Slyce Inc.

Slyce Inc.

November 25, 2015 08:45 ET

Slyce Doubles Contract with Fortune 500 Retailer & Launches 'Slyce Link' New & Proprietary Out of Stock Solution for Retailers

Slyce Link Solves Online Retailers' "Out of Stock" Cart Abandonment Pain Point Through Delivering Visually Similar In-stock Product Suggestions at Strategic Times

TORONTO, ONTARIO--(Marketwired - Nov. 25, 2015) -

Editors Note: There is a photo associated with this press release.

Visual product search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Company") today announced a new, finalized contract with an existing Fortune 500, global toy retailing client which will see its generated revenue double over the contract term for the provision of several of its visual search and digital coupon-related services.

Slyce also announces the launch of its new and proprietary retail technology solution, 'Slyce Link', a purpose built platform which has been in development for over a year and is currently in beta testing with its first major retail customer. The Slyce Link solution enables retailers to show visually similar products to their customers at highly-strategic periods of the online purchasing journey in order to increase sales and mitigate cart abandonment.

When integrated into a retailer's product pages, i.e. website, mobile website or mobile application, the platform uses sophisticated visual relevance attribute analysis in order to provide consumers with highly-relevant alternatives to any product selections they make.

"Current statistics show that cart abandonment within online retail is anywhere from 75-85%." said Slyce CEO Mark Elfenbein. "Slyce Link has been specifically developed to address this universal pain-point for retailers and help them to successfully take more consumers with 'purchasing interest' through to a transaction. The solution allows retailers to show visually similar products in scenarios where customers have shown interest in transacting but which traditionally suffer from high cart abandonment. As an example, if a particular red shoe is sold out of size 7, current practice would simply have the option removed from a product page altogether. With Slyce Link, we are able to instantly provide a consumer with links to several pairs of similar size 7 red shoes that are available for immediate purchase. This significantly increases the probability of closing the sale."

Slyce Link can also be applied to several further use cases in addition to out-of-stock including, but not limited to:

- Cart Abandonment: Email or SMS customers who abandoned a transaction with visually similar products for purchase.

- "You May Also Like": Display visually similar products on a product page.

- "Show Me Similar": Display more or less expensive products that are visually relevant.

- "Find Similar": Near every product image, enable the function to show visually similar products.

Slyce Link is made available via an API or widget and is immediately available. Slyce expects to derive revenue from its deployment in line with its established business model.

About Slyce Inc.

Slyce (TSX VENTURE:SLC)(FRANKFURT:06O1), based in Toronto, ON, delivers sophisticated visual search technologies and is currently focused on enabling a powerful sales channel for major retailers and their customers. Consumers, wherever they are, can conveniently engage with retailers by taking pictures of desired products using their mobile devices, thereby initiating the visual search service with near-instant product recognition capability. The Company delivers its technology both as a white-label visual search platform and as a suite of consumer mobile apps. Slyce's technology is used by large retail brands such as Neiman Marcus, Tilly's, JCPenney and Home Depot.

Slyce's business model features multiple revenue streams arising from its visual search platform, consumer apps and corresponding data services. The revenue streams include fees for software licensing, integration, purchase transactions, program promotions and data analytics.

For image download and further company information please click for the Slyce Media Kit.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements in this press release contain forward-looking information including, without limitation, Slyce's business plan, strategy and related milestones, Slyce's suggestions of future outcomes, the future use and development of its technology, future customers and business partners. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Slyce.

Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Slyce.

Slyce does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

None of the information contained on, or connected to, Slyce's website is incorporated by reference herein.

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