Known as iTradepro, it works as a mini stock exchange in facilitating the buying and selling of animal protein products such as beef, mutton and chicken. It shows online the stock made available by producers, and the buying and selling prices.
Its most dramatic advantage, users say, is that they do not have to spend hours on phone calls to producers all over SA to find the best prices and deals.
Aashan Singh of Durban-based countrywide meat supplier Standard Meats says: "Deliveries are always on time and I get my money when it is promised, no delays. It has freed up a great amount of time for me."
The platform also allows for a bidding process, so if buyers want to try for a lower price they can.
Besides prices, online buyers can immediately get information such as what products and what quantities are available, the brands of the various products, whether they are imported or locally produced, countries of origin and whether the meat is certified halaal.
With trades limited to a minimum of 3t, iTradepro is not for end-consumers and is therefore no threat to the local family butcher's business.
The sellers are producers such as farmers, abattoirs, fisheries and chicken hatcheries. iTradepro GM Sasha White says there is a huge overlap of about 90% between sellers and buyers as producers themselves often buy when they need to make up orders for long-standing clients.
Other buyers are restaurant and supermarket chains and the like.
Once a transaction has been made, the company offers logistical services such as delivery in cold-storage vehicles.
White says the deliveries are outsourced to transport companies and can take up to two days. Buyers are given up to 24 hours to inspect stock and can return it if it is not up to standard.
Company founders Andrew Goodrich and Peter Versfeld recognised a need for credit facilities for buyers and guaranteed payments for sellers, which they offer.
A few hundred users are making use of the system but there are still many people who are not comfortable with online trading. These have the option of dealing with a trader in person on the company's trading floor in Century City, Cape Town.
Source: Financial Mail
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