Dairy

Enabling smart transactions in dairy markets with dynamic pricing strategies powered by auction and trading technology.

NovaFori empowers the dairy industry to embrace digital change

We build highly reliable and scalable marketplace and auction software to conduct multiple and simultaneous online auctions, providing both sellers and buyers with a transparent and efficient mechanism to transact dairy.

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Challenges / Opportunities

Price volatility

Dairy commodity prices can experience significant volatility due to factors such as fluctuations in demand, weather conditions affecting feed production, and global market dynamics.

Online auction platforms

Implementing online auction platforms can increase market transparency and efficiency, allowing buyers and sellers to interact in real-time and discover fair prices for agricultural commodities.

Market fragmentation and information asymmetry

Multiple intermediaries and opaque pricing mechanisms, leads to Information asymmetry between buyers and sellers, making it difficult for buyers and sellers to find fair prices.

Auction and trading technology for supply chain traceability

Utilising supply chain visibility platforms powered by IoT technologies can enhance transparency and enable proactive risk management in the supply chain.

Seasonal fluctuation

Seasonal fluctuations in milk production and demand can exacerbate price volatility and create challenges for buyers and sellers in traditional marketplaces.

Quality certification systems

Implementing quality certification systems can standardise quality assessments for dairy products, reducing variability and enhancing buyer confidence in transactions.

Supply chain inefficiencies

Inefficiencies in the dairy supply chain, such as delays in transportation and storage, can contribute to price fluctuations and reduce market transparency.

Supply chain optimisation technologies:

Adopting supply chain optimisation technologies, such as data science and predictive analytics, can reduce inefficiencies and delays in the dairy supply chain.

Lack of price discovery mechanisms

Traditional marketplaces may lack robust price discovery mechanisms, making it difficult for participants to determine fair market prices for dairy commodities.

Education and training programs

Providing education and training programs for dairy producers and traders on market dynamics.

Building digital auction platforms to scale your business

We understand dairy auctioneers, given our proven track record of building enterprise-scale auction and trading platforms.

We designed and deployed a trade optimisation algorithm focused on market clearance. The algorithm distributes the auctioned product across participating bidders, minimising residual unsold product, satisfying as much demand as possible across all the bidders.

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We were looking for a technology partner who could combine an agile approach to delivery, a modern technology stack, and a deep understanding of trading and resolution mechanisms. NovaFori delivered on all three fronts.