TORONTO–(BUSINESS WIRE)–Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse company and leading provider of Augmented Reality (“AR”) experience technologies and services, is pleased to announce announce that the company has received an order for 7,500 3D models, over 50% of which have already been shipped and the remainder are expected to be shipped in early Q4 2022. This major corporate order is a testament to the company’s groundbreaking AI technologies and expertise in creating 3D models for e-commerce. This order is just the first of a much larger, significant and ongoing order from this unique giant e-commerce marketplace. The Company anticipates announcing additional add-on orders from this multi-year enterprise transformation agreement.
Evan Gappelberg, CEO of Nextech AR, commented, “A fast-growing number of large companies in the e-commerce ecosystem are realizing game-changing ROI with up to a 93% increase in CTR, a 250% increase in conversions and a reduction in returns by 40% by implementing 3D /AR models on their e-commerce websites. We currently work directly with the largest eCommerce marketplaces and some of the world’s largest eCommerce retailers including Kohls, CB2, Genuine Parts and others. We also offer “one-click integration” with the largest eCommerce platforms including Shopify, BigCommerce and WooCommerce, all of which are now adopting 3D/AR and setting the standard for Web 3.0 in eCommerce. In my opinion, it is evident that there is a massive transformation from 2D photos to 3D models taking place in the trillion-dollar e-commerce sector. All e-commerce businesses need to transition to 3D to remain competitive in the marketplace.” He continued, “We anticipated this moment back in 2018, and now that the transition from flat 2D photos to 3D models is in full swing Underway, Nextech is perfectly positioned as a global standard to cater to what I believe will be a decade-long megatrend. Businesses that don’t pursue a 3D/AR e-commerce strategy will be left behind as 3D/AR creates immersive shopping experiences that customers now expect. With our integrated end-to-end solutions, white glove service, ability to scale production and large enterprise customers, Nextech AR is emerging as the leading digital twin in e-commerce.”
The company is also in negotiations for other large corporate transactions, potentially larger than today’s announcement. Earlier this year, Nextech announced that it was in the testing phase with large enterprise accounts; These accounts are now being converted into large multi-year contracts for 3D models. These large contracts are key revenue and cash flow drivers for the Company and set the stage for record revenue growth in the Company’s 3D modeling business beginning in Q3 2022 and into the foreseeable future.
According to Shopify, 3D augmented reality product models have been shown to increase conversions by 94% online and reduce returns by 40%. On some product pages, 3D/AR models have increased conversion rates by up to 250%.
Demand is growing from large e-commerce businesses that need the ability to quickly convert large volumes of files and create 3D models at scale. Nextech AR believes that with ARitize 3D and its CAD-to-POLY technology, it has an elite end-to-end integrated solution that is unmatched and uniquely positioned in the market to meet the rapidly growing global demand for 3D models which is expected to reach US$12.13 billion by 2028 versus US$4.48 billion in 2021. It is estimated to grow at a CAGR of 15.5% from 2021 to 2028 becomes.
Nextech AR not only supplies 3D models to the world’s largest premium e-commerce marketplace, but also signed a record number of new 3D modeling contracts for e-commerce in 2022, giving the company a steadily growing base of ARR (annual recurring revenue) and receives MRR (monthly recurring revenue). Winning new contracts, combined with renewals and expansions of existing contracts, is driving the rapid growth of the company’s 3D modeling and augmented reality business in e-commerce and growth toward Web 3.0.
ARize 3D
ARitize 3D is your one-stop-shop AR solution with automated 3D modeling at an unbeatable price. Our artificial intelligence (AI) transforms your existing 2D product images into high-quality 3D and augmented reality experiences. It’s fast, easy, and will transform your ecommerce site.
With a 3D model, customers can interact with the product to see every detail: rotate, rotate, zoom in, zoom out, resulting in 40% fewer product returns, 93% higher click-through rate, and 90% less product photography costs. The Company believes this value creation and ROI will drive rapidly growing demand for the Company’s 3D technology. Transform your online shop into a dynamic virtual showroom. 3D models allow customers to see products from any angle and position them in their own space before purchasing. It’s an exciting, immersive shopping experience that keeps customers more engaged and better informed, helping your brand stand out from the competition.
ARitize 3D is the one-stop-shop 3D + AR solution for e-commerce, which means:
- Payable – cheapest provider
- Scalable – fastest, seamless, high quality
- smooth – Requires little implementation effort
- AI and ML supported – Automated 3D model creation
- end to end – from model creation to CMS & AR visualization
Brands are invited to contact us so our team can help you start selling 3D models for your online store today.
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About Nextech AR
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. With breakthrough AI, Nextech AR is able to ARitise (transform) large sets and variants of existing assets at scale, quickly, easily, and cost-effectively, to prepare products, people, and places for interactive 3D use, and developers at all levels provide essential tools they need to expand their digital AR vision in the Metaverse. Our platform-independent tools enable brands, educators, students, manufacturers, developers and technologists to create immersive, interactive and photorealistic 3D assets and digital environments, create AR experiences and publish them across all channels. With a full suite of end-to-end AR solutions in 3D commerce, education, events and industrial manufacturing, Nextech AR is uniquely positioned to serve the needs of the world’s largest 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 household vacuum cleaners, consumables and parts, and small household appliances sold on Amazon. These e-commerce platforms serve as an incubator for the development and testing of Nextech’s leading AR, AI and machine learning applications to power next-generation e-commerce technology.
Forward-Looking Statements
The CSE hais not reviewed and assumes no responsibility for the adequacy or accuracy of this press 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, which are incorporated herein by reference, except as required by applicable securities laws.
