TORONTO, O.N, Canada – September 29, 2022 - Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and 3D model services is pleased to announce it has released major upgrades and features to its SaaS ARitize Decorator product for e-commerce. ARitize 3D uses revolutionary AI technology to create high-quality 3D models at scale for the largest prime e-commerce marketplace. ARitize Decorator can be seamlessly integrated onto any e-commerce website acting as a software extension to Nextech’s ARitize 3D platform.. The Decorator works with ARitize 3D to turn those models into experiences by contextualizing their importance in the e-commerce journey.
Watch a video of the ARitize Decorator - view below or click here
Try the ARitize Decorator tool yourself - click here and scroll down the landing page
ARitize Decorator’s new features to revolutionize the e-commerce experience include:
- Magic Eraser: For the first time ever, shoppers will now be able to remove any item in their room photo with a “magic eraser” tool to then replace it with a new product. This works just like Google’s magic eraser for the Pixel phone.
- Colour Changer: The consumer will be able to change flooring layouts, add ceiling items, and even alter the wall colour. Nextech AR believes all these personalization tools combined will provide consumers with a shopping experience that has never been seen in the market before.
- 3D Model Overlap: Shoppers can now overlap multiple 3D product models when using the ARitize Decorator to design an interior, including placing rugs under furniture.
- New UX/UI: Along with the new features, the product has received a major design enhancement, with updates to the User Experience and User Interface.
ARitize Decorator allows customers to place 3D versions of products into uploaded photos of their own space. For example, if a customer wanted to design their living room, they could take a regular 2D photo of their living room, upload it into an ARitize Decorator, and design the space by adding 3D product models of furniture and décor from the retailer. By previewing these true-to-scale products in their home and seeing what best fits, buyer confidence is increased and they’re more likely to make a purchase. Alternatively, customers can also use stock templates of various types of rooms, which are provided in the Decorator platform.
ARitize Decorator allows shoppers online to preview furniture, lighting, rugs, wall art and other décor directly in their rooms using a simple 2D photo. This solution uses advanced artificial intelligence (AI) technology to automatically analyze the room layout uploaded by the shopper and parses the room surfaces to reconstruct the scene. This whole process only takes seconds before the shopper is able to seamlessly place 3D models inside the 2D photo as if they were part of the room. For merchants, this technology increases the average cart size as users can place multiple 3D objects and add them all to the cart in a single click. The ARitize Decorator also acts as a tool to merge the online and offline shopping experience by allowing shoppers to take their home with them to the store. In this way, a shopper is able to place any physical items seen in-store directly into their room before committing to the purchase.
ARitize Decorator is seamlessly integrated and acts as a software extension to Nextech’s ARitize 3D platform, which uses revolutionary AI technology to create high-quality 3D models. The Decorator works with ARitize 3D to turn those models into experiences by contextualizing their importance in the e-commerce journey.
The technology powering the ARitize Decorator product is also a perfect use case for the increasingly popular virtual interior design and e-design industries. The trends in interior design are continuing to change drastically with consistent technological breakthroughs. Technological innovations behind products like ARitize Decorator increase working efficiency, save time, and allow designers or enterprise companies to connect and collaborate with customers digitally. The constant integration of new technologies, such as Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), will continue to grow the interior design software market in coming years. According to research from The Insight Partners, the interior design software market size is projected to reach $6.87 billion by 2028 from $3.33 billion in 2020; it is expected to grow at a CAGR of 9.8% from 2021 to 2028.
In an article for Architectural Digest, Shanna Tellerman, chief executive of Modsy stated, “We will not distinguish as strongly as we do today between what we consider the offline physical world, and online. For designers, that opens up the idea that they can have clients anywhere. Ten years from now, people will use visualization for buying furniture no matter whether they’re going into a store to buy a piece, trying to lay out an entire room, or hiring an interior designer. It’s going to be an expected part of the flow.”
Stock Compensation
Evan Gappelberg – CEO has taken restricted shares in lieu of cash for services rendered by Atlas Advisors LLC (Evan Gappelberg) in the amount of CAD $264,962.91 for 339,696 common shares. The deemed price per share is at $0.78 CAD and the shares are subject to a 4 month hold period. As insiders of Nextech participated in the transaction, it is deemed to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). Nextech is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of Nextech's market capitalization. The Company will be filing a material change report in respect of the related party transaction on SEDAR.
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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.
