Jumia Technologies AG (JMIA) 2021 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results Conference Call for the Third Quarter of 2021. (Operator Instructions).

早上好，女士們，先生們。謝謝你的支持。歡迎來到 Jumia 2021 年第三季度的結果電話會議。（操作員說明）。

I would now like to turn the call over to Safae Damir, Head of Investor Relations for Jumia. Please go ahead.

我現在想將電話轉給 Jumia 投資者關係主管 Safae Damir。請繼續。

Good morning, everyone. Thank you for joining us today for our third quarter 2021 earnings call. With us today are Sacha Poignonnec and Jeremy Hodara, Co-Founder and Co-CEOs of Jumia. This call is also being webcast on the IR section of our corporate website.

大家，早安。感謝您今天加入我們的 2021 年第三季度財報電話會議。今天和我們在一起的是 Jumia 的聯合創始人兼聯合首席執行官 Sacha Poignonnec 和 Jeremy Hodara。此次電話會議也在我們公司網站的 IR 部分進行網絡直播。

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.

我們將從覆蓋安全港開始。我們想提醒您，我們今天的討論將包括前瞻性陳述。實際結果可能與前瞻性陳述中的結果大相徑庭。此外，這些前瞻性陳述可能只符合我們今天的預期。我們不承擔公開更新或修改這些聲明的義務。

For a 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 annual report on Form 20-F as published on March 12, 2021.

有關可能導致實際結果與今天表達的前瞻性陳述不同的一些風險因素的討論，請參閱我們於 2021 年 3 月 12 日發布的 20-F 表格年度報告的風險因素部分。

In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. You can find 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.

此外，在本次電話會議中，我們將參考未按照 IFRS 報告的某些財務指標。您可以在我們的收益新聞稿中找到這些非 IFRS 財務指標與相應 IFRS 財務指標的對賬，該新聞稿可在我們的投資者關係網站上找到。

With that, I'll hand over to Sacha.

有了這個，我將交給薩沙。

Thank you, very much. Welcome, everyone, and thanks for joining us today. Let's start on Page 3, and announced in Q2 we are currently focusing on scaling our platform. By scaling our platform we mean accelerating our usage growth, accelerating the development of JumiaPay, diversifying our monetization, and all this in order to drive progress towards profitability. I think our results in Q3 very much reflect that strategy.

非常感謝。歡迎大家，感謝您今天加入我們。讓我們從第 3 頁開始，並在第二季度宣布我們目前專注於擴展我們的平台。通過擴展我們的平台，我們意味著加速我們的使用增長，加速 JumiaPay 的發展，使我們的貨幣化多樣化，所有這些都是為了推動盈利能力的進步。我認為我們在第三季度的業績非常反映了這一策略。

We are able to enter this new phase of scale with strong confidence because in the past 3, 4 years we have strongly enhanced our fundamentals. Jumia is a very different company today versus 4 years ago, we have increased marketplace relevance, we have enhanced unit economics, strengthened our balance sheet. And ultimately, we've built what we believe to be a very strong and scalable platform, including the marketplace, logistics, payments, all adapted to our markets in Africa. And given the strength of our fundamentals, it's the right strategy now to scale the platform.

我們能夠充滿信心地進入這個新的規模階段，因為在過去的 3 年、4 年裡，我們的基本面已經大大增強。與 4 年前相比，今天的 Jumia 是一家非常不同的公司，我們提高了市場相關性，我們提高了單位經濟性，加強了我們的資產負債表。最終，我們建立了一個我們認為非常強大且可擴展的平台，包括市場、物流、支付，所有這些都適應了我們在非洲的市場。鑑於我們的基本面實力，現在擴展平台是正確的策略。

If you move to Page 4, you can see that the acceleration is now underway. Quarterly orders reached all-time high, record number in Q3 2021, posting the fastest year-on-year growth of the past 7 quarters. Consumers, we've got -- we posted in terms of annual active consumers, the fastest sequential growth of the past 5 quarters. And we recorded in Q3, the highest ever number of quarterly active consumers. And as a result of the acceleration in consumer and orders, we are reaching an inflection in GMV, which is now growing by 8% year-over-year. This is great news. Acceleration is underway. We see good momentum. And certainly, we are working to drive even more momentum going forward.

如果您轉到第 4 頁，您可以看到現在正在加速。季度訂單在 2021 年第三季度創下歷史新高，創下過去 7 個季度以來最快的同比增長。消費者，我們有——我們發布了年度活躍消費者，這是過去 5 個季度中最快的連續增長。我們在第三季度記錄了季度活躍消費者的最高數量。由於消費者和訂單的加速，我們正在達到 GMV 的拐點，現在同比增長 8%。這是個好消息。加速正在進行中。我們看到了良好的勢頭。當然，我們正在努力推動更大的發展勢頭。

On Page 5, you can see that adjusted EBITDA reflects the increased investments in the long-term growth of the business. There are 2 main areas where we are currently investing. The first is consumer adoption. We are increasing our investments in sales and advertising and in consumer incentives in order to drive increased brand awareness, increased brand consideration, conversion of new consumers and increased loyalty. We're investing in our brands. We're investing in our consumers, both for long-term growth, and we do it in a very targeted and disciplined way.

在第 5 頁，您可以看到調整後的 EBITDA 反映了對業務長期增長的投資增加。我們目前投資的主要領域有兩個。首先是消費者採用。我們正在增加對銷售和廣告以及消費者激勵措施的投資，以提高品牌知名度、品牌考慮、新消費者的轉化和忠誠度。我們正在投資我們的品牌。我們正在投資於我們的消費者，既是為了長期增長，也是為了以一種非常有針對性和紀律性的方式進行投資。

The second area is technology and G&A. Here, our objective is to accelerate the development of product and features for an even more engaging and seamless user experience, as well as, of course, the development of JumiaPay. We are comfortable with the increased level of EBITDA loss, given the strength of our unit economics that we just -- that we will comment in a minute. A good signs of growth that we have just seen. And of course, our cash position of $584 million at the end of the quarter.

第二個領域是技術和 G&A。在這裡，我們的目標是加速產品和功能的開發，以提供更具吸引力和無縫的用戶體驗，當然還有 JumiaPay 的開發。鑑於我們的單位經濟實力，我們對 EBITDA 損失的增加感到滿意——我們將在一分鐘內發表評論。我們剛剛看到了良好的增長跡象。當然，我們在本季度末的現金頭寸為 5.84 億美元。

Now, let's review on Page 6, the unit economics, which obviously are a key enabler for these growth investments. On this page, you can see that the average order value now stands at $28 as we continue to shift our mix towards more of the everyday product categories. And in parallel, our gross profit after fulfillment expenses, excluding consumer incentives, which are deducted from revenues stands at $1.3 per order, which represents 4.6% of the value of each order. 2 years ago, same numbers were $0.5 and 1.2%.

現在，讓我們回顧一下第 6 頁，單位經濟學，這顯然是這些增長投資的關鍵推動力。在此頁面上，您可以看到平均訂單價值現在為 28 美元，因為我們繼續將我們的組合轉向更多的日常產品類別。與此同時，我們扣除履行費用後的毛利潤（不包括從收入中扣除的消費者獎勵）為每筆訂單 1.3 美元，佔每筆訂單價值的 4.6%。 2 年前，同樣的數字是 0.5 美元和 1.2%。

Even this, given the strength of the unit economics, we are investing more into scaling the platform, and this includes targeted investments in consumer adoption. You can see on this chart that we have increased consumer incentives to $0.9 per order, which a level which is similar to the ones that we had 2 years ago. And our sales and advertising per order are now spending at $2.8. We believe that we have very strong unit economics, and this will continue to allow us to invest into scaling the platform.

即便如此，鑑於單位經濟學的優勢，我們正在加大對平台擴展的投資，其中包括對消費者採用的有針對性的投資。您可以在此圖表中看到，我們已將消費者激勵措施提高到每筆訂單 0.9 美元，這一水平與我們 2 年前的水平相似。我們現在每個訂單的銷售和廣告支出為 2.8 美元。我們相信我們擁有非常強大的單位經濟性，這將繼續使我們能夠投資於擴展平台。

With this, let me now hand over to Jeremy, who will give us more details on the performance of Q3.

有了這個，現在讓我交給 Jeremy，他將為我們提供有關 Q3 表現的更多細節。

Thank you, Sacha. Hello, everyone, and thanks for joining today. So we kick off with the review of the usage trend during the quarter on Page 8. So on Page 8, I mean, our growth acceleration strategy is clearly starting to pay off. The orders reached an all-time high of $8.5 million, surpassing the prior Q4 peaks and increasing by 28% year-over-year, which is the fastest growth rate of the past 7 quarters.

謝謝你，薩沙。大家好，感謝您今天的加入。因此，我們首先在第 8 頁對本季度的使用趨勢進行了回顧。所以在第 8 頁，我的意思是，我們的增長加速戰略顯然開始取得成效。訂單達到 850 萬美元的歷史新高，超過了之前的第四季度峰值，同比增長 28%，這是過去 7 個季度中最快的增長率。

The annual active consumers reached 7.3 million, which is at 8% year-over-year, supported by a strong acceleration in new consumer adds during the quarter. We are also seeing a sequential step up in annual active consumers at 4% quarter-over-quarter, which is the fastest sequential growth of the past 5 quarters.

年度活躍消費者達到 730 萬，同比增長 8%，這得益於本季度新增消費者的強勁增長。我們還看到年度活躍消費者環比增長 4%，這是過去 5 個季度中最快的環比增長。

As a result of the acceleration in consumer and orders growth, we are reaching an inflection point in the GMV trajectory, which increased by 8% year-over-year, reaching $238 million. This is positive momentum, and we believe we can maintain this momentum as we continue to focus on the everyday categories and as we continue to invest in growth.

由於消費者和訂單增長的加速，我們正在達到 GMV 軌蹟的拐點，同比增長 8%，達到 2.38 億美元。這是積極的勢頭，我們相信隨著我們繼續專注於日常品類並繼續投資於增長，我們可以保持這種勢頭。

On Page 9, you can see that we continue to shift the mix towards everyday product category, which went from 44% of the GMV in 2019 to 64% in Q3 this year. The average order value now stands at $28.

在第 9 頁，您可以看到我們繼續將組合轉向日常產品類別，該類別從 2019 年的 GMV 的 44% 上升到今年第三季度的 64%。現在的平均訂單價值為 28 美元。

If we look now on Page 10, at the trends by product category with more details. We see that the GMV growth momentum across all categories with the only exception of phones & electronics, which continue to be affected by supply chain disruption. In Q3, the fastest-growing category in GMV terms was JumiaPay, digital and financial services, with almost double year-over-year.

如果我們現在看第 10 頁，可以查看按產品類別劃分的趨勢以及更多詳細信息。我們看到所有類別的 GMV 增長勢頭，唯一的例外是手機和電子產品，它們繼續受到供應鏈中斷的影響。在第三季度，按 GMV 計算增長最快的類別是 JumiaPay、數字和金融服務，同比增長近一倍。

FMCG was the second fastest-growing category in GMV terms. It was also the fastest growing category in terms of items sold, posting its highest ever volume number and almost doubling year-over-year. We see great momentum in the grocery subcategory, which we keep improving to serve the daily needs of our consumers.

快速消費品是 GMV 增長第二快的類別。就銷售商品而言，它也是增長最快的品類，銷量創下歷史新高，同比幾乎翻了一番。我們在雜貨子類別中看到了巨大的發展勢頭，我們不斷改進以滿足消費者的日常需求。

Food delivery maintained its strong momentum and was the second fastest-growing category in terms of items sold, growing by almost 40% year-over-year. Food delivery posted its highest ever quarterly volume with over 2 million orders. We are pleased to see broad-based momentum across everyday product category, and we are confident that our continued investment and disciplined execution will further fuel the acceleration.

外賣保持強勁勢頭，是銷售額增長第二快的類別，同比增長近 40%。外賣的季度訂單量創下歷史新高，訂單量超過 200 萬份。我們很高興看到日常產品類別的廣泛勢頭，我們相信我們的持續投資和嚴格執行將進一步推動加速。

We are moving now to JumiaPay on Page 12, sorry. JumiaPay TPV increased by 15% from $56 million in Q3 last year to $64.5 million in Q3 this year, supported by the growth in GMV and JumiaPay app digital services in particular. On platform penetration of JumiaPay as a percentage of the GMV, reached a new high of 27.1% in Q3 this year, up from 25.4% Q3 last year.

我們現在正在轉到第 12 頁的 JumiaPay，抱歉。 JumiaPay TPV 從去年第三季度的 5600 萬美元增長到今年第三季度的 6450 萬美元，增長了 15%，尤其是受到 GMV 和 JumiaPay 應用數字服務增長的支持。 JumiaPay 的平台滲透率佔 GMV 的百分比在今年第三季度達到了 27.1% 的新高，高於去年第三季度的 25.4%。

If we turn to transactions on Page 13, JumiaPay transactions reached $3 million in Q3 this year, up 34% year-over-year, the fastest transaction growth rate of the past 5 quarters. JumiaPay transactions growth was supported by accelerating volume growth across the business in the food delivery category in particular. Overall, 35.7% of orders placed on the Jumia platform in Q3 this year were completed using JumiaPay compared to 34.1% last year.

如果我們轉向第 13 頁的交易，今年第三季度 JumiaPay 交易達到 300 萬美元，同比增長 34%，是過去 5 個季度中最快的交易增長率。 JumiaPay 交易的增長受到了食品配送領域業務量加速增長的支持。總體而言，今年第三季度在 Jumia 平台上下達的訂單中有 35.7% 是使用 JumiaPay 完成的，而去年這一比例為 34.1%。

In parallel, with increasing the penetration of JumiaPay platform in a gradual and disciplined manner. We have initiated the first steps of JumiaPay of platform. These were initiated in Egypt earlier this month, where we are starting to process our first payment of platform for third-party online merchants.

與此同時，隨著 JumiaPay 平台的滲透率逐步提高，並且有條不紊。我們已經啟動了平台 JumiaPay 的第一步。這些是本月早些時候在埃及發起的，我們開始為第三方在線商家處理我們的第一筆平台支付。

I'd like to take this opportunity actually to explain in more detail our strategy on JumiaPay, and I'm now on Page 14. As explained in the past, our strategy with JumiaPay is to offer the 2-sided fintech ecosystem for consumers and merchants. The first and essential layer of this ecosystem is payments. For consumers, we have built a JumiaPay checkout account that can be linked to their payment method of choice. It can be linked to a debit or credit card, bank account or a wallet. There's a huge variety of payment methods in Africa, and we have built JumiaPay checkout accounts to embrace and accommodate the diversity.

我想藉此機會更詳細地解釋一下我們在 JumiaPay 上的戰略，我現在在第 14 頁。如前所述，我們與 JumiaPay 的戰略是為消費者和商人。這個生態系統的第一層也是必不可少的一層是支付。對於消費者，我們建立了一個 JumiaPay 結賬賬戶，可以鏈接到他們選擇的支付方式。它可以鏈接到借記卡或信用卡、銀行賬戶或錢包。非洲的支付方式種類繁多，我們建立了 JumiaPay 結賬賬戶來擁抱和適應多樣性。

In the future, we intend to turn the JumiaPay checkout accounts into a full-fledged wallet with an extended range functionalities, including cash-in, cash-out features to be transactions and many more. For merchants, we have built a JumiaPay branded checkout solution that can leverage the existing days of JumiaPay checkout account holders. And that is the solution we are currently rolling out to third-party online merchants in Egypt.

未來，我們打算將 JumiaPay 結賬賬戶變成一個功能齊全的錢包，具有更多功能，包括現金、現金交易等。對於商家，我們構建了一個 JumiaPay 品牌結賬解決方案，可以利用 JumiaPay 結賬賬戶持有人的現有天數。這就是我們目前向埃及的第三方在線商家推出的解決方案。

On top of the payment solutions, we are overlaying an extensive range of financial solutions for both consumers and merchants. For consumers, we have a number of these solutions already live in the JumiaPay app offered by third-party service providers, which as micro loans, the savings products, insurance policies, et cetera. While these products are live in selected countries, they remain in the early stage of their development, and we intend to further expand and diversify the product offering.

除了支付解決方案之外，我們還為消費者和商家提供了廣泛的金融解決方案。對於消費者，我們已經在第三方服務提供商提供的 JumiaPay 應用程序中提供了許多此類解決方案，例如小額貸款、儲蓄產品、保險單等。雖然這些產品在選定的國家/地區上市，但它們仍處於開發的早期階段，我們打算進一步擴大和多樣化產品供應。

For merchants, we are also developing a range of relevant financial services, starting with credit products. Today, we collect Jumia sellers with third-party financial institutions, helping them access credit by leveraging their business data in an anonymized basis for credit scoring purposes.

對於商戶，我們也在開發一系列相關的金融服務，從信貸產品開始。今天，我們收集來自第三方金融機構的 Jumia 賣家，通過匿名利用他們的業務數據來幫助他們獲得信貸以進行信用評分。

In Q3, almost 500 loans were disbursed, more than doubling versus last year and benefiting over 350 unit seller, a 55% increase year-over-year. Access to credit and financial inclusion is a meaningful point for SME sellers, whether on or off the Jumia platform, and we intend to further develop this activity to serve a growing base of merchants.

在第三季度，發放了近 500 筆貸款，比去年增加了一倍多，受益於 350 多個單位賣家，同比增長 55%。獲得信貸和金融包容性對於中小企業賣家來說是一個有意義的點，無論是在 Jumia 平台上還是之外，我們打算進一步發展這項活動，以服務於不斷增長的商家群。

In addition to payment and financial services, we are developing an extensive range of digital services for consumers and merchants. For consumers, we are already offering a broad range of services on the JumiaPay app, and we're constantly expanding it. To give you a sense, we now have more than 300 services available, ranging from paying your university bills to booking your bus tickets.

除了支付和金融服務，我們還在為消費者和商家開發廣泛的數字服務。對於消費者，我們已經在 JumiaPay 應用程序上提供了廣泛的服務，而且我們還在不斷地擴展它。讓您了解一下，我們現在提供 300 多項服務，從支付大學賬單到預訂巴士票，應有盡有。

For merchants, we offer user-friendly features to track transactions, balances and settlements. And they also have access to marketing and loyalty tools to allow them to deliver promotions to specific customer cohorts.

對於商家，我們提供用戶友好的功能來跟踪交易、餘額和結算。他們還可以使用營銷和忠誠度工具，以便向特定客戶群提供促銷活動。

JumiaPay is a core part of our strategy. We are very excited about the recent development and what's coming ahead, as we have all the relevant building blocks to grow JumiaPay into payment and fintech junction in Africa.

JumiaPay 是我們戰略的核心部分。我們對最近的發展和未來的發展感到非常興奮，因為我們擁有將 JumiaPay 發展為非洲支付和金融科技樞紐的所有相關構建塊。

Now, I hand over to Safae, who is covering for Antoine today, and will walk you through our financial performance in more detail.

現在，我將轉交給今天為 Antoine 報導的 Safae，他將更詳細地向您介紹我們的財務業績。

Thank you, Jeremy. I will start with our monetization metrics. Let's look at the strength of our marketplace revenue on Page 16. Marketing and advertising revenue increased by 14%, supported by robust seller take-up of our ad solutions. We have doubled the number of monthly seller ad campaigns in Q3 '21 compared to the monthly average of the first half of the year. This was partly offset by generally tighter budget from third-party advertisers and agencies in particular.

謝謝你，傑里米。我將從我們的貨幣化指標開始。讓我們在第 16 頁看看我們的市場收入實力。營銷和廣告收入增長了 14%，這得益於賣家對我們廣告解決方案的強勁使用。與今年上半年的月均值相比，我們在 21 年第三季度的月度賣家廣告活動數量翻了一番。這部分被第三方廣告商和代理商普遍收緊的預算所抵消。

Value-added services revenue increased by 11% year-over-year. This was a result of increased volumes in our platform and hence higher shipping contributions collected from sellers, as well as, increased take-up by sellers of our warehousing services. Commissions and fulfillment revenue are both impacted by consumer incentives. Excluding this impact, commissions' revenue was up 18%, driven by usage growth and fulfillment revenue was down 2% as we chose to reduce the shipping back to customers.

增值服務收入同比增長11%。這是由於我們平台的交易量增加，因此從賣家那裡收取的運費增加，以及賣家對我們倉儲服務的使用量增加。佣金和履行收入都受到消費者激勵措施的影響。排除這種影響，佣金收入增長了 18%，這是由於使用量的增長，而履行收入下降了 2%，因為我們選擇減少返還給客戶的運費。

One of the key features of our revenue model is the diversity of our monetization stream. And this gives us the flexibility to adjust the monetization intensity to serve our strategy. Part of the monetization strategy is also to drive revenue and margin of our platform assets, Jumia logistics and JumiaPay.

我們收入模式的主要特點之一是我們的貨幣化流的多樣性。這使我們能夠靈活地調整貨幣化強度以服務於我們的戰略。貨幣化戰略的一部分也是推動我們平台資產、Jumia 物流和 JumiaPay 的收入和利潤率。

I now would like to give you an update on Jumia logistics Page 17. We are seeing strong momentum in this business, and we reached a new milestone in Q3 '21 with revenue generated from these activities, reaching the $1 million mark. This was driven by a record volume of 2.9 million packages shipped, more than doubling quarter-on-quarter on behalf of over 700 clients. Our clients span a very broad range of sectors, and we have laid out on the page a few examples of logistics-as-a-service clients we worked with during the quarter.

我現在想向您介紹有關 Jumia 物流的最新信息 第 17 頁。我們看到了這項業務的強勁勢頭，我們在 21 年第三季度達到了一個新的里程碑，這些活動產生的收入達到了 100 萬美元大關。這是由創紀錄的 290 萬件包裹發貨量推動的，代表 700 多家客戶，環比增長了一倍多。我們的客戶涵蓋非常廣泛的行業，我們在頁面上列出了本季度與我們合作的物流即服務客戶的一些示例。

In Kenya, we collaborated with Galana Oil, a leading oil marketing company to expand their logistics capacity and service sales outlets and third-party clients across the country. In Ivory Coast, we worked with Platinum, the sole distributor for Kellogg's to serve wholesale and modern trade clients across the country. In Tunisia, we worked with Kamioun, a leading FMCG distributor to serve their retailers across greater Tunis area. We are very pleased with this momentum and milestone. We believe we have created a very unique logistics platform relevant -- very relevant to large and small companies across many sectors.

在肯尼亞，我們與領先的石油營銷公司 Galana Oil 合作，擴大其在全國的物流能力和服務銷售網點和第三方客戶。在科特迪瓦，我們與家樂氏的獨家經銷商 Platinum 合作，為全國的批發和現代貿易客戶提供服務。在突尼斯，我們與領先的快速消費品分銷商 Kamioun 合作，為他們在大突尼斯地區的零售商提供服務。我們對這一勢頭和里程碑感到非常高興。我們相信我們已經創建了一個非常獨特的相關物流平台——與許多行業的大小公司非常相關。

Moving on to gross profit trajectory on Page 18. Gross profit before the impact of consumer incentives showed a steady increase over the past 2 years, accelerating by 14% year-over-year in Q3 '21. Similarly, the margin as percentage of GMV increased to 14% in Q3 '21 from 13% in Q3 '20, which was a 478 basis point step up versus Q3 '19. We made the decision to reinvest some of these monetization gains into our price competitiveness, increasing consumer incentives to $7.5 million in Q3 '21 to $2 million in Q3 '20. I would point out here that the Q3 '20 levels were very modest and were down 63% compared to Q3 '19.

繼續第 18 頁的毛利潤軌跡。在過去 2 年中，消費者激勵措施影響前的毛利潤穩步增長，在 21 年第三季度同比增長 14%。同樣，利潤率佔 GMV 的百分比從 20 年第三季度的 13% 增加到 21 年第三季度的 14%，與 19 年第三季度相比提高了 478 個基點。我們決定將其中一些貨幣化收益再投資於我們的價格競爭力，將消費者激勵措施從 21 年第三季度的 750 萬美元增加到 20 年第三季度的 200 萬美元。我要在這裡指出，20 年第三季度的水平非常溫和，與 19 年第三季度相比下降了 63%。

As a result, gross profit, which is net of consumer incentives, decreased by 6% from $27.1 million in Q3 '20 to $25.5 million in Q3 '21, which is 21% higher than Q3 '19. Similarly, gross profit as a percentage of GMV decreased from 12% in Q3 '20 to 11% in Q3 '21, remaining 346 basis points above the margin level of Q3 '19.

因此，扣除消費者激勵後的毛利潤從 20 年第三季度的 2710 萬美元下降 6% 至 21 年第三季度的 2550 萬美元，比 19 年第三季度高出 21%。同樣，毛利潤佔 GMV 的百分比從 20 年第三季度的 12% 下降到 21 年第三季度的 11%，比 19 年第三季度的利潤率水平高出 346 個基點。

Moving on to costs on Page '20. While we are in a phase of expansion and increased investments, we are maintaining strong cost discipline. And you can see that we continue generating logistics efficiency on a volume unit basis. Fulfillment expense increased by 13% year-over-year, while orders accelerated by 28% over the same period. And while our orders in Q3 '21 were 22% higher than in Q3 '19, our fulfillment expense in Q3 '21 was 5% lower than in Q3 '19, which speaks to the significant step-up in logistics efficiency.

轉到第 '20 頁的成本。雖然我們處於擴張和增加投資的階段，但我們正在保持嚴格的成本紀律。您可以看到我們繼續以體積為單位提高物流效率。履行費用同比增長 13%，而同期訂單增長 28%。雖然我們在 21 年第三季度的訂單比 19 年第三季度高 22%，但我們在 21 年第三季度的履行費用比 19 年第三季度低 5%，這說明物流效率顯著提高。

Moving on to sales and advertising costs, Page 21. Sales and advertising expense reached $24 million in Q3 '21, up 228% year-over-year and up 57% compared to Q3 '19. We picked up the pace of marketing investments in June '21 and maintained a similar level of monthly marketing investments throughout Q3 '21 on the back of 18 months of reduced marketing expense.

轉到銷售和廣告成本，第 21 頁。21 年第三季度的銷售和廣告費用達到 2400 萬美元，同比增長 228%，與 19 年第三季度相比增長 57%。我們在 21 年 6 月加快了營銷投資的步伐，並在 18 個月的營銷費用減少後，在整個 21 年第三季度保持了類似的月度營銷投資水平。

The increase in marketing investments was implemented across marketing channels, with 60% of the increase allocated to online performance marketing across the full consumer journey funnel. The remaining 40% was allocated to off-line media and video advertising, which were largely curtailed in 2020. And you can see that the split of our sales and advertising expense in Q3 '21 is largely in line with better Q3 '19, albeit with a slight reduction in the share of backlog.

營銷投資的增加是跨營銷渠道實施的，其中 60% 的增長分配給了整個消費者旅程漏斗中的在線績效營銷。剩下的 40% 分配給了線下媒體和視頻廣告，這些廣告在 2020 年大幅縮減。您可以看到，我們在 21 年第三季度的銷售和廣告費用分配與 19 年第三季度更好的情況基本一致，儘管積壓的份額略有減少。

I now would like to give you a bit more color on the nature of our marketing investments and activities with a few illustrations from Q3 '21 on Page 22. We consider consumer incentives as marketing investments. And that's because price and shipping adjustments are key to support consumer acquisition and loyalty.

現在，我想通過第 22 頁的 21 年第 3 季度的一些插圖，為您提供更多關於我們營銷投資和活動性質的色彩。我們將消費者激勵措施視為營銷投資。這是因為價格和運輸調整是支持消費者獲取和忠誠度的關鍵。

In Q3 '21, we deployed our newly launched AI-powered CRM growth tool across geographies. This tool allows us to retarget specific customer cohorts with tailored incentives based on their purchase history and user signals. Above the line marketing, i.e., radio, TV and out-of-home advertising was very limited in 2020 and at the beginning of 2021. We are now ramping up investments in this channel with dedicated brand building and awareness campaign. Our out-of-home campaigns are aimed at increasing our awareness and reach in strategic geographical areas, which are still underpenetrated.

在 21 年第三季度，我們在各個地區部署了新推出的基於人工智能的 CRM 增長工具。該工具使我們能夠根據他們的購買歷史和用戶信號，通過定制的激勵措施重新定位特定的客戶群。線下營銷，即廣播、電視和戶外廣告在 2020 年和 2021 年初非常有限。我們現在正在通過專門的品牌建設和宣傳活動加大對該渠道的投資。我們的戶外活動旨在提高我們在戰略地理區域的知名度和影響力，這些區域仍然未被充分滲透。

Below the line and online performance marketing continues to account for the largest share of our marketing investments. As we increase our investments in online marketing channel, we constantly seek to optimize the efficiency of these investments. In Facebook marketing, for example, we have moved to a full-funnel approach. This consists of going beyond the-bottom-of-the-funnel, direct-response ads, into brand awareness campaigns to broaden our audience reach and drive new user adoption. To increase the efficiency of our investments, our data science teams are working very closely with Facebook to enhance campaign structure and brand awareness KPIs, including ad recall uplift, app installs and content views.

線下和在線績效營銷繼續占我們營銷投資的最大份額。隨著我們增加對在線營銷渠道的投資，我們不斷尋求優化這些投資的效率。例如，在 Facebook 營銷中，我們已經轉向全渠道方法。這包括超越渠道底部的直接響應廣告，進入品牌知名度活動，以擴大我們的受眾範圍並推動新用戶的採用。為了提高投資效率，我們的數據科學團隊正與 Facebook 密切合作，以增強活動結構和品牌知名度 KPI，包括廣告回想度提升、應用安裝和內容瀏覽量。

On social media, we are building a leading network in Africa of Key Opinion Leaders or KOLs. In September alone, our network counted over 260 active KOLs across Africa. In Q3 '21, we rolled out a proprietary KOLs management platform that allows us to acquire, manage and compensate KOLs in a fully automated manner.

在社交媒體上，我們正在非洲建立一個由關鍵意見領袖或 KOL 組成的領先網絡。僅在 9 月，我們的網絡就統計了非洲 260 多名活躍的 KOL。在 21 年第三季度，我們推出了專有的 KOL 管理平台，使我們能夠以完全自動化的方式獲取、管理和補償 KOL。

Turning to technology and G&A expenses on Page 23. Technology is another area of increased investments with technology and content expense reaching $9.4 million, up 27% year-over-year and 21% compared to Q3 '19. Tech is the backbone of our platform, and we are increasing investments in this area to build more products and features to enhance user experience and engagement on our platform.

轉向第 23 頁的技術和 G&A 費用。技術是另一個增加投資的領域，技術和內容費用達到 940 萬美元，同比增長 27%，與 19 年第三季度相比增長 21%。技術是我們平台的支柱，我們正在增加在該領域的投資，以構建更多產品和功能，以增強用戶在我們平台上的體驗和參與度。

General and administrative expense, excluding SBC, reached $25.2 million, up 10% year-over-year. This was mostly due to an uptick in staff costs as we strengthened the management bench in selected areas of the business to support growth. The G&A costs, excluding SBC, in Q3 '21 remained 11% lower compared to the levels in Q3 '19 as we maintain cost discipline in this area.

不包括 SBC 的一般和行政費用達到 2520 萬美元，同比增長 10%。這主要是由於員工成本上升，因為我們加強了選定業務領域的管理人員以支持增長。由於我們在該領域保持成本紀律，21 年第三季度的 G&A 成本（不包括 SBC）與 19 年第三季度的水平相比仍然低 11%。

Moving to adjusted EBITDA loss on Page 24. We have clear objectives of usage growth acceleration and JumiaPay development, and our capital allocation reflects that. Adjusted EBITDA loss reached $52.5 million in Q3 '21 compared to $27 million in Q3 '20 as a result of increased growth investments in the form of consumer incentives, sales and advertising and technology investments.

轉到第 24 頁的調整後 EBITDA 損失。我們有明確的使用增長加速和 JumiaPay 發展目標，我們的資本分配反映了這一點。由於消費者激勵、銷售和廣告以及技術投資等形式的增長投資增加，調整後的 EBITDA 虧損在 21 年第三季度達到 5250 萬美元，而 20 年第三季度為 2700 萬美元。

Let's now turn to balance sheet and cash flow items, Page 25. We are increasing our growth investments in an asset-light manner, leveraging specific benefits of our operating model. CapEx in Q3 '21 was $0.8 million as we operate Jumia logistics as a platform with very limited CapEx requirements.

現在讓我們轉向資產負債表和現金流項目，第 25 頁。我們正在以輕資產的方式增加我們的增長投資，利用我們運營模式的特定優勢。 21 年第三季度的資本支出為 80 萬美元，因為我們將 Jumia 物流作為一個資本支出要求非常有限的平台運營。

Net change in working capital recorded resulted in an inflow of $7.1 million in Q3 '21. This was mainly a result of an increase in payables relating to the uptick in third-party activity, as well as, a shorter receivables cycle.

記錄的營運資本淨變化導致 21 年第三季度流入 710 萬美元。這主要是由於與第三方活動增加相關的應付賬款增加，以及應收賬款週期縮短所致。

Cash utilization for the quarter, defined as cash used in operating and investing activities, excluding investments in financial assets, was $47.6 million in Q3 '21, supported by the working capital inflow during the quarter. At the end of September '21, we had a liquidity position of $584 million, comprised of $185 million of cash and cash equivalents and $399 million of financial assets.

在本季度營運資金流入的支持下，本季度的現金利用率（定義為經營和投資活動中使用的現金，不包括金融資產投資）在 21 年第三季度為 4760 萬美元。截至 21 年 9 月末，我們的流動資金頭寸為 5.84 億美元，其中包括 1.85 億美元的現金和現金等價物以及 3.99 億美元的金融資產。

With that, I'll hand over to Sacha for concluding remarks.

有了這個，我將交給 Sacha 做總結髮言。

Thank you, guys. Thank you, Safae. Thank you very much, Jeremy. I think in Q3, you can see that it marks the beginning of our order phase of scaling the platform. And by scaling the platform, we mean, again, accelerating usage growth, developing JumiaPay, diversifying monetization, all this to drive the path to profitability, and we're leveraging, of course, the strong fundamentals and the strong unit economics and efficiency gains that we have achieved over the past 2 years.

謝謝你們。謝謝你，薩法。非常感謝你，傑里米。我認為在第三季度，您可以看到它標誌著我們擴展平台的訂單階段的開始。通過擴展平台，我們再次意味著加速使用增長、開發 JumiaPay、多樣化貨幣化，所有這些都是為了推動盈利之路，當然，我們正在利用強勁的基本面以及強勁的單位經濟和效率提升我們在過去 2 年中取得的成就。

I think if we look at our results, we -- on growth, we've got record order number, plus 28% year-over-year. We've got record quarterly active consumers, we've got GMV growing. So we're pleased with that. I think on developing JumiaPay, we see good growth, 15% growth of volume or value, sorry, 34% of volume. Also the first transactions of platforms in Egypt. So very, very pleased with that on diversifying monetization, we see that efforts on Jumia logistics are starting to be meaningful, and we reached the $1 billion mark. So I think the strategy is well underway, and we have put more capital to work during the quarter. With good signs, I would say, of usage acceleration of JumiaPay and of diversifying the monetization.

我認為，如果我們看看我們的結果，我們 - 在增長方面，我們的訂單數量創歷史新高，同比增長 28%。我們擁有創紀錄的季度活躍消費者，我們的 GMV 也在增長。所以我們對此很滿意。我認為在開發 JumiaPay 時，我們看到了良好的增長，15% 的銷量或價值增長，抱歉，34% 的銷量。也是埃及的第一筆平台交易。對多元化貨幣化非常非常滿意，我們看到在 Jumia 物流上的努力開始變得有意義，我們達到了 10 億美元大關。因此，我認為該戰略正在順利進行，我們在本季度投入了更多資金。我想說，有良好的跡象表明 JumiaPay 的使用加速和貨幣化多樣化。

We have this vast, untapped market opportunity, both on the e-commerce and payment fronts. And in this context, we really want to establish Jumia as the go through destination for consumers, and we want to develop JumiaPay to a payment and fintech champion on the continents. Over the next few quarters, building upon this momentum, we intend to continue, further accelerate the pace of usage growth, accelerating orders, consumers, driving further GMV inflection. And to fuel this growth, we will continue stepping up our consumer adoption and technology investments.

我們在電子商務和支付方面都擁有這個巨大的、尚未開發的市場機會。在這種情況下，我們真的希望將 Jumia 打造成消費者的中轉站，我們希望將 JumiaPay 發展成為各大洲的支付和金融科技冠軍。在接下來的幾個季度中，在這一勢頭的基礎上，我們打算繼續，進一步加快使用增長的步伐，加快訂單、消費者，推動 GMV 進一步拐點。為了推動這一增長，我們將繼續加大對消費者的採用和技術投資。

In the near term, of course, we may see some fluctuation in unit economics as we ramp up investments, but we ultimately expect that the usage growth and the diversification of our monetization streams will support them. We are very confident that achieving scale for growth acceleration, JumiaPay development and monetization will ultimately take the business to breakeven, and we do this, of course, maintaining a disciplined approach to cost and through capital allocation.

當然，在短期內，隨著我們加大投資，我們可能會看到單位經濟出現一些波動，但我們最終預計使用量的增長和我們貨幣化流的多樣化將支持它們。我們非常有信心實現規模化以加速增長、JumiaPay 開發和貨幣化最終將使業務實現盈虧平衡，當然，我們這樣做是通過對成本和資本分配保持嚴格的方法。

Thank you very much for your attention, and we are now ready to take your questions.

非常感謝您的關注，我們現在準備回答您的問題。

(Operator Instructions). Your first question is coming from Aaron Kessler with Raymond James.

（操作員說明）。您的第一個問題來自 Aaron Kessler 和 Raymond James。

A couple of questions. First is on the increased level of marketing. Can you talk a little bit about quality of the customers you're getting? I guess, there's always concerned with some of the incentives that maybe these are more short-lived customers? And then kind of may how long are you planning kind of with this increased level of marketing spend? Do you expect this to kind of analyze some of the data after this? Or do you think this will sustain for several quarters, maybe until you can kind of get that unit economics to drive overall profitability?

幾個問題。首先是營銷水平的提高。你能談談你獲得的客戶的質量嗎？我想，總是有人擔心這些激勵措施可能是更短命的客戶？那麼，隨著營銷支出水平的提高，您計劃多長時間？您是否希望這會在此之後分析一些數據？或者你認為這會持續幾個季度，也許直到你能夠獲得單位經濟來推動整體盈利能力？

Thanks very much, Aaron. And let's do unpack here. I think on the strategy in terms of marketing, we're definitely investing across the full spectrum of the consumer journey, right? We're investing at the very top of the funnel and brand awareness, education. We're investing into consideration. We're investing into conversion. We're investing into loyalty. So very much across the spectrum because, as we know that we have a large number of consumers who are yet to start transacting online. And so, we are really investing across the whole spectrum. And certainly, we have a view to optimize the consumer lifetime value, right? And the consumer incentives are part of that. And the share of the consumer incentive over the total marketing dollars that we invest, we think is reasonable.

非常感謝，亞倫。讓我們在這裡解包。我認為就營銷策略而言，我們肯定會在消費者旅程的各個方面進行投資，對嗎？我們在漏斗和品牌知名度、教育的最頂端進行投資。我們正在考慮投資。我們正在投資轉換。我們正在投資忠誠度。非常廣泛，因為我們知道我們有大量尚未開始在線交易的消費者。因此，我們確實在整個範圍內進行投資。當然，我們有一個優化消費者生命週期價值的觀點，對吧？消費者激勵措施就是其中的一部分。我們認為，消費者激勵在我們投資的總營銷資金中所佔的份額是合理的。

And certainly, we invest all consumer incentives with a consumer lifetime value in mind. And I agree with you that there will always be deal seekers and quality of customers who may not be as good as others. But over time, we are optimizing based on CLV. And our ultimate goal is to have very loyal customers who are repeat customers and consumer incentives, I think, are a good way to drive conversion or sometimes to drive certain behaviors. And, for example, to help consumers discover new category or as we have done in the past to help them overcome the JumiaPay, for example, we give discounts for consumers to transact on JumiaPay. So we see the consumer incentive is very strategic and as part of driving the right consumer lifetime value and not necessarily as tactical.

當然，我們在投資所有消費者激勵措施時都會考慮到消費者的終生價值。我同意你的觀點，總會有交易尋求者和客戶質量可能不如其他人。但隨著時間的推移，我們正在基於 CLV 進行優化。我們的最終目標是擁有非常忠誠的客戶，他們是回頭客和消費者激勵措施，我認為，這是推動轉化或有時推動某些行為的好方法。並且，例如，為了幫助消費者發現新的類別，或者像我們過去幫助他們克服 JumiaPay 所做的那樣，例如，我們為消費者在 JumiaPay 上進行交易提供折扣。因此，我們認為消費者激勵非常具有戰略意義，並且是推動正確的消費者終生價值的一部分，而不一定是戰術性的。

Now in terms of level, certainly, we want to continue to invest and to continue to invest more. I think what we want to see is increased efficiency with time, right? So certainly, the question will be about how fast can we improve the efficiency of those marketing investments. Obviously, based on what I said, a lot of those marketing investments are for the long term, right, brand awareness, consideration, and we want to see the marketing efficiency improve over time. And as we see that, we will be very comfortable continuing to increase the absolute dollars that we are investing in marketing, right, if that makes sense. So we'll have to navigate based on how the efficiency is evolving and as the efficiency evolves, we will allocate more dollars, right? So I think it's an equation here that we are solving for. And that over time, what I can say is that we want to increase the absolute dollars that we invest, and we want to see also the efficiency increasing, right? Again, over time, it may not be the case exactly one quarter to the other, but over time, we want to do those 2 things.

現在就水平而言，當然，我們希望繼續投資並繼續投資更多。我認為我們希望看到的是隨著時間的推移提高效率，對吧？因此，當然，問題將是我們能以多快的速度提高這些營銷投資的效率。顯然，根據我所說的，很多營銷投資是長期的，對的，品牌知名度，考慮，我們希望看到營銷效率隨著時間的推移而提高。正如我們所看到的那樣，我們將非常樂意繼續增加我們在營銷方面投資的絕對金額，對，如果這有意義的話。因此，我們必鬚根據效率的發展方式進行導航，隨著效率的發展，我們將分配更多的資金，對嗎？所以我認為這是我們正在求解的方程。隨著時間的推移，我能說的是，我們希望增加我們投資的絕對美元，我們也希望看到效率提高，對吧？再一次，隨著時間的推移，可能不會恰好是另一個季度的情況，但隨著時間的推移，我們想做這兩件事。

And a quick follow-up for the incentives. Can you just say where you're recognizing those? Is that contra revenues, COGS, sales and marketing? And then for the -- it looks like we saw a decline in third-party revenues, but an increase in first-party revenues. I assume that was kind of an intentional shift made more fast-moving goods in the quarter?

以及對激勵措施的快速跟進。你能說一下你在哪裡認出這些嗎？是不是收入、銷貨成本、銷售和營銷？然後 - 看起來我們看到第三方收入下降，但第一方收入增加。我認為這是一種有意的轉變，在本季度製造了更多快速流動的商品？

Yes. So they are accounted for as a minus of revenues and mainly minus in the buckets of commissions and in the buckets of shipping, right? So that's where they are accounted for as a minus of that. And this is why we are presenting here in this presentation a few aggregates before and after consumer incentives, so that comparison can be made within the quarters from last year and the year before.

是的。所以它們被計算為收入的負數，主要是在佣金和運輸方面的負數，對吧？所以這就是他們被認為是減去的地方。這就是為什麼我們在此演示文稿中展示了消費者激勵前後的一些匯總數據，以便可以在去年和前一年的季度內進行比較。

And yes, what was your second question, Aaron, sorry?

是的，你的第二個問題是什麼，亞倫，對不起？

Yes. I mean, I think that was related to that. So if you had that (inaudible) then you would have grown third-party revenues in aggregate?

是的。我的意思是，我認為這與此有關。所以，如果你有那個（聽不清），那麼你會增加第三方的總收入嗎？

Yes, exactly. Because that's why we presented on this stage, the commissions before and after consumer incentives. And you can see that without the consumer incentives, the commission are growing by 18% after they are declining by 21%, right? So we consider those to be as part of our effort to drive consumer education, consumer adoption. And so, that's why we present both charts.

對，就是這樣。因為這就是我們在這個舞台上展示消費者激勵前後的佣金的原因。你可以看到，如果沒有消費者激勵，佣金在下降了 21% 之後又增長了 18%，對吧？因此，我們認為這些是我們推動消費者教育和消費者採用的努力的一部分。所以，這就是我們展示這兩個圖表的原因。

Your next question is coming from Lamont Williams at Stifel.

您的下一個問題來自 Stifel 的 Lamont Williams。

You talked a little bit in the letter about doing more 1P in the grocery category. Is this more just to get more SKUs in the category? How are you thinking about a long time with the 1P portion in the category? Is this something you'll need to do? Or will you kind of shift back to a more marketplace SKU?

你在信中談到了在雜貨類別中做更多的 1P。這是否只是為了在該類別中獲得更多的 SKU？您如何看待該類別中的 1P 部分很長一段時間？這是你需要做的事情嗎？或者你會轉向更多的市場 SKU？

It's a good question. I think we're doing this on grocery, especially because of the complexity for the big brands and the big suppliers to operate the marketplace business that they're not really used to, right? And the biggest FMCG player is in our markets, they don't operate the B2C business, right? They don't do drop shipping and they don't -- they're not geared for that, right? What they want is to sell to distributors who are then distributing to consumers. And recognizing this -- recognizing also that we have the knowledge and the capabilities to operate the 1P business, because we've always operated 1P business.

這是個好問題。我認為我們在雜貨店這樣做，特別是因為大品牌和大供應商經營他們並不真正習慣的市場業務的複雜性，對吧？而最大的快消品玩家在我們的市場上，他們不經營B2C業務，對吧？他們不做直接運輸，他們也不 - 他們沒有為此做好準備，對吧？他們想要的是賣給分銷商，然後再分銷給消費者。並認識到這一點 - 也認識到我們擁有經營 1P 業務的知識和能力，因為我們一直經營 1P 業務。

We have the systems, the processes, the capabilities, the standard procedures to operate 1P. We're deciding right now that we want to operate a large part of the grocery on 1P and that's a great -- I would say that's a great strength, and that's a great advantage because we are able to accelerate even faster and adapting to the operating models that the big plans and the big distributors are used to. And for us, as always, we see 1P as something that we do, and we know how to do it. So it's not really a problem. I don't know if in the future, this will move to marketplace or no. We'll see. Maybe it will, maybe it will not.

我們擁有運作 1P 的系統、流程、能力和標準程序。我們現在決定要在 1P 上運營大部分雜貨店，這很棒——我想說這是一個很大的優勢，這是一個很大的優勢，因為我們能夠更快地加速並適應大計劃和大經銷商習慣的運營模式。對我們來說，一如既往，我們將 1P 視為我們所做的事情，並且我們知道如何去做。所以這不是一個真正的問題。我不知道將來是否會轉移到市場上。走著瞧。也許會，也許不會。

At the end of the day, we think that's generally neutral on a gross profit basis, because the margin that we make on the 1P corresponds or would correspond more or less to the commission that we would take into the type of revenue that we would make on a marketplace basis. So I think financially, this is something that we are prepared to do, and that really makes sense for us to drive the growth of the category.

歸根結底，我們認為這在毛利潤的基礎上通常是中性的，因為我們在 1P 上賺取的利潤對應於或將或多或少對應於我們將計入我們將獲得的收入類型的佣金以市場為基礎。所以我認為在財務上，這是我們準備做的事情，這對我們推動該類別的增長真的很有意義。

Okay. And just a separate question. With holidays coming up, it looks like the promotional environment has gotten -- has moved a little earlier. Could you just talk about how you're thinking about holiday and maybe some of the trends you're seeing post quarter, if you can?

好的。只是一個單獨的問題。隨著假期的臨近，促銷環境似乎已經得到了 - 已經提前了一點。如果可以的話，您能否談談您對假期的看法以及您在季度後看到的一些趨勢？

Well, I'm not sure I get the first part of the question, among -- like on the promotions and the incentives for us. Again, is really something that we are driving in a strategic way? So again, I think the example of the occurring a discount for consumers to pay with JumiaPay, right or, for example, doing free shipping on certain size of baskets for grocery items, right? So we're using those incentives to drive consumers towards the categories of product and towards the type of payment methods that we think really makes sense. It's really the objective of that. And that's, for us, completely part of the consumer adoption and the CLV customer lifetime value strategy, and it's very integrated into everything that we do into our plan and strategically.

好吧，我不確定我是否得到了問題的第一部分，例如促銷和我們的激勵措施。再說一次，我們真的是以戰略方式推動的嗎？再說一次，我認為消費者使用 JumiaPay 支付時出現折扣的例子是對的，或者，例如，對特定尺寸的雜貨籃子進行免費送貨，對吧？因此，我們正在利用這些激勵措施將消費者推向產品類別和我們認為真正有意義的支付方式類型。這確實是目標。對我們來說，這完全是消費者採用和 CLV 客戶終身價值戰略的一部分，它非常融入我們在計劃和戰略上所做的一切。

And then, of course, our intention, I think we're pleased with the usage that we are seeing in the recent acceleration, but our intention is certainly to continue that, right? And we want to scale the platform and accelerate the growth, right? So that's certainly the intention, and that's certainly something that we hope to see in Q4 and then the quarters to come, right? So again, good numbers, but we don't want to stop here and the intention is to grow faster than this.

然後，當然，我們的意圖，我認為我們對我們在最近的加速中看到的使用感到滿意，但我們的意圖肯定是繼續這樣做，對嗎？我們想要擴展平台並加速增長，對嗎？所以這肯定是意圖，這肯定是我們希望在第四季度和未來幾個季度看到的東西，對吧？再說一次，不錯的數字，但我們不想止步於此，我們的目的是比這更快地增長。

Your next question is coming from Joshua Koren with Musketeer Capital.

您的下一個問題來自火槍手資本的 Joshua Koren。

Congrats to everybody on the inflection quarter and the acceleration of growth. My question is 2-fold. First of all, maybe you can give us some color on how the end of the quarter kind of trended relative to the beginning of the quarter. So knowing that you started to spend the sales and marketing towards the end of Q2, did the growth rate continue to kind of pick up through Q3? And any kind of color that you can give us on an exit growth rate for GMV in Q3 or some kind of expectation for what we can roughly expect in terms of the further acceleration for Q4 would be really helpful.

祝賀大家在拐點季度和增長加速。我的問題是 2 倍的。首先，也許你可以給我們一些關於季度末相對於季度初的趨勢的顏色。那麼知道您在第二季度末開始花費銷售和營銷費用，那麼增長率是否在第三季度繼續回升？您可以就第三季度 GMV 的退出增長率或我們對第四季度進一步加速的粗略預期的某種預期給出任何顏色，這將非常有幫助。

Of course, Josh, thanks for asking the question. I think maybe I will just go back to what I just said, right, which is like at the end of the day, we are engaging that phase where it's about scaling the platform, which is accelerating usage growth, JumiaPay and diversification of monetization, and we're not going to stop where we are now. And the intention is to accelerate even further, and we're very confident that this will happen.

當然，喬希，謝謝你提出這個問題。我想也許我會回到我剛才所說的，對，就像在一天結束時，我們正在進入一個關於擴展平台的階段，這正在加速使用增長、JumiaPay 和貨幣化的多樣化，我們不會停在現在的位置。目的是進一步加速，我們非常有信心這會發生。

Awesome. And were you seeing that acceleration continue to kind of pick up as we left the third quarter and now as we move into the fourth quarter as the acceleration growth rate increasing now?

驚人的。您是否看到隨著我們離開第三季度和現在進入第四季度，隨著加速增長率的增加，加速繼續加速？

Well, it's not something that we will disclose, because I think there can always be some year-on-year effect in August and September and so and so forth. But I think we'll have to see how Q4 is playing out. But again, we're very confident about accelerating the acceleration.

嗯，這不是我們會透露的，因為我認為在 8 月和 9 月等等，總會有一些同比影響。但我認為我們必須看看第四季度的表現如何。但同樣，我們對加速加速非常有信心。

No, I love to hear it. And one more question. Maybe if we could just dive into a bit further kind of your barrier to entry in Africa and your position relative to anybody else that could be in e-commerce and Africa? I mean, it seems like you have a leading market position. How do we all kind of understand how that barrier to entry kind of really stands and what the competitive landscape in Africa is and how dominant Jumia really is in that landscape?

不，我喜歡聽。還有一個問題。也許我們可以深入探討一下您進入非洲的障礙以及您相對於電子商務和非洲其他任何人的地位？我的意思是，您似乎擁有領先的市場地位。我們如何理解這種進入壁壘是如何真正存在的，非洲的競爭格局是什麼，以及 Jumia 在這種格局中的主導地位如何？

I think to start in with the barriers to entry and what it takes to be successful in those markets and stepping back a bit on what -- how -- what does it take for e-commerce to be able to operate at scale and providing great customer experience in Africa, there's definitely a number of components behind that, which are extremely hard to create and therefore, to replicate, right?

我認為從進入壁壘以及在這些市場中取得成功需要什麼開始，然後退一步討論電子商務能夠大規模運營並提供出色服務需要什麼 - 如何 - 什麼非洲的客戶體驗，背後肯定有許多組件，這些組件極難創造，因此難以復制，對吧？

So if you think about the brands that is needed in a market where consumers have never or almost never transacted online. The amount of brand equity that you need to create to build the trust for users to transact for the first time online is something that takes a lot of time, a lot of money, a lot of efforts, and a lot of localization. So I think the strength of the Jumia brand is very big. And sometimes some investors, they're looking at the app ratings and app ranking and you always see Jumia as one of the biggest downloads on the apps everywhere, and that is something that takes years and a little of effort to drive.

因此，如果您考慮在消費者從未或幾乎從未進行過在線交易的市場中需要的品牌。您需要創建的品牌資產數量來建立用戶首次在線交易的信任，這需要大量時間、大量資金、大量努力和大量本地化。所以我覺得Jumia這個品牌的實力是非常大的。有時，一些投資者會查看應用程序評級和應用程序排名，您總是將 Jumia 視為全球應用程序中下載量最大的應用程序之一，而這需要數年時間和一點點努力才能推動。

I think obviously, the supply, right, to be able to bring the right products to the consumers and to work with brands, local sellers, international sellers, local brands, international brands. Takes a great deal of time, takes a great deal of investment to build the right marketplace platform to be able to write 1P capabilities and to be able to do that at scale, right? We have a 100,000 selling around Jumia from the biggest distributors and the biggest brands from -- we have cross-border program for international sellers to sell in Africa, and we work also with small sellers who are very relevant because they have very local assortment and they are very agile. And all this is ability to bring the marketplace and the 1P together and the small sellers, and the big sellers, and the brand and the non-branded, and the local and international is what at the end of the day gives the relevance for the consumers. And of course, they're relevant in terms of choice but also, they're relevant in terms of price because those sellers are competing.

我認為顯然，供應是正確的，能夠將正確的產品帶給消費者，並與品牌、本地賣家、國際賣家、本地品牌、國際品牌合作。需要大量時間，需要大量投資來構建正確的市場平台，以便能夠編寫 1P 功能並能夠大規模地做到這一點，對吧？我們在 Jumia 附近有 100,000 個來自最大分銷商和最大品牌的產品——我們有跨境計劃讓國際賣家在非洲銷售，我們還與非常相關的小賣家合作，因為他們有非常本地化的分類和他們非常敏捷。所有這一切都是將市場和 1P 和小賣家、大賣家、品牌和非品牌、本地和國際結合在一起的能力，最終賦予了消費者。當然，它們在選擇方面是相關的，而且它們在價格方面也是相關的，因為這些賣家正在競爭。

So the second aspect obviously is supply. The third and obvious one is the logistics, which is not easy in Africa to create a logistic platform that can ship packages across all the areas of the country. And as fast as 1 hour or even 20 minutes in the case of Jumia Food. And that is something that we have created over the last years, which is obviously a huge asset. You can see in our fulfillment expense they keep going down. It's a new efficient system and it's not just me saying. Now, we have third-party sellers who are coming to use it and we crossed $1 million of revenue from third-party merchants who are choosing Jumia logistics. They are choosing it over other players to do logistic services, right? So that's a great testimony of the efficiency as well. And I think a lot more to come.

所以第二個方面顯然是供應。第三個也是顯而易見的一個是物流，在非洲創建一個可以將包裹運送到全國所有地區的物流平台並不容易。就 Jumia Food 而言，最快 1 小時甚至 20 分鐘。這是我們在過去幾年中創造的東西，這顯然是一筆巨大的資產。您可以在我們的履行費用中看到他們一直在下降。這是一個新的高效系統，不僅僅是我說的。現在，我們有第三方賣家來使用它，我們從選擇 Jumia 物流的第三方商家那裡獲得了超過 100 萬美元的收入。他們選擇它而不是其他玩家來做物流服務，對吧？所以這也是效率的一個很好的證明。而且我認為還有更多。

And maybe last but not least. But, of course, payment, being able to operate cash on delivery because we are still in very cash-oriented countries, cash-orientated economy and complementing that with JumiaPay is obviously very difficult to reproduce for players who are not necessarily savvy with that. And I think doing this at scale in multiple countries is something that I think takes a lot of passion, a lot of skills, time, energy, and money to do and create. And that's what we have done, so I think it puts us in a pretty good position.

也許最後但並非最不重要。但是，當然，支付，能夠操作貨到付款，因為我們仍然在非常以現金為導向的國家，以現金為導向的經濟以及與 JumiaPay 相輔相成，對於不一定精通這一點的玩家來說顯然很難復制。而且我認為在多個國家大規模地做這件事需要很大的熱情、很多的技能、時間、精力和金錢來做和創造。這就是我們所做的，所以我認為這讓我們處於一個非常好的位置。

And I would agree, and I guess, though, we're confident with the accelerating momentum here. GMV growth is something they can continue into 2022. Is that right?

我同意，不過我想，我們對這裡的加速勢頭充滿信心。 GMV 的增長是他們可以持續到 2022 年的。對嗎？

Right.

正確的。

(Operator Instructions). We do have one additional question from Sarah Simon with Berenberg.

（操作員說明）。我們確實還有一個來自 Sarah Simon 和 Berenberg 的問題。

I thought I'd already pressed the button. Anyway, I got 2 actually. Could you just remind us of what product scale into digital orders? And I seem to recall that a couple of quarters ago you're back on that. So can you just talk a bit about what's changed that? And then on the shift to grocery 1P, I was on a call with another company doing 1P grocery earlier this morning and they're obviously incurring significant upfront costs in terms of establishing dark stores and stuff, which I assume is what you will have to do as well. So can you just talk about how we should think about factoring the shift to grocery 1P into our forecast?

我以為我已經按下了按鈕。無論如何，我實際上得到了2個。您能否提醒我們將哪些產品擴展到數字訂單？我似乎記得幾個季度前你又回到了這個問題上。所以你能談談是什麼改變了它嗎？然後在轉向雜貨店 1P 時，今天早上早些時候我正在與另一家從事 1P 雜貨店的公司通話，他們顯然在建立暗店和其他東西方面產生了大量的前期成本，我認為這是你必須要做的也這樣做。那麼您能否談談我們應該如何考慮將向雜貨店 1P 的轉變納入我們的預測？

What goes into digital orders and financial services is pretty much everything that is happening on the apps, which is called JumiaPay, and that users use to process a number of digital payments and access financial services and so on, so forth. So, it's pretty clear from that perspective that those are all those services that are recorded as digital orders. And I think a few quarters ago, one of the actions that we took was to start kind of moving a little bit away from the micro transactions from those digital orders, right. So those micro transactions, what we mean by that is the recharge of airtime, for example, and which is a classic one, and a classic strategy with those services is to attract, for example, the consumers with a discount or with a cash back on buying some airtime for a very small amount. And then targeting that consumer and making sure that the consumers over time develop into a consumer that uses the app for other things, right.

進入數字訂單和金融服務的幾乎是應用程序上發生的一切，稱為 JumiaPay，用戶用來處理許多數字支付和訪問金融服務等等。因此，從這個角度來看，很明顯這些都是被記錄為數字訂單的服務。我認為幾個季度前，我們採取的行動之一是開始稍微遠離這些數字訂單的微交易，對。所以那些微交易，我們所說的就是通話時間的充值，例如，這是一個經典的交易，而這些服務的經典策略是吸引例如折扣或現金返還的消費者以極少的價格購買一些通話時間。然後以該消費者為目標，並確保隨著時間的推移消費者發展成為將應用程序用於其他用途的消費者，對吧。

So, I think those -- the micro transaction is a traditional way, I would say, to attract consumers, and I would say back in the days we had less services than we have today, right. So today, we have literally hundreds of different services. Consumers can book at bus tickets, for example, on the app, they can buy movie theater tickets, they can pay their university fees, they can pay -- you can pay your fines, for example, if you do -- if you have a fine -- parking fine for example, in some countries, you can pay them on the app and so and so forth, right? So, as we have a lot more services, we have less need to attract or to recruit users with those micro transaction.

所以，我認為那些——微交易是一種傳統的方式，我想說，吸引消費者，我想說的是，在我們的服務比今天少的時候，對吧。所以今天，我們實際上有數百種不同的服務。消費者可以在公交車票上預訂，例如，在應用程序上，他們可以購買電影院票，他們可以支付大學費用，他們可以支付——你可以支付罰款，例如，如果你這樣做了——如果你有罰款——例如停車罰款，在某些國家/地區，您可以在應用程序上支付等等，對吧？因此，由於我們有更多的服務，我們不需要通過這些微交易來吸引或招募用戶。

So I think that's what changed, right. We added a lot more services. And as a result, we are able to do less of those micro transaction, which are not unattractive. They are good and they're attractive and they drive usage to be clear. It's very -- even the best consumers who are doing, all of the other services that I do, we also want them to use JumiaPay to recharge their airtime. So there's nothing against those transactions, but we did less of that, right? So that's something that changed. I think you're referring to that.

所以我認為這就是改變，對吧。我們添加了更多服務。因此，我們能夠減少那些並非沒有吸引力的微交易。它們很好，很有吸引力，它們使使用變得清晰。非常 - 即使是最好的消費者，我所做的所有其他服務，我們也希望他們使用 JumiaPay 來充值他們的通話時間。所以沒有什麼反對這些交易的，但我們做的更少，對吧？這就是改變的東西。我想你指的是那個。

The 1P grocery is interesting, because we see a lot of food delivery focused players moving into that. And for us, when you think about dark stores for an example, we mentioned that dark store is a small warehouse and to operate the dark store, you need to be able to operate a small warehouse, which means that you need to have the capabilities to do that, you need to have the capabilities to do storage, pick and pack, and inventory management, and logistics, right. And logistics in the sense that warehouse logistics, which is something that we have been doing forever since day one, right. Since when we started Jumia, the first thing we did pretty much was to rent a warehouse. And start doing that for Jumia Express and so on. So, for us, dark store is nothing else than a small warehouse, and we have already dozens of warehouses.

1P 雜貨店很有趣，因為我們看到很多專注於食品配送的玩家進入其中。而對我們來說，當你以暗店為例時，我們提到暗店是一個小倉庫，要運營暗店，你需要能夠運營一個小倉庫，這意味著你需要有能力要做到這一點，您需要具備存儲、揀选和包裝、庫存管理和物流的能力，對。從倉儲物流的意義上說，這是我們從第一天起就一直在做的事情，對吧。自從我們創辦 Jumia 以來，我們做的第一件事幾乎就是租了一個倉庫。並開始為 Jumia Express 等做這件事。所以，對於我們來說，暗店不過是一個小倉庫，我們已經有幾十個倉庫了。

So for us, it's an extension of what we already do. And, of course, there may be some investments here and some investments there. They will go into our G&A probably and maybe you see already some of that, but it's not something that we have not done before. And that's something that we foresee will have the big financial impact, and we already have those warehouses existing in pretty much all the big urban areas. And we're going to stop to operating those grocery, quick delivery, dark stores type. Maybe there will be dedicated warehouses, maybe we'll do part inside the warehouses that we have. So, for us it's very much a continuity of what we do.

所以對我們來說，這是我們已經做的事情的延伸。當然，這裡可能有一些投資，那裡可能有一些投資。他們可能會進入我們的 G&A，也許你已經看到了其中的一些，但這不是我們以前沒有做過的事情。我們預計這將產生巨大的財務影響，而且我們已經在幾乎所有大城市地區都有這些倉庫。我們將停止經營那些雜貨店、快速送貨、暗店類型。也許會有專門的倉庫，也許我們會在我們擁有的倉庫內做部分。所以，對我們來說，這在很大程度上是我們所做工作的連續性。

There appears to be no further questions in queue at this time. I'd like to turn the floor back over to Sacha for any closing remarks.

目前隊列中似乎沒有其他問題。我想把發言權轉回給 Sacha 來做最後的發言。

Great. Thank you very much for attending as always, and I repeat every time at the end of the call that we remain available to discuss and exchange and anytime, right. So do not hesitate to reach out and I hope everyone is staying safe. Take care, and we will speak soon. Thank you. Bye-bye.

偉大的。非常感謝您一如既往地出席，每次通話結束時，我都會重申，我們隨時可以討論和交流，對。所以不要猶豫，伸出援手，我希望每個人都保持安全。保重，我們很快就會說話。謝謝你。再見。

Thank you, ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝各位，女士們，先生們，今天的電話會議到此結束。你可以在這個時候斷開你的電話線，度過美好的一天。感謝您的參與。