Experiencing Record Q3 Demand in 3D Model Business As Web3.0 Demand Accelerates For Global E-Commerce Industry
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Nextech AR seeing rapidly growing demand for its 3D modelling and AR Visualization solutions in E-commerce
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Increasing number of large volume orders from blue-chip enterprise customers affirms Nextech’s leadership role in transformation of $5 trillion ecommerce industry to Web3.0
Nextech AR Solutions Corp. (“Nextech” or the “Company”), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce that the Company has received a purchase order for 7,500 3D models with over 50% already delivered and the balance expected to be delivered in early Q4, 2022. This large enterprise order is a testament to the Company’s pioneering AI technologies and expertise in creating 3D models for ecommerce. This purchase order is only the first of a much larger significant and ongoing purchase order from this singular giant ecommerce marketplace. The Company expects to announce additional add-on orders from this multi-year transformational enterprise deal.
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Nextech AR CEO Evan Gappelberg commented, “A rapidly rising number of large companies within the eCommerce ecosystem are recognizing the game-changing ROI with up to a 93% increase in CTR a 250% increase in conversions and 40% reduction in returns by implementing 3D/AR models on their eCommerce websites. We are currently working directly with the largest ecommerce marketplaces and some of the world’s largest eCommerce retailers including kohls, CB2, Genuine Parts and others. We also offer “one click integration” with the largest eCommerce platforms including Shopify, 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 massive transformation from 2D photos to 3D models is happening now in the trillion dollar ecommerce sector. All eCommerce businesses must go 3D to stay competitive in the marketplace.” He continued, “We anticipated this moment back in 2018, and now with the transition from flat 2D photos to 3D models in full swing, really as the standard globally Nextech is perfectly positioned to ride what I believe is a decade-long megatrend. Companies who don’t adopt a 3D/AR eCommerce strategy will be left behind, as 3D/AR produces immersive shopping experiences that customers now expect. With our end-to-end integrated solutions, white glove service, ability to scale production, and large enterprise customers, Nextech AR is emerging as the digital twin ecommerce leader.”
The Company is also in negotiations for additional large enterprise deals that potentially are even larger than today’s announcement. Earlier this year Nextech announced that it was in the testing phase with large enterprise accounts; these accounts are now converting to large multi-year orders for 3D models. These large contracts are critical revenue and cash flow drivers for the Company and set the stage for record revenue growth in the Company’s 3D modelling business starting in Q3 2022, and continuing for the foreseeable future.
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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%.
Demand is growing from large ecommerce businesses who are requiring the ability to convert large amounts of files quickly and create 3D models at scale. Nextech AR believes that with ARitize 3D and its CAD to POLY technology, it has 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 reach $12.13 billion by 2028 from $4.48 billion in 2021. It is estimated to grow at a CAGR of 15.5% from 2021 to 2028.
In addition to being a 3D model supplier for the world’s largest prime eCommerce marketplace, Nextech AR has also closed a record number of new 3D modelling deals in 2022 for ecommerce, providing the Company with a continually growing base of ARR (annual recurring revenue) and MRR (monthly recurring revenue). 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.
