Nextech 3D and AR Solution Give Brands Competitive Advantage in $5 Trillion Global E-Commerce Industry
New ecommerce Industries Adopting Its 3D/ AR Solutions
Toronto, Canada – March 29, 2022 - Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce the signing of multiple 3D model AR ecommerce deals across a number of dynamic industries, including those that are new to Nextech, expanding the Company’s reach further into the ecommerce 3D modeling and AR space. The Company has rapidly expanded its offerings for 3D models and AR for ecommerce business into adult, fashion, nap pods, flooring and more as seen below.
The global e-commerce industry is estimated at $5.5 trillion in 2022, according to Statista. With roughly 2 billion of the world’s population now shopping online and 50% using a mobile device that is equipped with AR the demand for 3D visualizations and AR shopping is only increasing. With a 3D model Clients can interact with the product to see every detail with a 3D model: turn it, spin it, zoom in, zoom out, leading to 40% lower product returns, 93% higher click through rate and a 90% reduction in product photography costs. The company believes that this value creation and ROI is leading to the rapidly growing demand for the company's 3D technology.
Nextech AR CEO, Evan Gappelberg comments, “These latest closing of these new deals in these new industries continues a substantial new revenue driver for the company with ARR and MRR contracts. The global megatrend of shopping online with ecommerce is rapidly expanding towards highlighting products in AR through 3D models. I believe that Nextech has positioned itself as the 3D model factory for the world, providing the most scalable, highest quality and affordable 3D models for ecommerce. Our reach into these new varied industries shows that we are not just creating one type of 3D model but many and that we are at the precipice of the potential growth for our technology solutions in all of the many retail sectors. He continues “Widespread adoption is happening, and I am excited to see what new industries we will work with next as we are currently quoting on quite a few new ones. With our Shopify integration working and showing early signs of success with a 25% conversion rate from our app download and with our Bigcommerce, Magento, WooCommerce going live, I expect us to take more and more market share in 2022”.
This is a new, uncharted and rapidly expanding market for Nextech, and the Company anticipates growth in this segment as this industry accelerates in the adoption of 3D models and AR.
Another unique retailer, Nap Pod, has contracted with Nextech to provide a highly complex 3D model for their nap pod, a specialized product where users can sleep in a zero-gravity position, with specifically composed sleep music, and gentle wake sequence of programmed lights and vibrations. This unique product showcases the Company’s ability to create highly complex and unique 3D models and is a great use case for similar complex products.
Nextech recently signed a deal with the product development and distribution coordinator for E-Bikes Bikes and E-Scooters for the Hurley brand, highlighting their product lines in 3D, using the configurator and ARitize Swirl for 3D banner ads.
Nextech has contracted with: August to provide 3D models starting with shoes, and moving to jackets and outerwear. Poe & Company, a British hat manufacturer for 3D models of their most popular caps.
Signing an ARitize 3D deal with Summit International Flooring for 3D models has opened up another new sector for Nextech. This deal furthers the Company’s reach into the design industry, as first noted by Nextech’s partnership with Designerinc.
A unique home goods company based in Saudi Arabia, with a focus on kitchen and kitchen appliances. In addition to contracting for 3D models, they have also signed on for Nextech’s configurator and a custom built AR kitchen to better showcase their products
These are just a few of the most recent customers and newest sectors the Company has expanded into, with rapidly rising demand the company plans to increase expansion further over the coming months. As ARitize 3D and the Metaverse Suite launching in early April will only continue to accelerate the adoption by providing 3D/AR solutions for retailers, Nextech is focused on the ecommerce industry.
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About Nextech AR
Nextech AR Solutions is a Metaverse company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences altering e-commerce, digital advertising, hybrid virtual events and learning and training experiences in AR.
Nextech funds the development of its AR and Metaverse growth initiatives through its e-Commerce platforms, which currently generate most of its revenue. Nextech's e-commerce platforms include: vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon. These e-commerce platforms serve as an incubator for developing and testing Nextech's leading edge AR, AI and machine learning applications for powering next-generation e-commerce technology.
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Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.