New data-driven marketplace connects shrimp buyers and farmers
XpertSea introduced the first marketplace that connects shrimp buyers and growers directly for fast, efficient and secure transactions.
XpertSea introduced the first marketplace that connects shrimp buyers and growers directly for fast, efficient and secure transactions. Currently in limited release, the data-driven marketplace is the first step in creating a more transparent and profitable supply chain for the $45 billion global shrimp market.
Shrimp trading has always been a highly relationship-driven industry. Buyers have to trust that farmers produced a quality crop, and farmers have to trust that buyers will value their crops fairly and pay them on time. The lack of data and efficiency in the transaction has limited both parties in accessing new business and financial opportunities. This burden is particularly heavy for farmers who have to finance operations not only during crop production but sometimes for up to 60 days after harvest depending on buyer payment terms. With virtually no access to institutional financing, this leaves farmers in a vulnerable position.
XpertSea’s data-driven marketplace solves these problems by pairing buyers with sellers and providing both parties with accurate crop data before they conclude a deal, bringing transparency and trust to financial transactions like never before. With same-day payment guaranteed, growers who transact through the marketplace receive up to 80% of their crop value within 24 hours of harvest which improves their cash flow, de-risks their business and unlocks growth.
“Working with farmers and helping them grow better shrimp, we learned first-hand of their struggle to access cash flow and loans from traditional banks, as well as their concerns about dealing with new buyers to get better prices,” said Valerie Robitaille, CEO of XpertSea. “With all the unique data we collect about shrimp, we realized we could help them market their crops and unlock their access to cash. Our data-driven marketplace with same-day payment terms is creating the trust foundation that buyers and growers need to expand their business and meet the international demand for sustainable seafood.”
The marketplace leverages XpertSea’s AI-powered smartphone app which allows producers to capture accurate shrimp health and quality data simply by taking a photo. It also makes use of XpertSea’s award-winning platform and growth data accumulated over the years, which accurately predicts commercial size and pond value. With the click of a button, producers can sell their crop directly through the app and get 80% of their crop value within 24 hours of harvest. In the hands of both growers and buyers, the app becomes a powerful platform for transacting business based on transparent crop data and fast, reliable payments.
The marketplace was first launched in a limited release in Ecuador and India. In its first few months of operation, more than seven million pounds of shrimp were traded, providing essential cash flow to farmers. The marketplace is currently open to all Ecuadorian farmers and buyers, with more countries slated to join in 2021.
“I chose to sell to XpertSea because I received money more quickly than with my usual buyers,” said Carlos Santos, owner of Oro del Mar, a shrimp growing operation in Ecuador. “This money allowed me to buy feed and keep my shrimp growing. It helped me run my operation smoothly and generate additional cycles more effectively.”