TORONTO–(BUSINESS WIRE)–May 11, 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 conclusion of several new e-commerce 3D modeling agreements, providing the company with a continuously growing base of ARR (annual recurring revenue) and MRR (monthly recurring revenue). The company has been contracted to produce around 400 more 3D models from these new offerings, in addition to the 1,500 announced last week, highlighting the growing demand for Nextech’s cutting-edge AI. ARitize 3D and Learn CAD technologies.
CEO of Nextech AR commented, “I believe 3D models are indispensable in 2022 and beyond and it will become increasingly difficult, if not impossible, to compete and do business online without 3D models when your competitors will adopt this technology. 3D technology gives e-commerce leaders a competitive edge in a good and tough economy like today’s. What ultimately drives e-commerce leaders to turn to 3D models is the impact of profitability or ROI.” He continues, “Due to high ROI, we are seeing a rapid market adoption, which is evident through our steady stream of signed ARitize 3D deals across various industries as shown here. We’re happy to keep announcing deals because we keep signing deals! It’s a very exciting and dynamic time at Nextech as 3D models and really all of our Metaverse technology that we’ve spent the last four years building is being embraced. I think our current share price does not reflect our potential.
The company believes that these 3D model orders are only test orders and that a significant increase in orders will continue from existing and new customers, which should lead to revenue growth. Nextech charges its ARitize 3D customers a recurring monthly fee between $10 and $50/model under a 12-month contract that automatically renews. The company is pleased to report that it is seeing success with this new business model which only launched in the fourth quarter of 2021 and is seeing strong repeat orders from new and existing customers.
Recently signed deals include 3D furniture modeling contracts with Habitt as well as Surplus Furniture & Mattress Warehouse. With Ecomm returns costing $1.47T per year (as reported by Shopify), 3D models can reduce returns by up to 40% as customers can see what furniture looks like in their space or if it’s adapt. If the 40% reduction in returns is achieved, savings of nearly $600 billion would be realized, creating a very compelling need and return on investment for accurate 3D models critical to global e-commerce.
Nextech AR also manufactures many 3D models of wall art and decorations for large corporate clients Kohl’s, Pier 1 and Kmart Australia as well as Artography Limited, Art Millwork Design, Eden Gallery, Maple Leaf Auctions and others.
A rapidly growing industry that has begun to recognize the need to showcase its products in 3D, Cheech and Chong’s Takeout have signed an annual agreement with Nextech for multiple SKUs, providing recurring annual revenue.
Appliances continue to be a very popular product category for 3D models. Thanks to our contract with Kotuiko, Nextech will create 3D models of the Spinel range of coffee machines. Nextech AR has also created 3D models of devices for its e-commerce business VacuumCleanerMarket.com. Preview the 3D model of the device on the VCM website.
Lighting Plus has extended its original contract for more 3D SKUs, reflecting growing demand and positive ROI in the lighting market for 3D models.
Nextech has signed a 3D modeling agreement with Salamander Paddle Gear for their range of helmets, as well as an agreement with Himibike to showcase their e-bikes in 3D. This follows several related sports ARitize 3D offersincluding Head, MGI Golf, Never Summer, The Perfect Mound, Source for Sports, Joyride Bikes and others.
These are just a few of the recent contract signings and new product categories Nextech has expanded into. With growing global demand and market traction for 3D models and AR visualizations, the company plans to announce more offerings in the coming weeks.
Recently, Nextech announced the signing of several new 3D modeling contracts for e-commerce, totaling more than 1500 references. CEO Evan Gappelberg joined Proactive Investors to discuss the news (watch the interview here), mentioning that 3D models are the gateway to the metaverse and we’re at the start of a multi-billion dollar megatrend over several decades.
About ARitize 3D
ARitize 3D is your one-stop AR solution with automated 3D model creation at an unbeatable price. Our artificial intelligence (AI) will transform your existing 2D product images into high-quality 3D and augmented reality experiences. It’s fast, it’s easy, and it will transform your e-commerce site.
With a 3D model, customers can interact with the product to see every detail with a 3D model: turn it, rotate it, zoom in, zoom out, resulting in a 40% drop in product returns, a 93% higher click-through rate and a 90% click-through rate reduction in product photography costs. The company believes that this value creation and return on investment is driving rapid growth in demand for the company’s 3D technology. Transform your online store into a dynamic virtual showroom. 3D models allow customers to view products from all angles and position them in their own space before purchase. It’s an exciting and 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 e-commerce that is:
- Affordable – cheapest provider
- Scalable – faster, seamless, high quality
- Without friction – requires little effort to implement
- Powered by AI and ML – automated creation of 3D models
- end to end – from model creation to CMS & AR visualization
To find out more, follow us on TwitterYouTube, Instagram, LinkedIn and Facebook, or visit our website: https://www.Nextechar.com.
About Nextech AR
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using groundbreaking AI, Nextech AR is able to quickly, easily, and cost-effectively ARitise (transform) vast amounts and varieties of existing assets at scale, making products, people, and places ready for use. Interactive 3D, giving creators at all levels all the essential tools they need. to develop their vision of digital AR in the Metaverse. Our platform-agnostic tools enable brands, educators, students, makers, creators, and technologists to create the most photorealistic, interactive, and immersive 3D assets and digital environments, compose AR experiences, and publish them to all devices. canals. With a comprehensive 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 leading 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”), Infinitypetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and sale of residential vacuum products, supplies and parts, and small appliances sold on Amazon. These e-commerce platforms serve as an incubator to develop and test Nextech’s cutting-edge AR, AI and machine learning applications to power next-generation e-commerce technology.
CSE and NEO have not reviewed and accept no responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of these 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 is incorporated by reference herein, except as required by applicable securities laws.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220511005387/en/
CONTACT: Investor Relations
866-ARITIZE (274-8493) ext. 7201
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ELECTRONIC DESIGN AUTOMATION RETAIL TECHNOLOGY OTHER SPECIALTY SOFTWARE FOR RETAIL
SOURCE: Nextech AR Solutions Corp.
Copyright BusinessWire 2022.
PUBLISHED: 11/05/2022 07:30/DISC: 11/05/2022 07:32