Slyce Inc is a Visual Search and image recognition software company was which was founded by Cameron Chell and Erika Racicot in 2012. The visual Search and recognition software centers around the user being able to take a picture of an item on their Smartphone that they want to purchase. The software will identify the item in the picture and then bring them to a partnered website where they can purchase it. It is an incredible piece of software, which is garnering a lot of attention; Slyce has so far raised around $10.75 million in funding.
Slyce is in direct competition with Amazon Flow, a similar service that will be available exclusively on Amazons website, while Slyce aims to be used by every other retailer on the planet. Slyce however does have some competitive advantages over the Amazon App, first and foremost it will have a larger retailer platform to find the products you want. Secondly and perhaps more importantly, Amazon Flow more often that not requires that the product be in its original packaging to find it correctly. Slyce does not have this limitation; according to Chief Digital Officer Mark Elfenbein the App will be able to identify items that are outside of their original packaging wherever they are.
Amazon is claiming that most shoppers will use the Flow App when in a physical store location in order to find a potentially better price online, so most pictures will be taken while in the packaging. However Slyce wants to take this one step further and allow consumers to take a picture wherever they are, for instance seeing a handbag you like and having the ability to take a picture of it to find where it is for sale.
Slyce is also attempting to enter the gift registry market, by allowing users to take pictures of items to add to gift registries. Slyce’s technology will rely heavily on machine recognition, however in instances where the item cannot be matched they will have an employee apply the finishing touches.
The organization has already received significant backing financially but plans to take this in further in the next few months. Slyce has been acquiring companies at a rapid pace in order to gain competitive advantage, which in this day and age is a smart investment. Technological developments move at a blistering pace and it is important for companies to have that edge.