Sydney Fish Market aims to double revenue with launch of new online platform

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The trading time for seafood sales has just been pushed to new depths with the introduction of the new online platform, SFMBlue, essentially eliminating the limitations of the 5:30 am auction held every day of the week and allowing buyers and sellers to negotiate at any time.

Sydney Fish Market chief executive Greg Dyer said the new trading platform, which will go live on Monday, could potentially double the market’s annual sales of $165 million.

“We turn around $165 million and 13,000 tons of product every year…Our ambition is to double that over a period of time through SFMBlue, but we don’t imagine that will happen overnight” , said Mr. Dyer. The Australian Financial Review.

“It’s something we’re committed to for the longer term.”

Former restaurateur and founder of ShoreTrade, Peter Manettas, said the platform will bring outdated seafood industry functions into the digital age.

“These kind of new features built into the traditional Sydney Fish Market auction processes and the ability to sell the product while it’s being auctioned, really creates transparency in what has been an industry to doors closed for a long period of time,” says Manettas.

“Creating a more transparent environment and market will allow prices to grow and hopefully create more sustainable ecosystems in fishing communities.”

Source: Australian Financial Review

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