What is Product Recognition Technology?
You may have heard of the term of be familiar with product recognition technology. If you think this is some kind of futuristic high tech development, well you are partly correct and you are partly wrong. Product recognition technology is technology that identifies a product that someone has taken a picture of with their cellphone. Based on the attributes or characteristics of the product in the photograph, the product recognition technology will come up with a direct match of the product or show you similar items that you can then purchase and view on your cellphone/smartphone. Product recognition technology comes up with results of the product or item that you have snapped by analyzing attributes such as color, marks, branding, design and texture. It is a major technological breakthrough that can revolutionize the art of shopping. This technology is still being developed and improved upon. It is also rapidly expanding.
How do Consumers and Businesses Use Product Recognition Technology?
As a consumer using product recognition technology is a breeze. Simply download one of the apps such as snip snap, pounce or craves available for free from Slyce, a leading company in this breakthrough technology. After you have downloaded the app you are ready to begin taking photos of items that you want or that interest you. If the product or item is in the database of items you should get a match, or see very similar products. You can then read about the product, and if you like it and want it, you can purchase the product online. It is that easy. Snap, identify, and decide if you want to purchase, that is how product recognition technology works for a consumer. You can find items such as t-shirts, handbags, shoes, patio furniture and electronics in databases and new items are constantly being added.
For a retailer or business using product recognition technology is also easy. A retailer can add their products to the database of recognizable products. One the product is there, people who use apps such as pounce will be able to identify and purchase the retailer's product.
E-commerce has been steadily growing over the past years due to many factors such as increased internet access, many more e-commerce websites and more and more retailers offering their products online nowadays. Without a doubt technologies such as product recognition technology will boost e-commerce sales in the future. Already companies such as Neimen Marcus have seen their e-commerce sales increase by several percent since beginning to use product recognition technology. An increase by a few percent in e-commerce sales can translate into millions or thousands of more dollars in revenue depending on the volume of sales a company has.
One of the leading companies in product recognition technology right now is Slyce. This company has developed and is behind the apps snip snap, pounce and craves. All of these apps are available for download for free from the company's webpage at Slyce.it. Snip Snap is a revolutionary new technology that allows you to take photos of coupons and use them at checkout. No more forgetting coupons and having to chug them around with you. Pounce is the major player in slice, and allows people to identify products by snapping them with their phones.
Slyce has seen tremendous growth recently and is working on improving the features of product recognition technology such as accuracy of product matches and the amount of retailers accepting coupons from a smartphone. They also have a wide variety of marketing and advertising solutions for businesses that utilize product recognition technology. Some of the breakthrough marketing techniques that Slyce has developed are physical advertising recognition digital convergence and social media tagging. Physical advertising recognition digital convergence allows a person to snap a photo of a billboard or sign advertisement with their phone and be redirected to a product description, where they can later choose to buy the product if they wish. Social media tagging identifies the brands that people have in photos posted on social media such as Facebook and is currently in development.