The trading time for seafood sales has just been taken to new depths with the introduction of new online platform, SFMBlue, essentially eliminating the confines of the 5:30am auction held every weekday and enabling buyers and sellers to trade at any time.
Chief Executive of Sydney Fish Market, Greg Dyer, says that the new trading platform, which goes live on Monday, could potentially double the $165 million annual sales figures in the marketplace.
“We turn over around $165 million and 13,000 tonnes of product each year… It’s our ambition to double that over a period of time by way of SFMBlue, but we’re not imagining that’s going to happen overnight,” Mr Dyer told The Australian Financial Review.
“This is something we are committed to for the longer term.”
Former restaurateur and founder of ShoreTrade, Peter Manettas, said that the platform will move the functions of the antiquated seafood industry into the digital age.
“Those kinds of new features integrated with the Sydney Fish Market’s traditional auction processes and being able to sell the product while it’s on its way to auction, really create transparency in what’s been such a closed-door industry for quite a period of time,” Mr Manettas said.
“Creating a more transparent environment and marketplace will allow for growth of price point and hopefully create more sustainable ecosystems in fishing communities.”
Source: Australian Financial Review
