Genuine Parts Company, founded in 1928, is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company serves hundreds of thousands of customers from a network of more than 10,000 locations across North America, Europe, and Australasia and has approximately 50,000 employees.
The Company's ARitize 3D technology allows for large enterprise, medium and small ecommerce businesses to convert 2D images into 3D models at scale, using Nextech’s AI driven technology. Nextech has already signed deals and had success in the automotive industry, using its ARitize CAD technology to create models of the Ford Mustang Mach-E and Ford Escape SE Hybrid. Nextech AR offers scalability, affordability, ease of use, and the highest quality 3D models.
ARitize 3D has been gaining market traction and will continue to expand into new industries and product types. Announced last month, Nextech has rapidly expanded its offerings for 3D models and AR for ecommerce business into adult, fashion, nap pods, flooring, dog wear, jewelry, scooters, sports equipment, furniture and more. Ecommerce businesses are recognizing that the future of ecommerce rests in product visualizations through 3D models, as it has been proven to increase conversions and reduce returns. With this latest contract, Nextech expands into Auto Parts which provides a substantial revenue opportunity.
An April 2021 market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled "Auto Parts And Accessories - Global Market Trajectory & Analytics" highlighting the size of the Auto Parts and Accessories market globally. Amid the COVID-19 crisis, the global market for Auto Parts and Accessories was estimated at US$1.9 Trillion in 2020, and is projected to reach a revised size of US$2.3 Trillion by 2026.
As the auto parts industry continues to grow, demand for the ability to convert large amounts of files quickly and create 3D models at scale in this industry continues to rise. Nextech believes that with its ARitize 3D and ARitize CAD products, it has an elite end-to-end solution that is uniquely positioned in the market to meet the rapidly growing global demand in the auto parts industry for these models. ARitize CAD is a potential game changer for auto parts manufacturers as they now have a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale. This can eliminate product photography costs, and will allow the consumer to see a high quality 3D model of the auto part from every angle. This can have a significant impact on ROI by increasing conversions and reducing returns by ensuring the buyer is purchasing the correct auto part.
Nextech AR’s CEO Evan Gappelberg comments, “This 3D modeling contract for the auto parts industry is a big win as we are always competing with other 3D solutions providers on businesses when it comes to a big brand. This is just the start of what we believe is a long term relationship. Being able to provide scalable 3D/AR solutions for this trillion dollar industry at what we believe is the lowest cost and highest quality, the most scalable solution sets the stage for tremendous upside in this category.” He continues “I believe that with this deal, 3D models in the automotive industry will move from a “nice to have” to “must have” and with Nextech having the 3D model factory that can scale, we are turning our platform into a “must have” solution for ecommerce in the automotive industry.”
About ARitize 3D
ARitize 3D is your one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images into high-quality 3D and Augmented Reality experiences. It's fast, it's easy and it will transform your ecommerce website! 3D content creation is included in monthly hosting fees. Our AI powered platform is a game changer! What can 3D/AR do for you? Increase conversions, reduce product returns, increase customer engagement, and attract more customers.
Transform your online store into a dynamic virtual showroom. Allow your customers to see your products from every angle and position them in their own space prior to purchasing, leading to more conversions and less returns. It's an exciting, immersive shopping experience that keeps customers more engaged, better informed and helps your brand stand out from the competition. Click here to learn more
ARitize 3D is the One-Stop-Shop 3D + AR solution for ecommerce that is:
- Affordable - lowest cost provider
- Scalable - fastest, seamless , high quality
- Frictionless - requires low implementation effort
- AI & ML powered - automated 3D model creation
- End to End - from model creation to CMS & AR visualization
About Genuine Parts Company
Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company's Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal. The Company's Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the Company serves its global customers from an extensive network of more than 10,000 locations in 17 countries and has approximately 52,000 employees. Further information is available at www.genpt.com
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Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using breakthrough AI, Nextech AR is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse. Our platform agnostic tools allow brands, educators, students, manufacturers, creators, and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments, compose AR experiences, and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D Commerce, Education, Events, and Industrial Manufacturing, Nextech AR is in a unique position to meet the needs of the world’s biggest brands and all Metaverse contributors.
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.
The CSE and the NEO have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
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.