Mr. Mark Elfenbein reports

SLYCE DOUBLES CONTRACT WITH FORTUNE 500 RETAILER & LAUNCHES 'SLYCE LINK' NEW & PROPRIETARY OUT OF STOCK SOLUTION FOR RETAILERS

Slyce Inc. has entered a new, finalized contract with an existing Fortune 500 global toy retailing client that will see its generated revenue double over the contract term for the provision of several of its visual search and digital coupon related services.

Slyce also announces the launch of its new and proprietary retail technology solution, Slyce Link, a purpose-built platform that has been in development for over a year and is currently in beta testing with its first major retail customer. The Slyce Link solution enables retailers to show visually similar products to their customers at highly strategic periods of the on-line purchasing journey in order to increase sales and mitigate cart abandonment.

When integrated into a retailer's product pages -- that is, website, mobile website or mobile application -- the platform uses sophisticated visual relevance attribute analysis in order to provide consumers with highly relevant alternatives to any product selections they make.

"Current statistics show that cart abandonment within on-line retail is anywhere from 75 per cent to 85 per cent," said Slyce chief executive officer Mark Elfenbein. "Slyce Link has been specifically developed to address this universal pain point for retailers and help them to successfully take more consumers with purchasing interest through to a transaction. The solution allows retailers to show visually similar products in scenarios where customers have shown interest in transacting but which traditionally suffer from high cart abandonment. As an example, if a particular red shoe is sold out of size 7, current practice would simply have the option removed from a product page altogether. With Slyce Link, we are able to instantly provide a consumer with links to several pairs of similar size 7 red shoes that are available for immediate purchase. This significantly increases the probability of closing the sale."

Slyce Link can also be applied to several further use cases in addition to out of stock, including, but not limited to:

• Cart abandonment:
  • E-mail or SMS customers who abandoned a transaction with visually similar products for purchase.
• You may also like:
  • Display visually similar products on a product page.
• Show me similar:
  • Display more or less expensive products that are visually relevant.
• Find similar:
  • Near every product image, enable the function to show visually similar products.

Slyce Link is made available through an API or widget and is immediately available. Slyce expects to derive revenue from its deployment in line with its established business model.

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