Growing Demand for Nextech AR 3D Models as $5 Trillion Ecommerce Pivots to Web3.0
TORONTO — (BUSINESS WIRE) — May 3, 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 closing of multiple NEW 3D model ecommerce deals. These deals provide the Company with a growing base of SaaS revenue and showcases the accelerating demand of Nextech's state-of-the-art ARitize 3D factory which is powered by AI. The Company has contracted to produce over 1500 3D models from these new deals alone, and is anticipating closing additional new deals and seeing rapid growth in demand in the ecommerce market.
The furniture industry historically struggled to sell online. Now it’s having success with 3D models and AR and currently it shows the highest demand for 3D models and AR visualizations. Nextech has large and growing contracts with Kohl’s, Crate & Barrel, Pier 1, Just Recliners, Mathis Brothers Furniture and others reflect that. It is reported that by 2022, online furniture sales are expected to reach US$294 billion, making the need for accurate 3D models essential for this industry.
In recent weeks, Nextech has signed multiple 3D model AR ecommerce deals across a number of dynamic industries. Having previously delivered over 10,000 3D models these new contracts show the continuation of Nextech’s 3D modeling capabilities at scale, and also validates the very strong and growing demand for 3D models and AR visualizations in ecommerce globally.
Solar Energy
Entering the solar energy sector, Nextech has signed an ARitize CAD deal with Spotlight Solar. ARitize CAD enables the conversion of CAD files into 3D/AR models at scale. This is a significant solution for a company like Spotlight Solar, which makes architectural solar structures designed to be visible and signal environmental stewardship.
Artwork
As Nextech continues to receive high interest for 3D/AR models of artwork, Nextech has contracted with Artmill Work Design, which creates handcrafted wood wall art decor.
Sports Equipment
Nextech recently signed a 3D modeling deal with major sports gear manufacturer, Head Sport, for their tennis racket line. This follows in the footsteps of other sports related ARitize 3D deals including Never Summer, The Perfect Mound, Source for Sports and others. The sporting goods market is a billion-dollar industry. Sporting goods store sales in the United States alone amount to roughly 45 billion U.S. dollars each year, and the potential for expansion of 3D models into this market is immense.
Auto Parts
Announced last week, Nextech has signed an ARitize 3D contract for 3D modeling and custom decorator with Genuine Parts Company; a global service organization engaged in the distribution of automotive and industrial replacement parts.
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 throughout 2022. Since the public SaaS launches of ARitize 3D, the Shopify integration, BigCommerce integration and the Metaverse Suite over the last few months, adoption and demand of Nextech’s 3D/AR solutions has continued to rapidly accelerate.
Nextech AR CEO Evan Gappelberg commented, “These 3D modeling contracts for over 1500 models include re-orders…proving that 3D models are sticky, and that 3D/AR models are providing results for our clients. This is just the beginning of the fourth industrial revolution, just the beginning of our journey as we have more large enterprise deals in our pipeline representing thousands of 3D models which we expect to close in the coming months. Beyond enterprise, we are continuing to see strong demand all through the ecommerce space, signing 3D modeling contracts with small and medium ecommerce companies as well. The snowball effect is occurring, widespread adoption is happening, and this is evident through all of Nextech new and repeat customer contract signings.”
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 believes that with ARitize 3D and Nextech’s ARitize CAD, it has an elite end-to-end solution that is uniquely positioned in the market to meet the rapidly growing global demand of 3D models.
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.
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. 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, 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
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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 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.
