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Agribusiness, Agrotech, E-commerce, Supply Chain, World

The Online Wholesale Market, functioning as a nationwide platform allowing unrestricted 24/7 transactions, stands as a pivotal endeavour aligned with the Yoon Seok Yeol administration’s national agenda

South Korea’s Ministry of Agriculture, Food and Rural Affairs have held the opening ceremony for the Online Agricultural Wholesale Market. This market constitutes a pioneering initiative leading the digital transformation of agricultural product distribution.

At the ceremony, Chung Hwang-keun Minister of Agriculture underscored the unprecedented nature of the world’s first online agricultural wholesale market, articulating the Ministry’s aim to cultivate the market to a scale of KRW 3.7 trillion by 2027. He emphasised the overarching goal of reducing wholesale distribution costs by KRW 700 billion and ensuring that these economic gains mutually benefit producers and consumers.

The Online Wholesale Market, functioning as a nationwide platform allowing unrestricted 24/7 transactions, is a pivotal endeavour aligned with the Yoon Seok Yeol administration’s national agenda (71-2. Digital Innovation in Agricultural Produce Distribution). Its official commencement follows ten months of preparatory efforts since establishing a joint public-private task force in February.

To ensure the early settlement of the Online Wholesale Market, the Ministry will prioritize quality management of traded products. First, seller eligibility requirements include an annual transaction volume of over KRW 5 billion for producer groups and corporations. Detailed quality information, encompassing sweetness, acidity, colour, and size, will be provided alongside basic information. 

The Online Wholesale Market, functioning as a

Agrotech, E-commerce

StoreHippo’s agritech solutions are powered by MACH architecture which gives the agro-based brands freedom to experiment and implement hybrid business models.

Agritech is a booming sector and India alone is home to 1000+ Agro-based startups. However, the sector has its own challenges. StoreHippo, the next-generation e-commerce platform is offering agritech brands build next-gen solutions for their unique business requirements and move ahead of their competition.

StoreHippo’s agritech solutions are powered by MACH (Micro services, API-first, Cloud-native, and Headless) architecture which gives the agro-based brands complete freedom to experiment and implement hybrid business models.

Some of StoreHippo’s exclusive offerings that facilitate agritech brands are:

  • Hyperlocal marketplace model to enable businesses to run hyperlocal marketplace powered by dealers who can streamline local deliveries more efficiently.
  • A complete solution to build and manage multiple storefronts from a centralised admin.
  • Multilingual website and admin panel to facilitate farmers and other stakeholders in doing business in their local languages.
  • Mobile apps and mobile-first solutions to reach sellers, dealers and customers on their mobile apps.
  • Complete B2B and D2C e-Commerce solutions to enable wholesale and retail business channels from a single agritech portal.
  • Seamless integrations with chosen payment channels, delivery partners, marketing tools, ERP, CRM, accounting software etc.
  • Inbuilt delivery boy solution so farmers and dealers can manage their own fleet of delivery boys.

According to Rajiv Kumar Aggarwal, Founder & CEO, StoreHippo, “The next agricultural revolution is happening in the digital space. Agriculture which contributes 20 per cent to Indian GDP needs a major facelift to align with the changing market and customer demands. Innovative agritech solutions are bringing data-driven insights to farmers for better yield, crop protection, sustainability and growth. The agriculture sector also needs easy and quick access to the market to help agri-producers and sellers get better ROI for their hard work. To connect the various tools and technologies for better agro-production, distribution and sale the agriculture sector needs uniquely designed cutting edge agritech solutions. StoreHippo offers broad-spectrum agritech solutions that can modernise and streamline agriculture as a profitable business for all stakeholders. The agile and flexible StoreHippo platform can be easily modified at the front-end and the back-end to accommodate the unique requirements of agriculture.”

StoreHippo’s agritech solutions are powered by MACH