Despite the prevailing Corona pandemic, Sri Lanka is selling as much tea as ever, and the industry is looking towards a more profitable and sustainable future said Sook Hoon Cheah, General Manager, Southeast Asia New Markets According to Cheah, the e-Auction sells 3.5 lots per minute but the goal is to achieve five lots per minute to reduce the auction time to just one day a week instead of the current two.
Last year the system facilitated the sale of 278 million kgs of tea, contributing $1.2bn to the country’s export revenues. That was only a slight drop from the pre-pandemic levels, and Sri Lanka’s exports for 2021 are expected to grow an additional 8% over 2020. That’s an astounding feat considering the challenges the industry faced, both locally and globally.
The industry has had the benefit of new technological solutions including a modern, real-time e-Auction platform provided by OKLO Private Limited, a technology solutions provider in Sri Lanka.
“OKLO’s Smart Auction platform was specifically designed to handle the complex and varying requirements of buyers, brokers, and producers alike. As we work with CTTA on their journey to automate the tea industry, we hope to incorporate AI and other complementing technologies to truly make the auction platform a game-changer,” said OKLO Private Limited Managing Director Thilanka Withanage.