The visual shopping platform developer Slyce had some good news for both itself and online retailers recently. As originally reported by Marketwired, in mid-November Slyce finalized a new contract with a Fortune 500 international toy retailer. The terms of the agreement guarantee Slyce doubled revenue for the duration of the contract in exchange for services like visual search and digital coupons.
In addition to securing a major new client in time for the holidays, Slyce’s other recent announcement was the unveiling of a new online image recognition shopping platform, called Slyce Link. While online shoppers often have better luck finding a desired item on “shelves” than conventional ones, occasionally an online store is out of a product. Research has shown that shoppers disappointed in this way will abandon shopping on that site, even if they are able to find other products that they do want. To discourage this “abandoning of shopping carts”, Slyce Link quickly presents shoppers with images of comparable products that the retailer has in stock. The displaying of these alternate images is staged to be shown at strategic shopping periods before the shopper becomes discouraged and rejects the possibility of substitutes.
Slyce CEO Mark Elfenbein noted that the current practice of online retailers offering visual shopping is to remove all images of an out of stock item. As a result Elfenbein said, up to 75-85% of online shoppers will terminate shopping at a retailer’s site if they can’t acquire all of their desired items. This practice results in significant losses for retailers. Illustrating how the platform worked with the example of a red shoe, Elfenbein explained that Slyce Link immediately supplies shoppers with other shoe options that the retailer does have while the shopper is still focused on that particular item. Elfenbein says the option increases the possibility of the shopper accepting the substitute and continuing shopping.
In addition to successfully offering substitutes, Slyce Link can be used to show consumers similar but unrelated products under a “you may also like” heading. The app will also allow consumers to look at more or less expensive options for a product. The app will also allow consumers to control a “similar products” search.
Slyce says Slyce Link is ready for immediate deployment and is controlled by a API or widget. The company expects Slyce Link to be revenue generating for it.