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Case Study
Open Ocean
Open Ocean Trading, leveraging deep expertise in both the fishing and commodities trading industries, sought to revolutionize the seafood market with FYSH-X, an online platform designed to bring predictability and efficiency to wholesale fish trading.
FinTech
2013
Services
Business Strategy
Agile Development
UX Design
Technology Used
Ruby on Rails (RoR)
Sencha (ExtJS)
MySQL
Web Sockets
Amazon Web Services
Client feedback
Challenges
The seafood industry, deeply entrenched in traditional, unpredictable practices, faced significant challenges:
Lack of Price Predictability:
- Buyers, such as hospital or school nutrition planners, struggled to plan budgets and meal calendars due to fluctuating seafood prices. They needed a way to lock in prices and quantities months in advance.
- Fishermen faced uncertainty about the value of their catch until returning to the dock, where they engaged in face-to-face negotiations with buyers. This resulted in unpredictable income, with potential for losses.
Inefficient, Manual Processes:
- Traditional on-the-dock negotiations were time-consuming and lacked transparency, hindering efficient trading.
- The absence of a centralized, digital platform limited market access and opportunities for both buyers and sellers.
Need for Real-Time Information:
- Market participants lacked access to real-time updates on bids and contract negotiations, leading to missed opportunities and inefficient decision-making.
- The industry was missing a real time digital platform.
Solutions
Freeport Metrics developed the FYSH-X platform, a real-time trading system that:
- Matched buyers and sellers through an online bidding system, enabling them to secure contracts with predetermined prices and terms.
- Implemented real-time updates using web sockets, providing instant notifications of market activity.
- Utilized ExtJS and Ruby on Rails for a robust and scalable platform, with built-in redundancy and disaster recovery.
Results
Hire usFYSH-X: A Wave of Innovation in Seafood Trading.
The FYSH-X platform successfully disrupted the traditional seafood trading industry by introducing a new level of predictability and stability for both fishermen and buyers. It digitized an ancient industry, bringing it into the modern, real-time trading era. Open Ocean Trading was established as an innovator, inspiring competitors and copycats since its 2012 launch, marking a significant shift in how seafood procurement is conducted.
