Sydney Fish Market today launches SFMblue, a new digital trading platform set to modernise seafood trading, complementing the vibrant physical auction at the market.
The platform, developed using ShoreTrade technology, allows seafood to be traded efficiently with a national customer base at the click of a button. The platform connects seafood suppliers to more buyers across the eastern seaboard and provides access to the quality, volume and variety of seafood that Sydney Fish Market is renowned for.
Sydney Fish Market CEO Greg Dyer says, “Think of us as a 70-year-old start-up – we’re combining decades of expertise in independent seafood trading, with award-winning technology to revolutionise the seafood industry. This is just the start, and through ongoing development and consultation we plan to continue to grow and evolve SFMblue to maximise the benefits for users.”
Working in conjunction with the traditional Dutch auction at Sydney Fish Market, SFMblue will offer valuable and transparent industry intelligence including daily market pricing and supply-and-demand data.
Buyers will benefit from 24/7 access to quality seafood from Australia and New Zealand, flexible payment methods and visibility of market pricing and supply. The “unique” Reverse Marketplace feature allows buyers to submit a request if they can’t find the specific product they are looking for, then accept bids from suppliers who can fulfil their order.
Suppliers will have the opportunity to grow their buyer base beyond the parameters of the traditional auction floor. SFMblue will allow them to determine prices prior to bringing in their catch, focusing on what buyers need – a reversal of the way the market currently works.
Sydney Fish Market received financial backing from the NSW Government to support the development of the trading platform. Minister for Agriculture Dugald Saunders says the platform will fundamentally change the way the $3 billion Australian seafood industry operates.
“Producers right across the country will benefit from 24/7 trading, increased price visibility, certainty of payments and access to more buyers, which will ensure more seafood ends up on plates,” Mr Saunders said.
“It will also be a game-changer for businesses in our regions, who will now be able to purchase the same high-quality produce as the city, without having to travel there.”
Suppliers and buyers can now sign up at SFMblue.com.au and start trading as soon as their registration has been reviewed and completed.