Adaptive weekly pricing as a real-time pricing solution

In several sessions, the Floriday team engaged in discussions with growers and buyers regarding the utility and necessity of adaptive weekly prices, as well as the applicable rules of engagement. The latest joint session, held in late November, addressed various issues, resulting in the collaborative formulation of a draft of ground rules. The consensus reached during the session emphasized the shared goal of both buyers and growers for stable prices. Growers appreciated the flexibility to adjust prices in response to market demands, while buyers emphasized the importance of avoiding frequent price changes within a short timeframe.

The solution derived from these discussions is the implementation of adaptive weekly prices, scheduled to commence on June 1, 2024. The existing practice of setting prices by 10 am on Thursday for the subsequent week will be maintained. During the last session, considerations were made to permit growers to modify prices once every 24 hours, with immediate processing. This adjustment aims to offer growers more opportunities to adapt prices while ensuring a reasonable frequency of changes. It represents the initial phase of the new rules that will come into effect from June 1, 2024, pending further discussion and potential finalization in a subsequent meeting.

The proposed changes have been communicated to software vendors, and any specific inquiries related to working with proprietary software can be directed to them.

The ongoing process involves a follow-up meeting scheduled for January, during which the team will collectively finalize the ground rules, agree on an effective date, and address any remaining details. Subsequent to this consultation, a news release will be issued to provide an update on the progress.