Visual search is already a fairly new and trending tech, but when introduced to Slyce, it’s a complete game changer. Cameron Chell and Erika Racicot founded Slyce in January of 2012 through another company that they had previously founded together called Business Instincts. It wasn’t until February of 2013 that the company launched its visual recognition technology platform. Slyce is publicly traded via the TSX Venture Exchange Market. In order to really get to the heart of what this company really is, however, it is important to first understand what visual search recognition is and how this technology is impacting the economy.
Visual search uses a visual recognition technology that allows users to capture a photo of an object of interest with their smart phone and then perform various functions dependent upon the user’s specific need and/or requirement at any given time. Once the photo has been captured, you can use this technology to find the item online and gather important information about the object, purchase the object, or compare prices online. This significantly changes the way retailers do business, especially when it comes to online sales. Ecommerce sites have already reported an increase of up to 3% since the launch of Slyce’s Visual Search Recognition Technology.
Since its launch, Slyce technology has already been integrated with 6 of America’s top 20 retail stores amongst other retailers as well. Some of these retailers include Neiman Marcus and JC Penny. These retailers are allowing Slyce to integrate its technology into their stores as a mobile application. The potential for this is almost limitless in terms of likely applications and uses, as well the potential growth in revenue. In just the first quarter of 2015, Slyce has reported a growth in revenue of 400% and proves how they really are changing the game.
With the amount of customizable products and services that Slyce offers, it’s no wonder why they’re doing so well. Below is a list of the main four products/services the company offers and a brief description of what these products consist of. Additionally, you will find practical applications for these four products/services.
•Snap to Buy – This product allows you to capture a photo of an object that you’d like to purchase and then allows you the option to do so right from your smart phone. This can come in handy if you’re at a store and see something you like. Just snap a photo and compare prices online. Additionally, a friend may have an item you’d like, but can’t remember where they got the item from. Now you can find it online using this application.
•Visual Relevancy Engine – This product is used much the same way as snap to buy, but instead of purchasing that exact item, you can look up information on that product and find similar relevant products as well.
•Tag and Display (for social campaigns) – This service allows you to use existing photos from your social network and find them online or similar items.
•Physical Advertising Recognition – This is targeted more for a marketing platform. It allows you to digitally enable print materials/billboards all with a captured photo.
So as you see, visual search has many applications and although it is trending right now, it should prove to be more than just a simple fad. With continued growth and development, visual search may be one of the most important tools for retailers for some time and truly has changed the game!