Image and product recognition is the wave of the future. That statement does need to be amended slightly. Visual searches for products is not so much the future as retail giants are using the concept right now and doing so to great success. Image recognition searches, however, are still in the early stages of development and expansion. One company is emerging as a potential superstar in the world of image recognition and that company is dubbed Slyce.
The concept of image recognition is fairly simple. Instead of typing text into a search box, copies of images are used. Products that match the look of a particular image them end up being revealed in the results. Currently, the online retail giant Amazon is using this type of technology to great success. Amazon Flow is the name of an app the online retailer provides. Once the app is downloaded to a phone, mobile users can snap pictures of merchandise and search through Amazon’s online catalog for something similar. Slyce wants to take that to the next level. Based out of Toronto, Slyce was to grow into a worldwide giant by providing image recognition software for the rest of the online retail world.
Slyce is definitely not a fly-by-night endeavor. The company is looking to raise huge sums of venture capital to be a success. Slyce has just raised about $10.75 million to attain its lofty goals, hardly a small sum of funds.
Another bit of interesting and impressive financial news has been revealed in the news. Slyce has purchased the Israel-based Pounce, an app designed to print catalogs and advertisements from a smart phone. For consumers, apps of this nature can make shopping a lot easier and a lot quicker. The world is a busy place these days. People are using their mobile phones and devices for shopping more and more. Slyce hopes to capitalize on massively growing interest and become a image search giant in the retail world. The company is young, growing, and hungry. Older and more established companies sometimes fall behind the times and do not jump into innovative strategies.
Slyce is not planning on releasing an app that is a copy of Amazon Flow. Rather, Slyce’s concept seeks to be a much more versatile app. This means Slyce is going to be producing an app that provides a better means of locating sought after products. One way this is achieved is by going beyond logos, text, and other packaging related material and into the unique nuances of the item. In short, these means more accurate, better searches can be performed.
Ultimately, that means the person using the search app is going to find what he/she is seeking. Is that not what the user wants?