[Asia Economy Reporter Donghyun Choi] Data agriculture startup Greenlabs announced on the 2nd that it will change the brand name of ‘Sinsun Market’ to ‘Sinsun High’.
Sinsun High, a B2B agricultural product trading platform, supplies products to buyers at prices lower than the average wholesale market price of the day. It analyzes nationwide agricultural wholesale market price data through its self-developed artificial intelligence (AI) trading decision system and calculates the average wholesale price per product to determine an appropriate selling price.
In particular, it automatically analyzes agricultural product prices, farm production data, and buyer demand data by linking with the 600,000 members of Greenlabs’ comprehensive agricultural platform ‘Farm Morning’ to optimally match transactions. Through distribution innovation that directly connects farms and buyers, farms can sell at prices higher than market prices, and buyers can purchase at lower prices.
Sinsun High will also launch ‘Today’s Local Auction’ with applied price benefits. Today’s Local Auction is a service that sells about 10 types of agricultural products daily at prices cheaper than the wholesale market price. It is conducted in a time deal format, selling at the given price for only 24 hours. Agricultural products and prices change daily at 11 a.m.
Sinsun High combines the root word of ‘Sinsun’ meaning fresh and the English word ‘High,’ meaning elevated, to signify ‘supplying fresh and high-quality agricultural products at affordable prices.’ Sinsun High is rapidly growing, recruiting about 20,000 buyers within just over a year since its launch.
Andonghyun, CEO of Greenlabs, said, “Sinsun High will lead the best transactions that satisfy both farms and buyers based on data and AI technology,” adding, “Greenlabs will lead the digital transformation of the food ingredient distribution market following crop cultivation and solve the problem of information asymmetry.”
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