The payments industry is constantly abuzz with news surrounding the point of sale.
If Canadian startup Slyce has its way, we’ll be talking about the “point of interest” plenty, too.
A unique “point of interest eCommerce platform,” what Slyce aims to do is simple in theory and complex in reality. The mobile app wants to enable users to identify and purchase items literally as they see them through a combination of visual recognition, QR code scanning and NFC communications. As such, some have come to dub Slyce as the “Shazam of stuff:” a moniker it neither fully rejects nor embraces as it gains notoriety in the payments space.
The Canadian company recently received a recent $3.75 million round of seed funding, but when can we expect Slyce to go live on a smartphone near you?
PYMNTS.com spoke with Slyce’s co-founder, Erika Racicot, to find out.
PYMNTS.com: This is the first time we’ve featured Slyce on PYMNTS.com, can you introduce your company, discuss its origins and talk about how it fits into or goes beyond current social commerce offerings?
Erika Racicot: Slyce is a Point of Interest eCommerce Platform that is set to change the way brands sell and consumers purchase. We are utilizing advanced identification technology in order to allow consumers to purchase any product at the exact moment they discover it – simply by identifying it through image, sound, video or text search with their smartphone.
We also saw an incredible opportunity to bridge the gap between mobile commerce and other popular social sharing platforms. As a part of the Slyce platform and its discovery capabilities, brands will be able to reward ‘social influencers’ with commissions when others buy products they recommend.
Slyce is anchored by an “advanced identification technology” that works “at the moment of discovery.” How are you defining this moment of discovery? And how to consumers access the technology that they need to be connected to their desired brands?
Have you ever seen someone wearing a watch you like and wondered where they purchased it? Or seen an advertisement for the hottest tech accessory in your favorite magazine, but couldn’t find where to actually buy the product? Using the Slyce platform users can firstly identify the products they like and then enable them to purchase at the exact point of interest. We treat the “moment of discovery” exactly as it sounds. The instant you see something you like, in the real world, on paper, or on a screen, you simply Slyce It, and we help you discover how you can purchase it.
Consumers can connect with specific desired brands through the Slyce platform on their mobile device and tablet through our app, web browser or smart TV.
The idea behind your product is reminiscent of Shazam, but for eCommerce as opposed to music. Do you see any similarities here, and was this a conscious thought during your product’s creation?
Slyce has been dubbed the “Shazam for Stuff,” in a few publications before and there certainly are similarities in the ‘find and buy’ model. There was however, no intention, when developing the Slyce platform, to create an eCommerce Shazam. With Slyce, our focus was always on creating the simplest, yet most comprehensive solution for people to discover all the things they love which they come into contact with and to be able purchase those things at that moment with one click.
Consumers are using their mobile devices more than ever to buy goods, but there remains no simple solution to find all products, only multiple solutions to interact with individual brands or retailers. We feel this fragmentation leaves a perfect gap for Slyce, which works across all brands and provides that complete solution for the consumer.
How do users make payments on Slyce? Are you planning to integrate with any mobile wallet providers?
All transactions from engaged brands and/or retailers will be processed through the Slyce payment engine and will take place in app. Similar to Amazon, Slyce will feature a one-click payment process. Essentially Slyce is turning your mobile device into a universal shopping cart.
Are you planning on integrating with Google Wallet/PayPal/bank accounts/credit cards etc.?
The full backend payment structure is currently being finalized and potential partnerships are currently unfortunately subject to NDAs.
As part of your social purchasing package, you’re attempting to help brands leverage their user bases. Can you talk about this rewards structure and how it is being monetized? Also, what has been your experience with the market, given that your product is carving out a unique space?
The way we’ve structured Slyce is to allow brands the opportunity to reward their brand advocates through the Slyce patent pending reward structure. Bloggers, celebrities and everyday users can receive commissions on purchases they’ve influenced with their social network. What this means is that when you post a product on your social site on Slyce, and someone purchases that item, from your Slyce site, you get rewarded for it.
The Slyce team has had substantial experience building and managing high growth companies in a variety of industries that include payment solutions, gaming, data collection, application development as well as the space imagery industry. With this high level of experience in executing on game changing ideas, we feel Slyce is in safe hands!
Finally, what do the next six months look like for your company? You just finished a big round of funding, you’ve been named “startup of the week” by media outlets, so now what?
In the next six months we will be working to optimize our user experience on our mobile and desktop platform. We will be testing the platform in a closed beta where users will be asked to participate on an invite only basis. To request an invite please visit www.slyce.it. We will be live with all devices January 2014!
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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