MEMPHIS, Tenn., May 6, 2020 /PRNewswire/ -- FMI—The Food Industry Association and The Seam, a leading provider of commodities trading and agriculture software solutions, today announced the launch of the Food Industry Exchange sponsored by FMI powered by The Seam. The sustainable marketplace was created to immediately address the urgent needs of retailers and wholesalers by showcasing products and services available in a digital space and on an ongoing basis.
The primary purpose of the platform is to bring vast efficiencies to the food supply chain, while also serving as a critical tool in times of need. Retailers requiring additional resources to fulfill needs at grocery stores, are connected with sellers that have capacity of products, transportation services, labor, and warehousing services.
Not only specific to the COVID-19 pandemic, the platform also fills long-term needs of FMI retailers/wholesalers for product discovery and procurement now, in future times of disruption and in good, blue-sky days.
"The tool ensures the food supply chain remains safe and efficient," said Mark W. Baum, chief collaboration officer and senior vice president, industry relations at FMI. "The new effort will make the process of connecting FMI and related product suppliers with capacity, and FMI member companies in need of assistance, quick and more precise through a digitized system. This allows us to assist our FMI food retailers and wholesalers fulfill needs at grocery stores, which are experiencing skyrocketing demand, and at the same time, assist our product supplier members in creating new relationships and providing their needs."
The Food Industry Exchange sponsored by FMI powered by The Seam allows sellers to display availability of products (such as fresh meat, masks, labor services, transportation services and traditional foodservice products) available during this pandemic crisis, while taking advantage of the ability to support any disruptions in the supply chain for retailers and provide alternative solutions (including categories such as frozen foods, cereal and beverages).
The new buyer-seller platform connects suppliers/wholesalers with retailers, and vice versa, with a secure, verified and subscription-based platform. Added assurance will be provided through online credential display, such as PACA licensing, certifications and more.
"As the current world pandemic increases the demand to provide access to suppliers who have capacity for products and services, retailers/wholesalers are challenged with keeping store shelves stocked with essential consumer goods," said Mark Pryor, chief executive officer at The Seam. "Technology drives efficiencies and fuels markets and connecting suppliers with buyers is what we do best at The Seam. We are honored to collaborate with FMI to develop this real-time exchange that will digitize and interconnect a geographically dispersed supply chain."
As the food industry association, FMI works with and on behalf of the entire industry to advance a safer, healthier, and more efficient consumer food supply chain. FMI brings together a wide range of members across the value chain — from retailers that sell to consumers, to producers that supply food and other products, as well as the wide variety of companies providing critical services — to amplify the collective work of the industry. Visit www.FMI.org to learn more.
About The Seam
Based in Memphis, Tennessee, The Seam was founded by leading global agribusiness companies and specializes in commodity trading and agriculture software solutions. In December 2000, it began operating the world's first online exchange for cotton trading. Since that time, the company has leveraged its trading and agriculture technology expertise to expand software services into other crops, including peanuts, soybeans, grains, and dairy. As a proven leader in agtech, The Seam has cleared or processed more than $9 billion through its platforms. For more information, visit www.theseam.com.
Contact: Beth Wilson, The Seam
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SOURCE The Seam