In line with Malaysia Digital Economy Corporation (MDEC)’s vision to lead the country’s digital economy forward, Food Market Hub through MDEC’s initiative has helped local farmers digitalise their business operations.
The initiative provided them an alternative sales channel where they can effectively distribute their fresh produces directly to the F&B business operators through the farm-to-business model.
The idea came after the Covid-19 impact was significantly felt by the B40 local farmers where business operations involving distribution and retailing of their fresh produce were heavily disrupted since the pandemic.
“With more than 2,700 partners available on Food Market Hub, and on the rise, our local farmers will have a great start in expanding their reach to consumers directly. By 2021, we target to have 10,000 F&B operators on Food Market Hub,” Anthony See Chaur Yih, Co-Founder and Chief Executive Officer of Food Market Hub said.
Shayna Teh Yee Xian, Co-Founder and Chief of Money explained that due to restaurants being shut down, many wholesalers who supplied to restaurants halt their orders from farmers, resulting in excess supply by farmers and do not have a channel to reach out to the consumers directly.
“With our online platform, we not only provide them an avenue to reach out to restaurant operators via a B2B procurement, but farmers can also sell to consumers especially during the pandemic, reducing wastage.
With retail businesses slowly recovering, F&B operators are able to source directly from farmers, helping them to manage costs. The cost savings can go up to 23 percent,” she added.
Moreover, with the recent round of funding from GoVentures and SIG, Food Market Hub aims to help businesses across South East Asia to transform their traditional business from offline to online.