VANCOUVER, British Columbia, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Nextech AR Solutions Corp. (OTCQB:NEXCF) (CSE:NTAR) (FSE:N29), a Metaverse company and leading provider of augmented reality experience technologies and services, has received a purchase order for 7,500 3D models with more than 50% already delivered and the balance expected to be delivered early in the fourth quarter of 2022.
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The company’s ARitize 3D uses Artificial Intelligence to turn existing 2D product images into high-quality 3D and Augmented Reality experiences. With a 3D model, customers can interact with a product, turning and spinning it, zooming in and out, effectively seeing every detail, leading to a 93% higher click-through rate and a 90% reduction in product photography costs.
The company believes its ARitize 3D and its CAD to POLY technology, is an elite end-to-end integrated solution that is unmatched and uniquely positioned in the market to meet the rapidly growing global demand for 3D models, which is projected to grow from $4.48 billion in 2021 to $12.13 billion by 2028, a compound annual growth rate of 15.5%.
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%.
In addition to being a 3D model supplier for the world’s largest prime eCommerce marketplace, the company has also closed a record number of new 3D modelling deals in 2022 for ecommerce, providing the company with a continually growing base of recurring revenues. Winning new contracts, combined with renewals and expansion of existing contracts, is driving the rapid growth for the company's 3D model and augmented reality business in ecommerce and growth into Web 3.0.
The shares are trading at $.82. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 or by email at investor.relations@nextechar.com.
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