Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) said it is now a 3D model supplier for the world's largest Prime eCommerce marketplace.
Additionally, the company said it has signed 17 new 3D modeling deals in the past 45 days, continuing its rapid expansion and growth into Web 3.0 and the creation of digital twins for eCommerce.
"A rapidly rising number of companies within the eCommerce ecosystem are recognizing the game changing ROI and customer satisfaction experienced by implementing 3D/AR models on their eCommerce websites,” Nextech AR CEO Evan Gappelberg said in a statement.
READ: Nextech AR Solutions launches significant upgrades to augmented reality spatial mapping platform ARWay
“We are currently working directly with some of the world's largest eCommerce retailers and are integrated with the largest eCommerce marketplaces including, Shopify (TSX:SH., NYSE:SHOP), 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 it won't be long before all eCommerce businesses must follow suit to stay competitive in the marketplace."
The company said closing multiple new 3D modeling deals for eCommerce provides it with a continually growing base of annual and monthly recurring revenue. Some of the new customer wins include a variety of new ARitize 3D contracts to supply 3D models to furniture and home goods suppliers, among them Marina Homes, a well-known and widely successful home furnishings brand and Relax Sedmaisiai, a provider of specialized relaxation chairs.
Other wins include Sports Basement, a California sporting goods provider.
Nextech noted that 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%.
"We firmly believe that the transition from flat 2D photos to 3D models is in full swing and that 3D models are currently being established as the standard in eCommerce throughout the globe,” Gappelberg added.
“Companies who don't adopt a 3D/AR eCommerce strategy will be left behind, as 3D/AR produces immersive shopping experiences that customers are beginning to expect. With our end-to-end solutions, white glove service and ability to scale production, Nextech AR is emerging as the digital twin ecommerce leader."
In an interview, CEO Evan Gappelberg shared more details about what this means for the company and also about 17 new clients the company has secured in industries like home décor, kitchen and dining, home improvement, shoes and eyewear.
Share purchase warrant program
The company also said that it has established a new share purchase warrant program pursuant to which it will issue an aggregate of 7,434,115 share purchase warrants. The program will help the company to manage its cash flow and reduce or possibly eliminate its dependency on raising capital for payroll to its service providers in connection with their employment and/or consulting arrangements with the company.
Each warrant will be exercisable to acquire one common share of the company at an exercise price of C$0.84 for a period of one year. The warrants will be automatically exercised in equal monthly tranches on a pro-rata basis, it added.
Using breakthrough AI, Nextech 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, and giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse.
Its 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 is in a unique position to meet the needs of the world’s biggest brands and all Metaverse contributors.
Contact the author at jon.hopkins@proactiveinvestors.com