Business success is not measured only in dollars and cents. In order to ensure the health of a company, a number of factors are measured. Presentations on productivity, revenue and overhead are always important; but increasingly, information on how their target demographic behaves can be invaluable information.
Regardless of business model or industry, data is king. Developers of business analytics and applications are highly sought-after commodities for those looking to streamline the process of data analysis. One such company in the position to forever innovate the way companies gather information about their customer’s shopping behaviors is Toronto-based technology developer Slyce Inc. ($SLC:CA).
Slyce launched the industry's first data analytics service, 'Slyce Insights.' The company’s user-friendly dashboard provides various buyer behavior metrics that demonstrate how customers are enhancing their shopping experience by utilizing Slyce’s 3D-image recognition mobile application, named the Universal Scanner. The app provides customers with a seamless shopping experience by scanning anything around them to receive exact or similar instant purchase matches.
"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 Slyce CEO Mark 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.”
Leveraged Data Helps Businesses Increase Revenue
Behavioral metrics measure the people side of business. These metrics reveal how and why online shoppers and users of web applications behave. Slyce Insights will enable retailers to filter data by top snapped brands, hot product types, color preference by product type, and visual search geographical distribution. By making the analytics platform to retailers available through a tiered offering, Slyce will generate revenue by applying a monthly licensing fee.
"When search data includes highly complex visual search, new measurement tools are needed to analyze and act upon the information," said Slyce head of analytics Omer Koreh. "Slyce Insights provides unlimited dimensions of customized data views with strict security of business data. We allow retailers to compare their own visual search data against Slyce's aggregated market data for a holistic look at buying behavior in and out of store."
For shoppers and retailers alike, the future of commerce is here. With a single snapshot of a product, barcode or billboard, customers can comparative shop with ease. For businesses, Slyce is helping retailers make enterprise-wide marketing and merchandising decisions. For Slyce, their visual search-based analytics platform further proves that tech remains a fascinating and booming sector.
For more information about Slyce’s image recognition technology and retailer solutions, please visit http://slyce.it/
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