TORONTO, O.N,
Canada -- September 20, 2022 -- InvestorsHub NewsWire
--
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 that the Company
has received a purchase order for 7,500 3D models with over 50%
already delivered and the balance expected to be delivered in early
Q4, 2022. This large enterprise order is a testament to the
company's pioneering AI technologies and expertise at creating 3D
models for ecommerce.This purchase order is only the first of a
much larger significant and ongoing purchase order from this
singular giant ecommerce marketplace. The company expects to
announce additional add on orders from this multi-year
transformational enterprise deal.
Nextech AR CEO
Evan Gappelberg commented, "A rapidly rising number of large
companies within the eCommerce ecosystem are recognizing the game
changing ROI with up to a 93% increase in CTR a 250% increase in
conversions and 40% reduction in returns by implementing 3D/AR
models on their eCommerce websites. We are currently working
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, who are now all rolling out 3D/AR and setting the
standard for Web 3.0 in eCommerce. In my opinion it is evident that
massive transformation from 2D photos to 3D models is happening now
in the trillion dollar ecommerce sector. All eCommerce businesses
must go 3D to stay competitive in the marketplace." He continued, "
We anticipated this moment back in 2018, and now with the
transition from flat 2D photos to 3D models in full swing, really
as the standard globally Nextech is perfectly positioned to ride
what I believe is a decade-long megatrend. Companies who
don't adopt a 3D/AR eCommerce strategy will be left behind, as
3D/AR produces immersive shopping experiences that customers
now expect. With our end-to-end integrated solutions, white glove
service, ability to scale production, and large enterprise
customers, Nextech AR is emerging as the digital twin ecommerce
leader."
The
company is also in negotiations for additional large enterprise
deals that potentially are even 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 converting to large multi-year orders for 3D models. These
large contracts are critical revenue and cash flow drivers for the
company and set the stage for record revenue growth in the
company's 3D modeling business starting in Q3 2022, and continuing
for the foreseeable future.
According to Shopify, 3D augmented
reality product models have proven to generate a 94% increase in
conversions and a
40% reduction in returns
online. On some product pages, 3D/AR models have
increased conversion rates by up to 250%.
Demand is
growing from large ecommerce businesses who are requiring the
ability to convert large amounts of files quickly 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 of 3D models, which is estimated
to grow from USD 3.8 billion in 2020 to USD 7.6 billion by 2025, at
a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast
period.
In addition to
being a 3D model supplier for the world's largest prime eCommerce
marketplace, Nextech AR has also closed a record number of new 3D
modeling deals in 2022 for ecommerce, providing the Company with a
continually growing base of ARR (annual recurring revenue) and MRR
(monthly recurring revenue).Winning new contracts, combined with
renewals and expansion of existing contracts, is driving the rapid
growth for the Company's 3D model and augmented reality business in
ecommerce and growth into Web 3.0.
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.
With
a 3D model, clients can interact with the product to see every
detail: 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 are leading to the rapidly growing demand
for the Company's 3D technology. Transform your online store into a
dynamic virtual showroom. 3D models allow customers to see products
from every angle and position them in their own space prior to
purchasing. It's an exciting, immersive shopping experience that
keeps customers more engaged, and better informed and helps your
brand stand out from the competition.
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
Brands are
invited to
Contact Us to let our team
help you start selling using 3D models for your online store
today.
To
learn more, please follow us on
Twitter,
YouTube,
Instagram,
LinkedIn, and
Facebook, or visit our
website:
https://www.Nextechar.com.
For
further information, please contact:
Nextech AR Solutions Corp.
Evan
Gappelberg
CEO and
Director
866-ARITIZE
(274-8493)
Investor
Relations Contact
Lindsay
Betts
investor.relations@Nextechar.com
866-ARITIZE
(274-8493) Ext 7201
About Nextech
AR
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.
Forward-looking
Statements
The CSE has not
reviewed and does 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.
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