, I apologize if this isn't in deck. I don't have it in front of me. But I just wonder if you could speak to the business in terms of strengths and weaknesses by market, you know, our big contributors to the business are Nigeria and Egypt, and if you could just speak to where you think you're doing better or worse?
And then second, in terms of some of the initiatives that you've noted on the call intended to reduce longer term friction and drive growth in the business. Could you just highlight some of the areas where you think that could be more influential in the business in the near term if there's two, three, four things that you would highlight? Thank you.

你好。 谢谢。 萨莎,如果不是在甲板上,我道歉。 我没有在我面前。 但我只是想知道你是否可以根据市场的优势和劣势与企业交流,你知道,我们对这个企业的主要贡献者是尼日利亚和埃及,如果你能说到你认为你做得更好的地方或者 更差?

第二,就你在电话会议上提到的旨在减少长期摩擦和推动业务增长的一些举措而言。 您是否可以强调一些您认为在短期内可能会对业务产生更大影响的领域,如果有两个,三个,四个要突出的事情? 谢谢。

Sacha Poignonnec

Of course. And thanks for those questions. And I think in terms of markets, and here, I appreciate it's not in the deck. We have not included the geographical disclosure here in this quarterly release. Nigeria and Egypt and we have explained that are the two regions which represent roughly 50% of our business and then we have North Africa, West Africa, East Africa and South Africa. And when we look at those markets, we also sometimes look at the maturity of those markets, right So some of the countries we launched them six, seven years ago, and some of them were launched more recently. So generally what we see is a quite very strong dynamism across the region and across the continent. We see good macro in Nigeria, good macro in Egypt. And overall -- and our diversification here is a big strength, because we have 14 markets and two of those make about 50% of the business and the rest make the other 50%. So we are very protected from a diversification perspective. What we tend to see in terms of profitability is that the countries which are a bit more advanced have better economics and better unit economics, of course, because they're --- they have reached more scale and they're more advanced in terms of marketplace developments in terms of monetization and cost efficiency as well. And in the other ones, which are -- a little bit less major, we still see more growth or faster growth. And we see them a little bit behind, of course, in terms of profitability because they are more new.
So I think this is --- here what we can say. And then, you know, that the business really is a combination of bringing a very good and very strong consumer experience. For us, it always starts with that. And I think here we are doing very well. We have a lot of initiatives to accelerate the delivery of the products and make the consumer experience always better. And then you combine that with increasing the number of the sellers and the assortments, which is the second part of our focus. And the more sellers you bring, the more choice you can bring to the consumers.
The more sellers you bring, the more they can compete with each other and the better the prices for the consumers. And, you know, the third component is to drive very efficient and very strong local marketing. So we have a lot of different ways to engage with the consumers through very localized channels. And for us, there is no magic formula. So these three things that when you put it together, it should bring the best consumer experience, the best sellers and assortment and price and the best way to engage with consumers. That's how you drive these very good top line drivers, and you can see it in the growth of the GMV and in the growth of the active users. It's really driven by those I would say fundamentals.
Then, of course, adding to that is JumiaPay, which for us is an extremely important focus. And JumiaPay is something that we drive on the back of the development of the marketplace. And here, you know, this is following, I would say, the adoption of the marketplace. So in terms of highlights and -- it's really driven by the fundamentals.

当然。并感谢这些问题。我认为就市场而言,在这里,我很欣赏它不在甲板上。我们未在本季度发布中包含此处的地理信息披露。尼日利亚和埃及以及我们已经解释说,这两个地区约占我们业务的50%,然后我们有北非,西非,东非和南非。当我们看到这些市场时,我们有时也会看到这些市场的成熟度,所以我们在六年,七年前推出了一些国家,其中一些是最近推出的。因此,我们看到的一般情况是整个地区和整个非洲大陆都具有非常强大的活力。我们看到尼日利亚的宏观宏观,埃及的宏观宏观。总体而言 - 我们在这里的多样化是一个很大的优势,因为我们有14个市场,其中两个占据50%左右的业务,其余的占50%。因此,我们受到多元化视角的保护。我们在盈利能力方面倾向于看到,那些更先进的国家拥有更好的经济学和更好的单位经济学,当然,因为他们 - 他们已经达到了更高的规模,而且他们的先进性更高在货币化和成本效率方面的市场发展。而在其他方面,我们仍然看到更多的增长或更快的增长。当然,我们认为它们在盈利能力方面有点落后,因为它们更新。

所以我认为这就是---我们可以说的。然后,您知道,该业务确实是一个带来非常好和非常强大的消费者体验的组合。对我们来说,它总是从那开始。我认为我们在这方面做得很好。我们有很多举措来加速产品的交付,并使消费者体验始终更好。然后你将它与增加卖家和品种的数量结合起来,这是我们关注的第二部分。而且您带来的卖家越多,您就可以为消费者带来更多选择。

您带来的卖家越多,他们彼此竞争的越多,消费者的价格就越高。而且,您知道,第三个组成部分是推动非常有效和非常强大的本地营销。因此,我们有很多不同的方式通过非常本地化的渠道与消费者互动。对我们来说,没有神奇的公式。所以这三件事情,当你把它放在一起时,它应该带来最好的消费者体验,最好的卖家和分类和价格以及与消费者互动的最佳方式。这就是你如何驾驭这些非常优秀的顶线车手,你可以在GMV的增长和活跃用户的增长中看到它。这真的是由那些我会说基本面的人推动的。

然后,当然,除此之外还有JumiaPay,对我们来说这是一个非常重要的焦点。而JumiaPay是我们在市场发展的支持下推动的。在这里,你知道,我会说,这是市场的采用。因此,就亮点而言 - 它实际上是由基本面驱动的。

Scott Devit

Thanks, Sasha.

谢谢,萨莎。

Sacha Poignonnec

Thank you.

谢谢。

会议主持员

The next question today comes from Aaron Kessler with Raymond James. Please go ahead.

今天的下一个问题来自Aaron Kessler和Raymond James。 请继续。

Aaron Kessler

Hi, guys. Thanks for the questions. First maybe just on the monetization, you saw, I think about 5% growth quarter-over-quarter in kind of the commission growth versus much stronger growth on a GMV basis, maybe you can talk about that gap and then maybe the opportunity to also increase take rates? And then if you can also maybe just talk about kind of repeat purchase behavior and how that's been trending as well? Thank you.

嗨,大家好。 谢谢你的问题。 首先,也许仅仅是货币化,你看,我认为佣金增长的季度环比增长率为5%,而GMV基础上增长幅度要大得多,也许你可以谈论这个差距,然后也许还有机会 提高采取率? 然后,如果你也可以谈论一些重复购买行为以及这种趋势如何? 谢谢。

Sacha Poignonnec

Of course. So when we look at the monetization, we have today commissions, fulfillment, value-added services and marketing and advertising. You can see that we have grown the gross profit by I think 94% and the marketplace revenue by 90% over the -- from Q2 2019 to Q2 -- versus Q2 2018, we've the growth of the GMV, which is 69%. So we are able to extract more monetization from the GMV. Now, for us, it's always a focus to make sure that we extract this monetization from diversified streams and from I would say services which create value for the sellers.
So as you can see, the commissions have been growing generally if you look at our development over the last quarters, they have been growing less fast than the other streams and usually we like to generate this monetization rather from value-added services or from fulfillment or marketing and advertising rather than just commissions and there is -- to some extent the sellers pay commissions and then they pay marketing and advertising and then they pay value-added services, and for them, they look at those as the cost of doing business with Jumia.
And so we need to be very subtle in the way we are pushing the various services when we think about the sellers. And sometimes, we would increase the monetization pressure on certain services. And as we do that, we may decide to reduce the commission. So there is a, I would say, we are driving the intensity on the various services based on how the sellers are reacting to the pressure that we put.
Now, when we think about this monetization and how we can drive the take rate, they are really four, you know, -- there are four initiatives that we are working on.
One is Jumia Express, which, as you know, is our fulfilled by Jumia program, and we have been communicating in the past that we have roughly about a third of our GMV, which is processed under Jumia Express. And as we are doing this, the sellers' willingness to pay for the service is increasing with time, and we very much see Jumia Express as a good avenue to increase the take rate.
The second one is marketing and advertising. I think on this one, this is the main, you know -- this is one of the main the revenue drivers of many marketplaces. And we are barely stopping on this one. As you can see, it used to be a very modest part of our revenues. Now it starts to be about 10%. I think the exact number is 8% of our revenue now is coming from marketing and advertising. And this is something where we have a lot of leverage. And this marketing and advertising is both with our existing sellers, but also with third-party merchants.
The good thing with Jumia Express and the marketing and advertising is here we are talking about pure incremental margin almost, because we have no additional costs. The cost of Jumia Express, we already have it in the P&L, right? Because we already have the warehouses, we already have the people and we are already fulfilling about a third of the GMV with the cost. But the revenue is coming, and the marketing and advertising is the same. We already have the traffic, we have the users. So there are very few -- very small incremental costs associated with those revenues. They are almost pure incremental margin.

当然。因此,当我们查看货币化时,我们今天有佣金,履行,增值服务以及营销和广告。从2019年第二季度到2018年第二季度,我们看到我们的毛利润增长了94%,市场收入增长了90% - 我们的GMV增长了69% 。因此,我们能够从GMV中提取更多货币化。现在,对我们而言,始终关注的是确保我们从多元化的流中提取这种货币化,并且我会说为卖家创造价值的服务。

正如你所看到的,如果你看看我们在过去几个季度的发展,佣金一直在增长,它们的增长速度低于其他流量,通常我们希望通过增值服务或履行来实现这种货币化。或者营销和广告,而不仅仅是佣金,而且 - 在某种程度上,卖家支付佣金,然后他们支付营销和广告,然后他们支付增值服务,对他们来说,他们将这些视为开展业务的成本与Jumia。

因此,当我们考虑卖家时,我们需要非常微妙地推动各种服务。有时,我们会增加某些服务的货币化压力。当我们这样做时,我们可能决定减少佣金。所以有一个,我想说,我们正在根据卖家如何应对我们施加的压力来推动各种服务的强度。

现在,当我们考虑这种货币化以及我们如何推动采用率时,他们真的只有四个,你知道,我们正在制定四项举措。

其中一个是Jumia Express,正如您所知,Jumia Express是我们实现的,我们过去一直在沟通,我们大约有三分之一的GMV是在Jumia Express下处理的。正如我们所做的那样,卖家愿意为服务付费的意愿随着时间的推移而增加,我们非常看到Jumia Express是提高收费率的好途径。

第二个是营销和广告。我想在这一点上,这是主要的,你知道 - 这是许多市场的主要收入驱动因素之一。我们几乎没有停下来。如您所见,它曾经是我们收入中非常适度的一部分。现在它开始大约10%。我认为确切的数字是我们现在收入的8%来自营销和广告。这是我们有很多杠杆作用的地方。此营销和广告既适用于我们现有的卖家,也适用于第三方商家。

Jumia Express以及营销和广告的好处在于我们几乎都在谈论纯增量保证金,因为我们没有额外的成本。 Jumia Express的成本,我们已经在P&L中拥有它,对吧?因为我们已经拥有仓库,所以我们已经拥有了人员,而且我们已经满足了GMV的三分之一和成本。但收入即将到来,营销和广告也是如此。我们已经拥有流量,我们有用户。所以很少 - 与这些收入相关的非常小的增量成本。它们几乎是纯粹的增量保证金。

Then number three and four, are JumiaPay and Jumia Logistics, which of course we intend to open to third-party. And both of those are very exciting monetization opportunity for us, because we already have the assets and typically the payment processing margins are very, very attractive. And logistics, of course, there would be some variable costs associated with it, but we would definitely leverage a lot of our fixed costs. So we see those four as strong upsides for the future of monetization.
And then in terms of repeat purchase, we are definitely seeing good trends here, so far in 2019, and this is
something that we always look at. At some point, we'll think about how we can communicate that to you. But so far, so good, we are a seeing a continuous improvement of the various trends in terms of the cohorts and the repeat purchase. So we are satisfied here.

第三和第四,是JumiaPay和Jumia Logistics,当然我们打算向第三方开放。 对我们来说,这两者都是非常令人兴奋的货币化机会,因为我们已经拥有资产,而且通常支付处理利润非常非常有吸引力。 当然,物流会有一些与之相关的可变成本,但我们肯定会利用很多固定成本。 因此,我们认为这四个方面对于货币化的未来具有强大的优势。

然后就重复购买而言,我们肯定会看到这里的好趋势,到目前为止在2019年,这是

我们一直关注的东西。 在某些时候,我们会考虑如何与您沟通。 但到目前为止,这么好,我们看到在队列和重复购买方面的各种趋势不断改善。 所以我们在这里感到满意。

Aaron Kessler

Great, thank you.

太好了谢谢。

会议主持员

The next question today comes from Mark Mahaney with RBC Capital Markets. Please go ahead.

今天的下一个问题来自RBC Capital Markets的Mark Mahaney。 请继续。

身份不明的分析师

Great. Thank you. This is Shweta for Mark. Two questions, please. So first, on payment, on JumiaPay, could you, Sacha, talk a little bit about how much adoption there has been in your two primary countries of 54% of transactions as of Q4 of '18, any update there? And then also across the other four countries now, what the adoption has been like? And then how that has impacted returns and cancellations on the platform. Any quantifiable improvements on that driven by JumiaPay? That's first.
And then the second one, any update on the value-added services decelerated compared to Q1 of '19. Any thought on what -- decelerated a little bit more than expected. What was that from? And how much the Jumia Express drives the monetization growth? Thank you.

非常好。 谢谢。 这是马克的Shweta。 请两个问题。 首先,在付款方面,在JumiaPay上,你能否,Sacha,谈谈你的两个主要国家在截至18年第四季度的54%的交易中采用了多少,有什么更新吗? 那么现在其他四个国家的采用情况如何? 然后它如何影响平台上的退货和取消。 由JumiaPay推动的任何量化改进? 那是第一次。

然后是第二个,与19世纪第一季度相比,增值服务的任何更新都有所减缓。 什么想法 - 减速比预期多一点。 那是什么? Jumia Express推动货币化增长的程度如何? 谢谢。

Sacha Poignonnec

Yeah, of course, Shweta. For payment, we are very much seeing a continuous progress. So this 54% was for Q4 of 2018 and this is something that we -- number that we had published as part of the offering and we are considering various KPIs that we can disclose on payments so that we can give you good progress.
What I can tell you is that this 54% is higher now, right? So it's continued, right? And so this is continuing in Nigeria and Egypt. And we are seeing very good progress there. In the other markets, it's a bit early to tell, right? Because there's some -- it's still the early days. So I think it's too early to comment. But again, we are looking for ways to give you the disclosure. What I can tell you is the 54% is now higher, and this is really, really, really good.
In terms of quantifiable impact, we're definitely seeing higher success rates for the transactions which are processed under JumiaPay in terms of delivery and we see less or we see just a higher success rate, which is good from the fulfillment expense. At the same time, we have certain fees associated with payments.
So, I think overall this has for now, I would say, quite a neutral impact so far this year, right? So in a way, it is positive. We have more --- we have more success, but there are also costs associated with payments. So there's some of that. But I think I would not say that there is a big quantity there.
And then the value-added services, yes, I think we have to look at them and take the perspective on them. So, of course, those value-added services, they were introduced last year, right? So in '17, if you remember when we were starting the same chart, we have been producing this chart on and on. I think in '17, we had almost none of those and we introduced them in '18.
So of course, when we introduced them, the growth rate were very, very high and a little bit like you are seeing now on the marketing and advertising, right? So you see some very fast growth rate, but because you start from a lower base. And at the same time you can -- we always look at those in the Jumia Express and the value-added services in general, as -- and we drive them in a subtle way.
And typically, the willingness to pay of the sellers here is always you provide the service and then they use the service and then you start monetizing it, and then as you start monetizing it, you increase the basis of the sellers who are paying and then you maybe increase the fees per the service that those sellers are paying.
So I think here in Q2, we wanted to put a bit less pressure on that. And we put a bit more pressures -- more pressure on other things. But it's certainly not something that we are worried about and Jumia Express is developing very well. So, you know, I think we have to see that over the -- over couple of quarters rather than just one.

是的,当然,Shweta。对于付款,我们非常看到持续的进展。因此,这个54%是2018年第四季度,这是我们 - 作为发行的一部分发布的数字,我们正在考虑我们可以在付款时披露的各种KPI,以便我们可以给您带来良好的进展。

我可以告诉你的是,这54%现在更高,对吗?所以它继续,对吗?因此尼日利亚和埃及的情况仍在继续。我们在那里看到了非常好的进展。在其他市场,现在说起来有点早,对吧?因为有一些 - 它仍然是早期的。所以我认为评论还为时过早。但同样,我们正在寻找方法向您披露信息。我可以告诉你的是54%现在更高了,这真的非常非常好。

就可量化的影响而言,我们肯定会看到在交付方面根据JumiaPay处理的交易的成功率更高,我们看到更少或者我们看到更高的成功率,这从履行费用中是好的。与此同时,我们收取一定的付款费用。

所以,我认为现在整体而言,今年到目前为止,这已经具有中性影响,对吗?所以在某种程度上,它是积极的。我们有更多 - 我们取得了更大的成功,但也有与支付相关的成本。所以有一些。但我想我不会说那里有大量的东西。

然后是增值服务,是的,我认为我们必须看看它们并对它们采取观点。那么,当然,那些增值服务,它们是去年推出的吧?所以在17年,如果你还记得当我们开始使用相同的图表时,我们一直在制作这个图表。我想在17年,我们几乎没有这些,我们在18年推出了它们。

当然,当我们介绍它们时,增长率非常非常高,有点像你现在看到的营销和广告,对吧?所以你看到一些非常快的增长率,但因为你从较低的基数开始。同时你可以 - 我们总是看看Jumia Express中的那些和一般的增值服务 - 我们以一种微妙的方式驱动它们。

通常,卖家的支付意愿总是提供服务,然后他们使用服务,然后你开始货币化,然后当你开始货币化时,你增加了支付的卖家的基础,然后您可能会增加这些卖家所支付服务的费用。

所以我想在第二季度,我们希望减轻压力。而且我们施加了更多压力 - 对其他事情施加更多压力。但它肯定不是我们担心的事情,Jumia Express正在发展得很好。所以,你知道,我认为我们必须在过去几个季度而不是仅仅一个季度看到这一点。

Shweta Khajuria

Thank you, Sacha.

谢谢,萨莎。

会议主持员

The next question today comes from Mark Mahaney with RBC Capital Markets. Please go ahead.

今天的下一个问题来自RBC Capital Markets的Mark Mahaney。 请继续。

莎拉西蒙

I've got two questions as well, please. Sacha, just back on marketing and advertising. Sacha, can you just tell us what marketing and advertising products is implemented and in which markets? Just so we can get a feel for how developed that is. And then the second one was on the proposed VAT system leveling the playing field in Nigeria.
I mean, that seems to me to be very positive for anyone domestic like yourselves. But would you say that you suffer from that not being a level playing field now, as indeed, do you see this as a meaningful upside to you, versus alternative platforms? Or how should we think about that? Thanks.

我也有两个问题,拜托。 萨莎,回到营销和广告。 Sacha,您能告诉我们哪些营销和广告产品的实施以及哪些市场? 这样我们就可以了解它的发展程度。 然后第二个问题是拟议的增值税系统,以平衡尼日利亚的竞争环境。

我的意思是,在我看来,对于像你们这样的国内人来说,这是非常积极的。 但是你会说你现在不是一个公平的竞争环境吗?事实上,你认为这对你来说是一个有意义的好处,而不是替代平台吗? 或者我们应该怎么想呢? 谢谢。

Sacha Poignonnec

Thank you, Sarah. So the marketing and advertising is a mix of different products, right? And those products are tailored to both the small sellers who are mostly looking for performance marketing tools to increase visibility and increase sales, and products which are more appealing for big sellers or brands which are looking more for to build awareness and more visibility and different types of campaigns.
So, we have performance tools such as sponsored products or newsletters and push notification and display ad banners and things like that. And we have also specific visibility campaigns that we can tailor for some of the bigger sellers. And this is something that we have been developing in the past and is working very much in I would say more of our advanced markets, of course, because we are dealing there with more advanced version of the marketplace.
So we have very good success, for example, in Morocco, but also in Nigeria, Egypt, Kenya, and Ivory Coast, those are the markets where we're seeing good trends. But certainly, we have and I think you're seeing the across the various marketplaces, right? We have such a unique platform to tailor the advertising campaigns and we have data about the interest of the users et cetera, et cetera.
So we haven't even started to sell our search results, right? So we are we are just barely scratching the surface here with banners and sponsored products. But yet, we are seeing a lot of the appetite from all the sellers, both the small and the big ones. So we're certainly very excited about this.
And our ecosystem of goods and services is also something which is very attractive because we have different platforms and different portals where we can really target the users and we also have our seller center, right, we have a lot of advertisers who are trying to go after the SMEs and because we work with all those SMEs, we can provide them with amazing opportunities to target those sellers and those restaurants and those hotels et cetera. So we are really pulling all the assets of the ecosystem together to create something very attractive here.
And it's a very good question on VAT and thanks for asking it. I think, as always, with those, it's always hard to predict and how things can play out because there's always something delay between when those schemes are announced and how they are being completely in real life implemented.
So we'll have to see how this is playing out and generally we are very much a reflection, we are an extension of the marketplace and the retail dynamic. So, I think we will have to see how this plays out. It's too early to tell to be honest.
1q

谢谢你,莎拉。所以营销和广告是不同产品的混合,对吧?这些产品专为那些主要寻求​​性能营销工具以提高知名度和增加销售额的小型卖家量身定制,而对于那些希望提高认知度和更多知名度以及不同类型的大卖家或品牌更具吸引力的产品的活动。

因此,我们有性能工具,如赞助产品或新闻简报,推送通知和展示广告横幅等等。我们还有特定的可见性广告系列,我们可以为一些较大的卖家量身定制。这是我们过去一直在开发的东西,并且我正在努力工作,当然,我会说更多我们的先进市场,因为我们正在那里处理更高级的市场版本。

因此,我们取得了非常好的成功,例如在摩洛哥,但在尼日利亚,埃及,肯尼亚和象牙海岸,这些都是我们看到良好趋势的市场。但当然,我们已经和我认为您正在各个市场中看到,对吧?我们有这样一个独特的平台来定制广告活动,我们有关于用户等的兴趣的数据。

所以我们甚至没有开始销售我们的搜索结果,对吧?所以我们只是在这里用横幅和赞助产品勉强抓住了。但是,我们看到了所有卖家的兴趣,包括小型和大型卖家。所以我们对此非常兴奋。

我们的商品和服务生态系统也是非常有吸引力的,因为我们有不同的平台和不同的门户网站,我们可以真正定位用户,我们也有我们的卖家中心,对,我们有很多广告客户试图去在中小企业之后,因为我们与所有这些中小企业合作,我们可以为他们提供惊人的机会,以针对那些卖家和那些餐馆和那些酒店等。因此,我们真正将生态系统的所有资产整合在一起,创造出非常有吸引力的东西。

这是关于增值税的一个非常好的问题,感谢您的提问。我认为,与往常一样,它总是难以预测以及事情如何发挥作用,因为在宣布这些方案之间以及它们如何完全在现实生活中实施之间总会出现延迟。

所以我们必须看看它是如何发挥作用的,通常我们是一个反映,我们是市场和零售动态的延伸。所以,我认为我们必须看看它是如何发挥作用的。说实话还为时过早。

1Q

莎拉西蒙

But do you think that consumers use foreign platforms because they're cheaper, because obviously with the VAT differential say in theory there is a price advantage for somebody to buy from a different platform, even if they have to wait longer. Do you ever feel like you leaves out in terms of revenue because of that VAT being imposed on you and not the others?

但是你认为消费者使用外国平台是因为它们更便宜,因为很明显增值税差异理论上说,有人从不同的平台购买,即使他们需要等待更长时间,也有价格优势。 您是否觉得由于增值税是强加于您而不是其他增值税而导致收入减少?

Sacha Poignonnec

Yeah, look, it's -- there's always with this cross-border e-commerce, there's always some questions, right? So those platforms do not contribute to the local economy. They do not pay taxes. They do not create jobs. They just ship goods, basically, essentially.
And I think we want to develop the marketplace in a sustainable way for the local economy. So we're working hands in hands with all the stakeholders to make sure that we contribute and we bring our share of the development of the economy. So, here we have to see how the government decides to apply this VAT and how they apply also other types of rules for all the different players, right? So and -- I think it's something that honestly, we have to see how they how they play it. It depends. But to some extent, I think e-commerce is still very new in those markets. And I don't see those as having a very, very big impact.
Whatever is done in reality at the end of the day, I don't see them as having a huge impact. I think it's just -- it will -- those rules will keep coming and moving as e-commerce is developing and what we certainly see is a lot of engagement, I would say, from all the governments we are -- in all the countries where we operate because they really see that e-commerce is something very positive for job creation, for creating also access for the consumers who live in the rural areas, so inclusion and the development of small sellers and creating jobs et cetera. So I think it will go into the right direction.

是的,看,它是 - 总是有这种跨境电子商务,总会有一些问题,对吧?所以这些平台对当地经济没有贡献。他们不交税。他们不创造就业机会。他们基本上只是运送货物。

我认为我们希望以可持续的方式为当地经济发展市场。因此,我们与所有利益相关方携手合作,确保我们做出贡献,并为经济发展带来我们的份额。所以,在这里我们必须看看政府如何决定应用这种增值税以及它们如何适用于所有不同参与者的其他类型的规则,对吧?所以 - 我认为这是诚实的,我们必须看看他们如何发挥它。这取决于。但在某种程度上,我认为电子商务在这些市场中仍然很新。我并不认为这些影响非常大。

无论在一天结束时在现实中做了什么,我都不认为它们会产生巨大的影响。我认为这只是 - 它会 - 随着电子商务的发展,这些规则会随着时间的推移而不断发展,而我们肯定会看到,在所有国家,我们所有政府都会参与很多活动。我们经营的地方是因为他们确实看到电子商务对于创造就业机会非常积极,也为生活在农村地区的消费者创造了便利,因此包容和小卖家的发展以及创造就业机会等等。所以我认为它将走向正确的方向。

莎拉西蒙

Okay, thanks.

好的谢谢。

会议主持员

The next question today comes from Brian Nowak with Morgan Stanley. Please go ahead.

今天的下一个问题来自Brian Nowak与摩根士丹利。 请继续。

Alex Chavdaroff

Alex Chavdaroff

Hey, guys, this is Alex Chavdaroff on for Brian. Thanks for taking the question. Can you talk a little bit about what controls you're putting in place to avoid issues with JForce sales? And then how confident are you that this is an isolated incident? And then second, can you talk a little bit about how much your Ramadan event boosted GMV or active customers in the quarter? And you know, more broadly, like what worked and what didn't? Thank you.

嘿,伙计们,这是Alex Chavdaroff对Brian的看法。 谢谢你提出这个问题。 您能否谈谈您为避免JForce销售问题而采取的控制措施? 那你是多么自信这是一个孤立的事件? 接下来,您能谈一谈您的斋月活动在本季度对GMV或活跃客户的提升程度吗? 更广泛地说,你知道哪些有效,哪些无效? 谢谢。

Sacha Poignonnec

Sure. So, can you repeat your first question, Alex, please. Just to make sure I get it? I know it's about JForce. But --

当然。 那么,请你重复一下第一个问题,Alex。 只是为了确保我得到它? 我知道这是关于JForce的。 但是 -

Alex Chavdaroff

Alex Chavdaroff

Yeah. Yeah, sure. So I was just asking around, you know, what controls you're putting in place to make sure you avoid issues with the JForce sales.

是啊。 当然可以。 所以我只是四处询问,你知道,你正在采取什么措施来确保你避免出现JForce销售问题。

Sacha Poignonnec

Of course. Yeah, I mean, over time, JForce is an excellent channel, because it's -- it really provides us with the opportunity to interact physically with a lot of consumers. And it's a great educational channel. Of course, it's a decentralized salesforce with dozens of thousands of agents et cetera. So there's a lot of controls that we have and we have built over time, right? So we've been working on that channel for a long time and we've been constantly improving it, right? So this is part of what we do all the time.
We identify something or there's an incident and then we take corrective actions, we take any sanctions and then we improve it. So it's always about creating better data-driven systems, where the system can flag any potential issue, and when this flag is created, that we are able to investigate or analyze, right? So we have the same for JForce, but we have also the same for the customer profiling system, and we are always improving those. And this is a tool that we use and which job is to detect or flag any potential issue and then we look into it.
So every time we see something or we uncover any incident and we always improve that. So here we are tightening the controls to make sure that whenever we see certain patterns or whenever we see some concentration in orders or some patterns basically of transactions which are taking place in a certain way, then we are able to flag those and look into them, right?
So I think it's a very efficient channel, but it requires this constant improvement whenever we see some deviations, and JForce always a channel which is always very much around optimization, right? So when we change the commissions of the agents in a certain way, for example, in a certain category, then right away you see that those agents are pushing more products this way or that way, right?
So it's a very subtle channel, which is very reactive, and every time we twitch or we make a small change, then it changes the behaviors of dozens of thousands of agents who are trying to optimize or trying to optimize the system to increase their commissions which is good. It's how it should work/
So this is really what we are doing. It's a constant improvement of those patterns, so that any time we see something strange, we are able to look at it and then in terms of isolated, I mean, we can't speak for something which is ongoing, you see the release we've had, there are two matters, one is closed and the other one is so far completely isolated, and it has no impact on our active consumers. And so it's really something which so far is completely isolated.
But of course, as we continue the work, we will look into that, right? So here, again, this is part of what we do. We identify something, a risk or we face an incident, we analyze. We take the corrective action. We take any sanctions if necessary. And this is what we do really all the time. And here, we decided to provide an update because we want to be very transparent.
Now on Ramadan, in a way, we always mentioned those commercial events because it's interesting two of these that there was Ramadan and there was Mobile Week. But really -- it really comes down to the day-to-day and the fundamentals I was mentioning earlier, right?

当然。是的,我的意思是,随着时间的推移,JForce是一个很好的渠道,因为它确实为我们提供了与许多消费者进行物理互动的机会。这是一个很好的教育渠道。当然,它是一个分散的销售队伍,拥有数十万个代理商等等。所以我们有很多控件,而且我们随着时间的推移建立起来,对吧?所以我们长期以来一直在这个渠道上工作,我们一直在不断改进它,对吧?所以这是我们一直在做的事情的一部分。

我们发现某事或某事件,然后我们采取纠正措施,我们采取任何制裁,然后我们改进它。所以它始终是关于创建更好的数据驱动系统,系统可以标记任何潜在的问题,并且当创建此标志时,我们能够调查或分析,对吧?所以我们对JForce也有同样的看法,但对于客户分析系统我们也是如此,我们总是在改进它们。这是我们使用的工具,哪个工作是检测或标记任何潜在问题然后我们调查它。

因此,每当我们看到某些事情或我们发现任何事件时,我们总会改善这一点。所以在这里我们正在加强控制以确保无论何时我们看到某些模式,或者每当我们看到订单中的某些集中或基本上以某种方式发生的交易的某些模式时,我们就能够标记这些并调查它们, 对?

所以我认为这是一个非常有效的渠道,但每当我们看到一些偏差时,它需要不断改进,而JForce总是一个始终围绕优化的渠道,对吧?因此,当我们以某种方式更改代理商的佣金时,例如,在某个类别中,那么您就会立即看到那些代理商正在以这种方式推销更多产品,对吧?

所以这是一个非常微妙的渠道,它是非常被动的,每当我们抽搐或我们做一个小的改变,那么它改变了成千上万试图优化或试图优化系统以增加佣金的代理商的行为这很好。它应该如何工作/

所以这就是我们正在做的事情。这是对这些模式的不断改进,所以每当我们看到奇怪的东西时,我们就能看到它,然后就孤立而言,我的意思是,我们不能说出正在进行的事情,你看我们发布了什么已经有两个问题,一个是关闭的,另一个是完全孤立的,它对我们活跃的消费者没有影响。所以到目前为止它确实是完全孤立的。

但是,当然,在我们继续工作的时候,我们会调查一下,对吧?所以在这里,这也是我们所做的一部分。我们分析了一些事情,风险或我们面临的事件。我们采取纠正措施。如有必要,我们会采取任何制裁这就是我们一直在做的事情。在这里,我们决定提供更新,因为我们希望非常透明。

现在在斋月,在某种程度上,我们总是提到那些商业活动,因为其中有两个有斋月和移动周。但实际上 - 它真的归结为我之前提到的日常和基本面,对吧?

So, of course, we always have commercial campaigns in order to create some excitement and some communications. But the reality is it's very much a day-to-day and it's very much a day-to-day performance and it's about bringing a lot of new products and the relevant assortment at the best price with the best experience and consumers are online, we have a very big awareness and consumers are buying. And that's just the result of all those efforts. And I think we are seeing very good traction in
A - Sacha Poignonnec
The FMCG category and Ramadan was certainly helping there because, of course, during Ramadan, there is a lot of food-related goods which are being transacted on the platform. And there was overall something which was positive for us, Ramadan. But again, I don't want to make it sound like it drove the quarter.
The performance of this quarter, and similarly to all the other quarters, is really driven by just everyday bringing more products, good prices and good customer experience, and this we have combined with good marketing, creates just good engagement and usage of the platform, right?

所以,当然,我们总是有商业活动,以创造一些兴奋和一些沟通。但现实情况是,这是一个非常日常的,这是一个非常日常的表现,它是以最好的价格带来大量新产品和相关品种,以及最好的体验和消费者在线,我们有非常大的意识,消费者正在购买。这只是所有这些努力的结果。而且我认为我们看到了非常好的牵引力

**A - **Sacha Poignonnec

快速消费品类别和斋月肯定在那里帮助,因为当然,在斋月期间,有很多与食品有关的商品正在平台上进行交易。总体上有一些对我们有利的事情,斋月。但同样,我不想让它听起来像是开着这个季度。

本季度的表现,与其他所有季度类似,实际上只是每天带来更多的产品,良好的价格和良好的客户体验,我们结合良好的营销,创造了良好的平台参与和使用,对?

Alex Chavdaroff

Alex Chavdaroff

Thank you.

谢谢。

会议主持员

The next question today comes from Andrew Howe with Citi. Please go ahead.

今天的下一个问题来自花旗的Andrew Howe。 请继续。

Andrew Howe

Andrew Howe

Hi, Sacha. So a couple of questions from me. On fulfillment expense, it looks like it's trending a bit higher in Q2 relative to GMV -- compared with Q1 or even to 2018 as a whole. I'm just wondering, you know, is there anything maybe some cost inflation in fulfillment or any fiction that you're experiencing kind of as you achieve efficiencies, and how do you see the kind of the glide path to getting lower fulfillment expense relative to GMV going forward?
Second question, just about the path to profitability. Any update on your latest thinking? I know you in the past you talked about late 2022 is kind of the time to reach break-even. Is that still scenario that you talk about? And related to that kind of the need to raise additional capital before that point, is that something you can update us on? Thank you.

嗨,萨莎。 所以我提出了几个问题。 在履约费用方面,相对于GMV,第二季度的趋势看起来有点高 - 与Q1相比,甚至整个2018年。 我只是想知道,你知道吗,在你实现效率的过程中,是否存在任何成本膨胀或者你正在经历的任何虚构的事情,你怎么看待相对较低的履行费用的滑行路径 到GMV前进?

第二个问题,关于盈利之路。 有关您最新想法的任何更新? 我知道你在过去谈到2022年末是时候达到收支平衡了。 你还在谈论这种情况吗? 与那种在此之前筹集额外资金的需求相关的是,您可以更新我们的内容吗? 谢谢。

Sacha Poignonnec

Sure. Yeah. I mean, on the fulfillment, a couple of thoughts and I think in Q2, we had a few factors in the mix of the business, which drove the fulfillment cost slightly higher than before. We had a little bit more cross-border and we had a little bit more of the packages being shipped into secondary cities or in rural areas. And we had a slight higher proportion also of medium and large packages versus the small packages.
So I think all of those, they tend to drive higher fulfillment and then some of those, we capture them into the revenues, right? Because we are charging more and we're charging more fulfillment to the consumers and to the sellers, but not necessarily all of that, right? I think this is not necessary a trend. But you know that we have to see that over the course of several quarters. We are still profitable after fulfillment year-to-date, right, which is the first time for us as a Group.
We have multiple countries which are contributing to that and some countries which are less mature one which are still negative after fulfillment and are dragging here the performance. But we've -- we're not worried about that, if at all, and I would say that one of the things which is happening also is that we have higher volumes, right? So -- we -- our growth in terms of the items sold is faster than the growth of the GMV and so we have just more packages and more items, which is, in our opinion, very good because it brings more relevance and more usage from the consumers.
So that's what we can say for that. I think we're still maintaining what we have said in the past for late 2022 and this is our objectives and on a quarterly basis at Group level towards the end of 2022, right, which is what we have said in the past. And we think we have what we need to achieve that. So that's what we are working on.

当然。是啊。我的意思是,在实现方面,有一些想法,我认为在第二季度,我们在业务组合中有几个因素,这使得履行成本略高于以前。我们有更多的跨境,我们有更多的包裹运往二级城市或农村地区。与小型包装相比,中型和大型包装的比例略高。

所以我认为所有这些,他们倾向于推动更高的履行,然后其中一些,我们把它们收入到收入中,对吧?因为我们收取更多费用,而且我们正在向消费者和卖家收取更多的履行,但不一定全部,对吧?我认为这不是一个趋势。但是你知道我们必须在几个季度内看到这一点。在今年迄今为止实现之后,我们仍然有利可图,这是我们作为集团的第一次。

我们有多个国家正在为此做出贡献,有些国家不那么成熟,在履行之后仍然是负面的,并且拖延了这里的表现。但是我们 - 我们并不担心,如果有的话,我会说发生的事情之一也是我们有更高的数量,对吗?所以 - 我们 - 我们在销售商品方面的增长快于GMV的增长,因此我们只有更多的包和更多的商品,我们认为这非常好,因为它带来了更多的相关性和更多的使用来自消费者。

这就是我们可以说的。我认为我们仍然维持着我们过去2022年末所说的话,这是我们的目标,并且在2022年底的集团层面每季度一次,这是我们过去所说的。我们认为我们拥有实现这一目标所需的一切。这就是我们正在努力的方向。

Andrew Howe

Andrew Howe

Thank you.

谢谢。

会议主持员

The next question today comes from Ralph Schackart with William Blair. Please go ahead.

今天的下一个问题来自拉尔夫·沙卡特和威廉·布莱尔。 请继续。

Ralph Schackart

Good morning. Last quarter, I think you talked about expectation for 2019 GMV to grow in line with historical rates and then in Q2 you saw acceleration built over Q1 of '19 and over 2018 growth rate in general. So just curious about how you're thinking about GMV growth for the balance of the year? Thank you.

早上好。 上个季度,我认为你谈到2019年GMV的预期与历史汇率一致增长,然后在第二季度,你看到了19年第一季度的增长以及2018年的增长率。 所以只是对你如何考虑今年余下的GMV增长感到好奇? 谢谢。

Sacha Poignonnec

Yeah, I mean, we're still maintaining the range of 50% to 60%. And here again, GMV is one of the top line drivers. We also look at active consumers, items sold, transactions, traffic, users who are visiting the platform and which ultimately will be a big driver of our marketing and advertising revenue.
So we see all those things. We still maintain the GMV of 50% to 60%. And -- but we look, of course, at all those together, right? So I think we maintain that and -- if we end up being above that, then we are above that, but for now, this is what we maintain.

是的,我的意思是,我们仍然保持50%到60%的范围。 再次,GMV是顶级车手之一。 我们还会关注活跃的消费者,销售的商品,交易,流量,访问平台的用户以及最终将成为我们营销和广告收入的重要推动力。

所以我们看到了所有这些东西。 我们仍将GMV维持在50%至60%。 而且 - 但我们当然看到所有人在一起,对吧? 因此,我认为我们坚持这一点 - 如果我们最终超过这一点,那么我们就高于这一点,但就目前而言,这就是我们所维持的。

Ralph Schackart

Okay, great. Thanks, Sacha.
Operator
The next question today is a follow-up from Sarah Simon from Berenberg. Please go ahead.

好,太棒了。 谢谢,萨莎。

操作者

今天的下一个问题是来自Berenberg的Sarah Simon的后续行动。 请继续。

莎拉西蒙

Yeah, just a quick one. I was interested, do you have any first thoughts on how Jumia Prime has been working for you, I know it's only in a couple of cities. But do you have any kind of set of thoughts on the success of that program?

是的,只是一个快速的。 我很感兴趣,你对Jumia Prime如何为你工作有任何初步想法,我知道这只是在几个城市。 但是你对该计划的成功有什么想法吗?

Sacha Poignonnec

Yeah. I think the question was about Jumia Prime, I don't know if -- the line was difficult to hear at least for me. Yeah. We are really piloting Jumia Prime and we started that in Nigeria at the end of the quarter and it's really, really too early to say, right? So it's been really just two months.
And we've focused this offering in two of the cities mostly and we see a lot of good buzz, if you look at the ratings on Jumia -- on the Jumia platform about the Jumia Prime, you see a lot of good things. I think for us we are in the early days of that. It's something, of course, that is very interesting to look at. But it's a bit too early to comment.

是啊。 我认为这个问题是关于Jumia Prime的,我不知道 - 至少对我来说难以听到这条线。是啊。 我们真的在试用Jumia Prime,我们在本季度结束时在尼日利亚开始了,现在真的,这太早了,对吧? 所以这真的只有两个月了。

我们主要关注这两个城市的产品,我们看到很多好的嗡嗡声,如果你看看Jumia的评级 - 在Jumia平台上关于Jumia Prime,你会看到很多好东西。 我认为对我们来说,我们还处于早期阶段。 当然,这是非常有趣的东西。 但是评论还为时尚早。

莎拉西蒙

Okay, thanks.

好的谢谢。

会议主持员

This concludes our question-and-answer session. I would like to turn the conference back over to Safae for any closing remarks.

这就是我们的问答环节。 我想将会议转回Safae的任何闭幕词。

Safae Damir

Great. Thank you so much for your attention and as always we are very eager to have a very constructive dialogue so, you know, if there are any follow up questions from any none we are happy to do is anytime and thank you so much for attending and being so involved. Take care. Thank you. Bye.

大。 非常感谢您的关注,我们一如既往地非常渴望进行非常有建设性的对话,所以,如果有任何后续问题,我们很乐意随时提出,并非常感谢您的参与和 如此介入。 照顾自己。 谢谢。再见。

会议主持员

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

会议现已结束。 感谢您参加今天的演讲。 您现在可以断开连接。

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