Slyce Inc., a visual product search platform, just signed a contract with a global toy retailer. This new partnership will provide doubled revenue during the contract term on several visual searches as well as digital coupon related services. The new service will be called Slyce Link. This change will allow retailers to show products that look similar to what the customer is searching which can lead to an increase in sales.
Currently, the statistics show that around 75-85% of online shoppers ultimately abandon their carts instead of purchasing. This new feature should lower that percentage because those shoppers with purchasing interest will be more likely to buy. Consumers will be shown visually similar products in areas where customers have previously shown interest. For example, if the pair of red shoes a customer wants is sold out in size seven most retailers would just have that option removed from the page. With Slyce Link, customers will immediately be linked to similar red shoes that are available for immediate purchase.
Slyce Link will also be able to help in other ways. When shopping carts are abandoned, the system will send an email with visually similar products to try to close a sale. It will include a section called “You May Also Like” where similar items will be displayed, customers will have an option to click on “Show Me Similar” as well.
Slyce is available through API or widget and is already on the market. The company believes this new business model will increase revenue greatly.