The fourth quarter of 2015 began with a blast for visual product search platform Slyce Inc. (TSX VENTURE:SLC), which recently nabbed a huge contract with a Fortune 500 company. According to Market Wired, the contract which was sealed late November with a global toy retailing entity, will see Slyce’s monetary intake double throughout the duration of the contract, as it supplies visual search in addition to digital coupon services.
According to the News source, after a year in the making, Slyce has also launched its latest proprietary retail technology solution, ‘Slyce Link’.The platform is currently being Beta tested via a large retail company. Through Slyce Link, retailers can entice customers to view products very similar to that which they seek, in order to dissuade them from leaving the shopping process altogether. Whether they are purchasing on a PC or mobile phone, customers can see goods that are relevant to what they initially planned on purchasing.
Market Wired quoted Slyce’s CEO Mark Elfenbein as saying, statistics reveal that more than three quarters of online shoppers leave their carts after not seeing what they went for. He believes that Slyce Link will actually ensure that a larger number of consumers actually make purchases.This is because consumers will be readily provided with links to similar products, hence widening their options and increasing the chance of a sale occurring.
Other than out of stock products, Slyce Link can be utilized to send messages to a customer who left a transaction incomplete. It can also show anything similar or in the range of what the customer seeks and within the price range indicated by the customer online.
Slyce Link which is readily available, is presented through an API or widget. Consumers can simply take a photograph of the product that they are seeking and Slyce Inc technology will immediately begin the matching process. The sophisticated Technology is already being utilized by major retailers across the globe who seek to optimize their profit margin. These include JCPenney and Home Depot which are two of the largest retailers in North America. The business style used by Slyce Inc showcases multiple revenue streams coming from its visual search platform, several mobile consumer apps in addition to corresponding digital services. Market Wired notes that Slyce Inc. obtains revenues through fees for the licensing of software it offers, alliance, buying transactions, program marketing and communicating meaningful data patterns.