SLYCE INTRODUCES FIRST VISUAL SEARCH-BASED ANALYTICS PLATFOR
Slyce launches new data analytics service
2015-09-17 08:46 ET - News Release
Mr. Mark Elfenbein reports
SLYCE INTRODUCES FIRST VISUAL SEARCH-BASED ANALYTICS PLATFORM 'SLYCE INSIGHTS' FOR RETAILERS
Slyce Inc. has launched Slyce Insights, the industry's first data analytics service that extracts meaningful data in a contextual format from product images, providing a unique look at how consumers are leveraging visual search to enhance their shopping experiences. The platform's user-friendly dashboard provides easy navigation through numerous buyer-behaviour metrics, helping retailers make enterprise-wide marketing and merchandising decisions.
Forbes Insights reports that brands leveraging data are three times more likely to have increased revenues than brands that neglect data. "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 chief executive officer 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."
Slyce Insights will allow retailers to filter data by criteria such as top-snapped brands, hot product types, attractive colours per product type and visual search geographical distribution.
"When search data includes highly complex visual search, new measurement tools are needed to analyze and act upon the information," said Omer Koreh, head of analytics at Slyce. "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 behaviour in and out of store."
The new service will be available to retailers through a tiered offering, and Slyce expects to derive revenue through monthly licensing fees. All retailers, both those using Slyce's white-label platform and those who do not, may subscribe to the entry-level version of Slyce Insights, which provides aggregated industry data. Slyce's white-label retailer customers that contribute their anonymized data to the service are eligible for a premium offering, which provides the ability to compare their data against the industry and delivers deeper levels of analysis. Retailers can allow access to others in their organization on a per-seat basis.