(The story was originally reported on Marketwired)
Slyce Inc., a visual product search platform, has finalized a contract which will double its generated revenue. The company has also announced the launch of “Slyce Link” which is currently in beta testing. The Slyce Link solution enables retailers to show visually similar products at highly-strategic periods in order to increase sales and avoid “cart abandonment”. Recent studies shows that cart abandonment on online retail sites reaches 75-85%. The platform uses “sophisticated visual relevance attribute analysis” to provide a list of highly-relevant alternatives to customers for any product selection they make.
Slyce CEO Mark Elfenbein has said that Slyce Link was specifically developed to significantly increase the likelihood of closing a sale. It may also be applied to similar cases in addition to out-of-stock items including displaying visually similar products in the “You May Also Like” category and displaying options that are visually related by may cost more or less than the original item.
As an example, if a customer chooses a particular red shoe in a size 7, but that shoe is sold out, currently that product would be removed from their list of options. Now, with Slyce Link, we are able to provide that customer with links to several other pairs of size 7 red shoes that are similar to the one originally selected and that are available for purchase right now.
Slyce Link is available via an API or widget. It can be integrated into a retailer’s product page and is supported for multiple platforms, including websites, mobile websites and mobile apps.