NexTech Looks to Bring Augmented Reality to Ecommerce
December 6th, 2018
Exclusive, News, Top News
Ecommerce spending is projected to rise from $2.3 trillion in 2017 to $4.5 trillion by 2021, according to Statista, as consumers transition from brick-and-mortar to online shopping. While desktops still represent about 60 percent of the market, mobile ecommerce users have grown to capture about 40 percent of the market. New technologies, like augmented reality, could help accelerate these trends over the coming years.
NexTech AR Solutions Inc. (CSE: NTAR) (FSE: N29) recently released a beta version of its web-enabled augmented reality ecommerce solution. Over the coming weeks, the company will be working with its partners to ARitize™ their products.
Why Augmented Reality?
Augmented reality, or AR, superimposes computer-generated images on a user’s view of the real world. The most popular example of AR technology was Pokemon Go—a smartphone game that superimposed Pokemon characters in real world environments. Since then, Apple’s new iPhones have introduced new AR-powered features, such as the Measure tool—a ruler that enables users to measure different things using the iPhone camera.
Mobile AR’s addressable market is massive with 3.2 billion global smartphones today and 4.6 billion by 2020. Because of the huge installed base of AR enabled devices in the hands of consumers, worldwide AR adoption is moving very fast. In fact, AR is now the fastest growing technology on the planet according to Zion Research, with a CAGR of 86.5% and is estimated to go from about a $20 billion dollar industry in 2018 to over 120 billion in 2021. What’s happening with AR on a global level is simply transformational.
The game changer for AR adoption and it becoming ubiquitous is when the AR smart glasses start hitting the market in 2019 and 2020. By 2035, AR is estimated to be a trillion-dollar industry.
AR has become increasingly popular in ecommerce, with early adoption by Shopify, Amazon, IKEA, Houzz and others enabling shoppers to:
- See how clothing or apparel looks on you.
- See how furniture looks in a room or space.
- See how art or decorations looks on a wall.
In addition to visualizing products in a real environment, AR technologies enable shoppers to interact with objects in three dimensions to see exactly how they look. More than 35 percent of consumers surveyed by Walker Sands indicated that they would be open to purchasing more online if they had a more realistic feel of the product remotely.
The use of AR solutions could help retailers reduce returns (by enabling customers to “try on” clothing or “see” furniture) and lower costs (by having customers purchase online rather than in-person). In addition, these technologies could provide numerous upselling options by showcasing how various products look in conjunction with each other or by recommending products based on a physical space.
NexTech AR Solutions is beta testing a proprietary web enabled AR ecommerce platform for retailers and brands to easily incorporate AR functionality which gives customers a chance to interact with digital twins of their favorite products in the comfort of their own homes. The company’s AR plugin will work on every website on every browser no developer needed, no special programing needed just plug and play.
“NexTech’s web-enabled AR platform allows small and large ecommerce websites to integrate AR into the shopping experience with just a few lines of embed code, democratizing AR at scale and creating a true consumer platform,” says COO Reuben Tozman. “AR offers shoppers the confidence that will motivate purchasing decisions … and provides users with an in-store shopping experience, regardless of their location.”
In addition to 3D object visualizations, the company is developing an AI-powered guide that can learn a shopper’s style, size, and preferences to curate products for them, as well as an AR hologram that can act as a personal shopping assistant. These technologies could further distinguish its solutions from competitors that only offer 3D visualizations, while helping customers quickly find the products they want to buy.
NexTech AR Solutions Inc. (CSE: NTAR) (FSE: N29) represents a compelling opportunity in the augmented reality space. NTAR has assembled a top-flight team of developers and experienced entrepreneurs with offices in Toronto, Dallas and NYC whose mission is to bring AR to the masses through their three AR platforms: AR e-commerce, AR university and live streaming. They are targeting three multi-billion dollar verticals that all converge together under a trillion-dollar mega trend unfolding over the next decade.
With Nextech’s first mover advantage investors may want to keep an eye on the stock as it rolls out these solutions with its partners and opens the door to new revenue potential over the coming quarters.
For more information, visit the company’s website at www.nextechar.com.
The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer
Follow Us on Social Media
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
CFN launched in June of 2013 to initially serve the growing universe of publicly traded marijuana companies across North America. Today, CFN Media is also the digital media choice for the emerging brands in the space.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: http://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/.