Slyce is a Canadian company that is publicly traded and has been in the visual search industry for some time. It provides visual search solutions to its consumer’s using a plethora of apps available in various app stores and desktop versions for most mainstream browsers. It has developed highly secret technology that allows it to display near instant results of product searches. Customers can search any product and be directed to its location on the web. It has attracted the attention of big retailers online including Home Depot, J C Penney, Tilly’s, Marcus and Neiman.
It makes its money through monetizing of search traffic, selling the rights to that specific software, advertisements and data analytics. It is a pretty solid business model that has allowed it to grow fast.
Slyce recently announced a new contract with a Fortune 500 toy manufacturing company. It is for a new visual search product that will see it deploy its technology to sell the business’s products. Slyce is expected to double its revenue from the arrangement.
Slyce CEO while speaking at the event also announced a new product to be called Slyce Link. It is a revolutionary proprietary technology that takes visual search to a whole new level. It uses advanced visual search and simulation to display similar products in a customer’s shopping screen. It does this at critical times during the shopping experience to reduce cart abandonment by customers. It was motivated by a recent research that showed up to 85% of customers will abandon a cart due to one reason or another. It seeks to reduce that number considerably. The service is integrated into the shopping experience and is expected to act as a guide in that experience, It aims to make it as smooth as possible. It uses complicated algorithms to make a consumer aware of other products on sale.
One of its offerings is the ability to replace a product in a cart that is out of stock with another. It allows a consumer to get a similar same size product. The CEO gave the example of a red shoe number 7 that is out of stock. A customer is redirected to a new similar product. It also can email a user who abandoned his cart when its back and display find similar and show me similar buttons.