Development of a Real-Time Digital Trading Platform for Wholesale Seafood Market

The seafood industry relies heavily on traditional, manual, and face-to-face negotiations which lead to unpredictable pricing, income instability for fishermen, inefficient processes, lack of market transparency, and missed real-time market opportunities. Buyers struggle with price volatility and planning uncertainties due to the absence of a centralized digital platform providing real-time market data.

A mid-sized, innovative seafood distribution company seeking to modernize and digitize its trading operations to enhance predictability, transparency, and efficiency.

• Implement a centralized online trading platform that facilitates real-time bidding and contract negotiations between buyers and sellers.
• Provide instant notifications and updates using web socket technology to enhance decision-making and responsiveness.
• Enable buyers to lock in prices and quantities well in advance, improving budget predictability.
• Streamline manual processes and reduce time spent on negotiations through automation and transparency.
• Create a scalable, resilient platform with built-in redundancy and disaster recovery capabilities.

• User registration and profile management for buyers and sellers.
• Real-time bidding system with live updates and notifications via web sockets.
• Contract negotiation module allowing locking in prices and terms prematurely.
• Market activity dashboard displaying current bids, offers, and trading status.
• Redundancy and disaster recovery mechanisms to ensure uptime and data integrity.
• Scalable architecture supporting growing user demand and trade volume.

• Market data feeds for real-time price monitoring
• Payment processing gateways
• User authentication and identity management systems
• Third-party logistics and supply chain management systems

• Platform must support high concurrency with minimal latency, targeting sub-second response times.
• Ensure data security and user privacy compliance, including encryption and access controls.
• Design for 99.9% uptime with redundancy, disaster recovery, and failover strategies.
• Support future scalability to accommodate increased number of users and transaction volume.

The platform aims to transform traditional seafood trading by providing real-time market visibility, increased price stability, and streamlined transactions. Expected outcomes include significant reduction in manual negotiation time, improved market predictability, and enhanced market access for fishermen and buyers. Quantitative impact may include increased trade volume, decreased price volatility, and higher user satisfaction metrics.