Canadian start-up Slyce, which specializes in visual product search technology, is developing a mobile app that can be used to take pictures of products in stores, enabling smartphone users to purchase the item immediately on their smartphone.
Shoppers simply need to point their phone cameras at a product and take a picture, and this allows them to purchase the product on their phone from the retailer. This removes the need to go through a traditional in-store payment process.
Slyce’s service is similar to that of Amazon Flow, which enables smartphone users to point their cameras at products and be directed to a listing of that product on the Amazon website.
Slyce looks to have captured the imagination of investors, as it has raised $14.5 million and counting in funding. What remains to be seen is whether it will also capture the imagination of consumers.
Visual Product Search Platforms
The Slyce Product-Scanning App Makes Shopping a Breeze
Trend Themes
1. Visual Product Search - Opportunity to disrupt traditional in-store payment processes by allowing smartphone users to purchase products by taking pictures with their phones.
2. Mobile Shopping Apps - Disruptive innovation opportunity to simplify the shopping experience by enabling users to instantly purchase products they find in stores through mobile apps.
3. Investment in Visual Technology - Investment opportunity in visual product search technology as demonstrated by Slyce's successful funding round.
Industry Implications
1. E-commerce - Visual product search platforms can revolutionize the e-commerce industry by making it easier for consumers to find and purchase products online.
2. Retail - Disruptive innovation opportunity for retailers to integrate visual product search platforms into their stores, enhancing the shopping experience and increasing sales.
3. Technology - Rapid advancement in visual technology presents an opportunity for technology companies to develop innovative solutions like visual product search platforms.