The Sydney Fish Market reckons it could double its profit by allowing trade to happen 24/7.
👉 Background: Sydney Fish Market is quite the institution. It's been around since the 60s and it’s the third largest fish market in the WORLD. Every weekday at 5.30am, there’s a massive auction. We’re talkin’ 13,000 tonnes of fish is sold each year, or around $165 million worth.
👉 What happened: Sydney Fish Market reckons it could double that figure with its new online version of the market called SFMBlue (aka the no-smelly-fish version).
👉 What else: Not only will it enable people to buy and sell fish around the clock, but buyers will also be able to lock in prices ahead of peak times.
💡Every traditional industry faces a pivotal point of disruption… or a potentially slow and painful death. Often, embracing digital transformation can open up a world of opportunities.
💡We saw the taxi industry push back against change, then it was revolutionised by Uber. We saw the hotel industry laugh in the face of homestays, then Airbnb revolutionised the accommodation industry.
💡In this case, we’ve seen a traditional, old-school fish market actually lean into the transformation. And now, the Fish Market opens itself up to a whole new set of customers and suppliers.
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