Company is seeing continuing demand for 3D models from multiple ecommerce enterprise customers
TORONTO, Oct. 05, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Nextech AR Solutions Corp. ("Nextech" or the "Company") (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality ("AR") Wayfinding technologies and 3D model services for the largest Prime ecommerce marketplace as well as Kohl's, CB2, NAPA Automotive, and others, is pleased to report that its 3D model production has jumped over 110% from Q2 2022 to Q3.
In Q3 alone Nextech produced 5,667 3D models for e-commerce sites across a wide spectrum of products, including rugs, tables, lamps, couches, TVs, mirrors, chairs, toys, wall art, outdoor furniture, bicycles, clothing, perfume, sports equipment, electronics and more. This production represents a 110% jump from production in Q2 where it produced 2,776 3D models.
Nextech is ramping up production to meet the growing demand from the largest Prime ecommerce marketplace and is anticipated to create more than 2,800 models in the month of October alone. This would represent approximately 50% of Q3 production and sets the stage for a substantial increase in 3D model production in Q4 2022. The production of 3D models for Amazon is continuously increasing on a monthly basis.
Evan Gappelberg, CEO of Nextech AR, commented, "I'm very proud of the execution thus far on our deal with Amazon, and excited as the ARitize 3D revenue continues to roll in as we continue ramping up the production of 3D models for the world's Prime e-commerce marketplace. Many enterprise companies within the e-commerce ecosystem are now recognizing the game-changing ROI and customer satisfaction experienced by implementing 3D/AR models on their websites. We currently are quoting on a number of large RFPs which we expect to close in Q4 2022, creating a snowball of revenue in 2023, as 3D models are the standard that continues to cement itself for Web 3.0 in eCommerce." He continues, "With the launch of Toggle 3D we have taken the leadership position in the world of everything 3D for CAD, rapidly prototyping the mass production of 3D models from CAD files. We are focused and working towards a huge ramp-up of 3D model production, setting the stage for an exciting 2023."
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: 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
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:
Investor Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201
Nextech AR Solutions Corp.
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
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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