Slyce the visual search company that is revolutionizing shopping has entered into a contract with a major global toy company to solve its out of stock problem. The new contract doubles the earnings of the toy company with use of the proprietary software from Slyce that will bring new digital abilities to its online retail platform. The software is new from Slyce and it’s called Link.
Slyce’s latest innovation offers consumers visual alternatives similar to the original request at peak times during their online shopping experience. Using the new Link software the retailer will increase sales by retaining customers who otherwise would abandon their shopping cart. Link is designed for integration into a retailers existing sales platform by using a special technology by Slyce to add visual relevance for any product alternatives.
Cart abandonment costs retailers a lot of sales, and Slyce’s new Link will spark interest to remain and complete their shopping at the retailers site. If one item is out of stock another like it that is in stock is shown visually to the consumer in hopes of snagging the sale. The items shown as alternatives offer the same specifics as the item originally searched for by the consumer such as size or color. The customer is then free to accept the alternative and the retailer closes the sale. This new technology is available through buttons that align with the existing retail model.
Slyce already provides proprietary visual searches to major retailers by allowing a consumer to shop by scanning in a picture of the item they desire. The software works across any mobile platform, and the consumer simply snaps a picture of an item and the software does the searching for them. Major retailers such as J.C. Penny, Neiman Marcus, and Home Depot are already on board with Slyce’s new platform.
Slyce an Ontario based visual search company, earns its revenue via fees and revenue streams. The revenue includes licensing for its visual search engine consumer apps and data services its supplies to retailers. Integration, promotions and transactions also bring Slyce revenue as well as their special data analytics which track database searches and requests.