Luke Holbrook: Perfect. Thank you very much.
Francis Dufay: I hope this answers the questions.
Luke Holbrook: It does. Thanks.
Francis Dufay: But basically, this is not the main driver — I mean, this is not a key driver for volume decrease.
Operator: Thank you, sir. Our next question is coming from Catherine O’Neill with Citi. Your line is live.
Catherine O’Neill: Great. Thanks very much. I’ve got a few questions actually. Firstly, I just wondered if you could provide a bit more detail on what you’re doing when you around the high quality and lower price supply that you’re talking about as a key driver for the business or key focus at the moment and where in particular you’re seeing those gaps either geographically or by category and just sort of how long that process might take. That’s the first question. Second, I guess sort of linked to that is, when do you think we should start to see maybe a return to growth again in terms of the number of active customers? Then thirdly, on JumiaPay where you were talking about some of the off platform opportunities, I don’t know if you’re able to provide a bit more detail on how you think about the size of those opportunities and the sort of revenue streams or revenue models associated with those?
And then finally, just on your cash balance, I just wanted to understand a bit more about whether there’s any trapped cash and what the composition is?
Francis Dufay: Sorry, I didn’t catch the last question, Cathy.
Catherine O’Neill: On your current cash balance or cash and equivalents, just a bit more detail on, is there any sort of trapped cash and just what the composition of that cash balance is and the accessibility of that?
Francis Dufay: Okay, sure. All right. Let me try to take the first three questions and Antoine, if you don’t mind, I’ll leave you the fourth question. So, on the concept of improving supply and prices, which is a huge part of our plan to return to growth, let me try to give you more details. Your first sub question was, where do we have a gap? We have gaps pretty much — I mean, in many places, if I can put it this way. So in most countries and most categories, what happened is that in the past, Jumia relied heavily on stimulating demand, mostly for marketing actions and promotions, while we actually operate in markets where the most challenging part of the equation is actually supply. There is demand in all of our markets. There is plenty of demand.
It’s just poorly served. And you need to — I mean, we need to figure out a world where you cannot buy everything you like at any time. If you need a fridge, there’s only one brand on the market. If you need shoes, well, there’s only one color at the shop or the only half of the sizes. So, our consumers in the markets where we operator are mostly faced with issues to access supply. So the right way to grow, that’s my very deep belief and that’s how we shaped the plan, is to work on supply rather than demand. We have traffic. We have demand. We need better supply for our consumers, and this is what has worked in the past in the selection of countries at Jumia. So, we ended up in cases where we were [ingesting] (ph) quite heavily in marketing on categories where, clearly, we didn’t have the right assortment where competition offline and online at better prices, more brands, more selections.
