Minority Report Made Real: Slyce’s Visual Search is Like Something Out of A Sci-Fi Movie

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It’s 2054 and Chief of PreCrime, John Anderton, portrayed by Tom Cruise, is on the run. He is overwhelmed by the fact that no matter where he goes, it is impossible for him to be anonymous and off the grid. Information is both a blessing and a burden; and Anderton realizes just how dire his situation really is while in, of all places, a shopping center. Anderton is confronted by an endless barrage of eye-scanning invasive advertisements, from Lexus to Bulgari, that greet him by name and offer him personalized product and service recommendations. The next time the audience sees Anderton in a mall, he has had an eye transplant, a drastic yet necessary precaution to evade authorities. Anderton is now recognized as Mr. Yakamoto, and is asked by an interactive ad inside of a GAP, “How did those assorted new tank tops work out for you?”

Based loosely on a collection of short stories published in 1956 written by Philip K. Dick, Steven Spielberg's 2002 film adaptation of Minority Report paints a picture of a distant future where society is at the mercy of technology. What could not have been predicted by Dick or Spielberg is just how technology, for the most part, has proven to be a problem-solver with the mission to empower the user instead of debilitating them. When Minority Report was released 13 years ago, smartphones, direct-to-consumer-media, social media, the cloud, and 3-D printers did not exist. Slyce Inc. (SLC:CA), a Toronto-based technology developer, is adding another power-to-the consumer innovation to the list that seems taken straight from a sci-fi flick: visual search.

A Seamless Shopping Experience

“Her backpack would be perfect for the winter session. I wonder where she bought it.”

“His headphones would be awesome as a gift for dad. I wonder how much they cost.”

The following thoughts have crossed many of our minds. However, very few people would feel comfortable enough walking up to a total stranger to inquire about their latest purchase. Thankfully, the future of commerce is here to remove the need for potentially awkward and unsolicited conversations.

Slyce, delivering sophisticated visual search technologies focused on enabling a powerful sales channel for major retailers and their customers. The company’s Universal Scanner app, a 3D-image recognition mobile application, provides customers with a seamless shopping experience by scanning anything around them to receive exact or similar instant purchase matches.

“Visual Search adds an entirely new level of engagement to the customer experience that simply hasn’t existed before, because it couldn’t,” said Mark Elfenbein, CEO of Slyce. “We live on our smart phones now, and the success of companies like Instagram and Pinterest showcase how visual this new mobile world is. Users want to interact with brands, and products, and Slyce offers a seamless way to help retailers and their customers connect like never before.”

The People Side of Business

For those in the sales and marketing sector, data is king. Behavioral metrics has become an infinitely valuable resource in understanding the purchasing habits and interests of a company's target demographics. The industry's first data analytics service, 'Slyce Insights' user-friendly dashboard provides various buyer behavior metrics that demonstrate how customers are enhancing their shopping experience by utilizing Slyce’s Universal Scanner.

"It has been a goal of ours from the beginning to provide our customers with a unique data stream to guide strategic decision making," said Elfenbein. "Slyce Insights empowers our retail partners to better understand their own customers through analyzing the rich data from user-generated product images and contextually presenting it in a meaningful way. Continued advancements in the analysis of this 'Big Data' will enable us to provide even deeper, actionable insights over time.”

Major Brands Take Notice

2015 has been a year of innovation and landmark partnerships. Along with the launch of their Universal Scanner, the company’s mobile couponing division, SnipSnap, announced the launch of 'Scout:' a groundbreaking new savings feature which is being integrated into their SnipSnap application. Also, the company announced it was selected to formalize an agreement with New York-based marketing and technology firm, BlueSoho, a company that delivers compelling campaigns for forward-thinking marketers that drive consumers in-store.

"The appeal for brands to provide seamless, real-world, 'snap-to-buy' functionality for their customers is extremely high,” said Elfenbein, “and Slyce continues to position itself as the leading provider in the industry, contracting not only with brands directly but partnering with highly-innovative companies such as BlueSoho which are playing a pivotal role in helping brands shape the new generation of e-commerce."

Six of the top 20 retailers in the United States have partnered with Slyce on products such as its Universal Scanner and Snap-to-Buy product recognition platform. In October, Slyce signed a contract with Urban Outfitters Inc. (URBN), a leading lifestyle specialty retail company withmore than 230 stores in the United States, Canada and Europe that also comprises the Anthropologie, Bhldn, Free People and Terrain brands, to power visual search for mobile commerce. Also, Zappos, an online shoe and clothing subsidiary of Amazon.com Inc. (AMZN), has integrated Slyce’s fully automated, 3D search technology. These major partnerships not only demonstrates the level of demand for visual search in the market, but also represents the green light for Slyce’s technology platform.

Visual Search is the Future of Commerce

The U.S. online retail sector reached $300 billion in 2014. Forbes estimates that US online retail sales will reach $370 billion by 2017. More than a simple want for the latest and greatest on the market, technological innovations are making these products and services more accessible and competitively priced. Visual Search, an innovation Hollywood wished they had dreamt up, is shaping the future of customer engagement, Internet use, and commerce and is positioned to be one of the factors that continue to produce record revenues. Slyce’s technology doesn’t just fit into a sci-fi movie; it supasses it.

For more information about Slyce, visit www.slyce.it.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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