Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF, NEO:NTAR) has said it is expanding its reach into the eCommerce 3D modeling and AR space with the signing of multiple 3D model AR eCommerce deals across a number of dynamic industries, including areas new to it.
The metaverse company, which develops and operates augmented reality platforms, has rapidly expanded its offerings for 3D models and AR for eCommerce business into adult, fashion, nap pods and flooring, amongst others.
"These latest closing of these new deals in these new industries continues a substantial new revenue driver for the company with ARR and MRR contracts. The global megatrend of shopping online with e-commerce is rapidly expanding towards highlighting products in AR through 3D models. I believe that Nextech has positioned itself as the 3D model factory for the world, providing the most scalable, highest quality and affordable 3D models for eCommerce,” said Nextech AR CEO, Evan Gappelberg, in a statement.
READ: Nextech AR reports record revenue for 2021; enjoys uptick in customer adoption of its technology
The global eCommerce industry is estimated at US$5.5 trillion in 2022, according to Statista. With roughly two billion of the world's population now shopping online and 50% using a mobile device that is equipped with AR, the demand for 3D visualizations and AR shopping will only increase, Nextech AR noted.
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.
Nextech AR said this value creation and ROI will lead to the rapid demand for the company's 3D technology.
“Widespread adoption is happening, and I am excited to see what new industries we will work with next as we are currently quoting on quite a few new ones. With our Shopify (TSX:SH., NYSE:SHOP) integration working and showing early signs of success with a 25% conversion rate from our app download and with our Bigcommerce, Magento, WooCommerce going live, I expect us to take more and more market share in 2022," Gappelberg added.
Nextech AR funds the development of its AR and Metaverse growth initiatives through its eCommerce platforms, which currently generate most of its revenue.
Contact the author at jon.hopkins@proactiveinvestors.com