Slyce Inc., a technology company specializing in visual search functionality, signed an agreement on July 24 with The Purchase Decision Network (PDN) to provide their services for integration with a number of apps within the network.
When incorporating Slyce’s visual search technology into PDN’s own “Shopper” app as well as several third party ones, customers are able to snap photos of various grocery products, whether they are packaged or unpackaged, and they will be instantly added to their mobile shopping list. Customers can also “click” images of products on the Internet and those items will be added to the list.
Once the list is created, it is checked against brands and local retailers for product matches as well as any grocery coupons, supermarket flyers and daily deals that may be applicable. The customer can then go and easily buy the items they want for reasonable prices.
The two companies will share in monetization vehicles to capitalize on the integration, vehicles such as targeted ads, local offers and affiliate product purchase opportunities. Slyce will charge PDN integration, licensing and per search fees, percentage sales splits and big data provision and analysis.
Both are excited about the deal, especially considering Slyce’s youth in the industry. Aside from this agreement, Slyce is in discussions with six of the top twenty retailers in the North America, with more likely to follow.
This technology is inevitably a sign of a major change in the retail industry, as the focus begins to shift from the physical store to mobile devices. In the future it may evolve to a point where there is no longer a need to go through aisles collecting items, as that whole process can be done by an employee acting on instructions from the app infrastructure. There also may be integration of payment options, further enhancing the app’s usefulness and replacement of traditional retail models.
Edited by Adam Brandt
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