Booming eCommerce helps outweigh inflation, Latvia’s sales giant Joom says

 

As the global mobile marketplace Joom continues to enjoy rapid growth in all the main sales segments, its expansion in Europe adds to the success of the Riga-born business, and helps outweigh the still present impact of core inflation, its management said.

Joom is growing dynamically in Europe with Latvia, Poland and Moldova as top three countries in terms of number of sales, and women’s clothing and accessories; electronics, home and kitchen  ppliances are the bestselling categories.

“With core inflation still being one of the main concerns of most economies, cross-border eCommerce remains the best way to manage one’s budget and save money. For the traditional November sales, Joom collected all the best products from top stores from all over the world and used a variety of promotional mechanics that allow customers to buy with additional benefits: wheel of fortune, “Buy More Pay Less” tools, “Joom Outlet” offering selected products from past collections with a 40% discount,” said Lavrentiy Klimov, Head of Business Development, Joom Marketplace.

“We are constantly improving both the user and merchant experience on the platform to provide customers with the widest possible choice of products and alternatives, a secure purchasing process and reliable support.”

This year, the number of sellers participating in the sales has increased to 50% compared to 30% a year ago. The top three categories in terms of sales included Women's Clothing & Accessories, Electronics, Home & Kitchen. Their growth compared to November 2022 reached 13%, 4.5%, 3.3% respectively. The best-selling item was LED Christmas lights, down by 25% during sales. Christmas Decoration Supplies represented 1.4% in total sales in November.

Joom's success is strongly driven by the active development of sellers. On average, sales of merchants participating in November sales grow by 50-60% compared to the ordinary day on the platform. This season’s most vivid examples of outstanding performance are sellers from Korea and India, whose sales grew by 5 and 2.5 times, respectively, during the November sales vs. November 2022. Joom has recently opened a new logistics channel from South Korea to Europe that cut down logistics expenses by 50% thus minimizing the products’ cost. K-pop products, including popular bands’ albums and merch, became the most desirable purchase from Korea. As for Indian merchants, their breakthrough is due to the constant product expansion and adding of unique local items that cannot be found on other European cross-border platforms. Here are just a few examples: cosplay products (helmets, armor and shields), goods for beekeepers, saddles for horses, various semi-precious stones for divination, carpets and traditional fabrics and other goods.

Joom also finished its November sales month on Black Friday with setting new records. For the first time this year, sales lasted almost a month (from November 1st to November 27th) with two top periods around Bachelor's Day, 11.11, and Black Friday on November 23rd. This elongation made it possible to offer Joom’s customers even more profitable deals, thus fostering rapid growth of the marketplace in Europe. The top three countries in terms of sales growth compared to November 2022 included Latvia (138%), Poland (86%) and Moldova (65%).

Based on customer preferences, the platform selected for sales around 507 thousand products, representing 15% of the platform's assortment, in all key categories from the top sellers from 24 countries.

About Joom:

Joom Marketplace is a global eCommerce platform that helps consumers to make shopping easy and entertaining and gives access to high-quality goods from around the world. Joom Marketplace is one of the key businesses of Joom, an international group of eCommerce and fintech companies that was founded in 2016 in Riga, Latvia.

To learn more about the platform & sign up, go to “merchant.joom.com”. Joom also currently includes the following businesses: Onfy, a pharmaceutical marketplace in Germany; Joompay, a fintech service for daily financial transactions in Europe; Joom Logistics, a business that provides logistics, technology and infrastructure services for cross-border eCommerce; JoomPro, platform for crossborder wholesale trade.