Category Archives: Image Recognition Software

Slyce announces Major Contract and Slyce Link

On November 25, 2015, the image recognition platform Slyce announced a contract with a global toy retailing client as reported by Marketwired. The contract is expected to double the revenue of Slyce over the course of the term of the contract. In exchange, Slyce will provide ad-related services for the company. In addition to a new contract, Slyce announced the launch of Slyce Link. Slyce Link is currently in beta testing. Slyce Link will enable companies to show visually similar products at various points in the purchasing journey. The strategy is expected to increase the number of purchases. In addition, for customers, the new service will provide a broader range of alternative purchases.

Slyce Link is intended to provide an alternative when a product is out of stock. In addition, the service will offer a search engine that is based on visuals for customers who are unable to find a specific product. For example, if a seam paneled jersey flounce dress is out of stock, Slyce Link will provide similar alternatives that might cost hundreds of dollars less. The company has worked tirelessly to optimize the algorithm that it uses in its search while other companies depend on information provided by customers. Slyce Link, as compared to similar companies, will not be based on customer feedback. Instead, it will be based on technology developed by Slyce that will provide similar products. Slyce believes it is a more optimal system as it will allow customers to see products that might otherwise go ignored.

According to Slyce CEO Mark Elfenbein, the cart abandonment rate is around 80%. 80% of items that customers intend to buy online are not bought. While working on Slyce Link, the team at Slyce attempted to identify when customers opt not to purchase a product and offer similar products on items that have high abandonment rates.

Slyce is based in Toronto, Ontario. Slyce is dedicated to providing the best visual search engine possible. Currently, Slyce is focused on improving sales for major retailers and providing customers with the best possible products to make the online purchase process the best possible. Slyce is partnered with major retail brands such as Neiman Marcus, Tily’s, JCPenny and Home Depot. Slyce is currently working on technology to enable customers to take pictures of desired items and provide online alternatives. Slyce has a mobile app.