There was an article in November that Slyce had just completed a contract with a global retail toy company that is also Fortune 500 status. They have also begun a new technology resource called Slyce Link. It is something that has been in the works for over a year, and it is being tested at a dominant retail store now. How did Slyce get this global contract? What is this new innovative resource?
Well, the concept in Economics101 never goes away despite time and image recognition technology; the law of supply & demand. If a company has too much supply sitting on its shelf and not enough demand, then that is just money not being materialized. However, if there is too much demand and not enough supply, then that is not good either. This is not good for people today seldom wait anymore. So, if you do not have it, they will likely go somewhere else to find it. According to Slyce’s website, somewhere between 75-85% of people will leave a website if they do not find what they are looking for.
You do not have to lose customers anymore due to lack of supply. Slyce will allow you, via website or mobile app, to show customers same or similar products that they were looking for. Potential customers, who are looking at your products, are highly interested. However, they are interested for only a limited amount of time. Rather than loose the interested person because you do not have the product let them click on “show me similar”. They will be shown products that closely match what they were interested in.
There is an old proverb per se in the free marketplace that says if you are willing to serve your customers will relevant resources then the innovations to create them will come naturally. Slyce, which is a company based out of Canada, has proven this proverb to be true.