NexTech AR ramps up augmented reality ecommerce business with major brand deals

NexTech AR Solutions Corp (CSE:NTAR) (OTCQB:NEXCF) said it has begun a major expansion of its augmented reality (AR) ecommerce business over the past two months, inking deals with some with major brands.

Over the past 60 days, NexTech noyed that it has signed distribution deals with Dyson, Philips Norelco, MR. Coffee, VitaMix, MetroVac, Breville and Cuisinart. The agreements allow the company to leverage its full AR technology stack, which includes its WebAR, ARitize360 app and 3D/AR advertising network.

“Up until 60 days [ago], Miele [Vacuums} accounted for the majority of our AR ecommerce business,” NexTech CEO Evan Gappelberg said in a statement. “Now with seven major new brands and more in the works, we are exponentially increasing our AR e-commerce revenue potential.”

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“During this digital transformation where above all else the customer experience is paramount, NexTech’s augmented reality solutions for ecommerce gives us a competitive selling advantage,” Gappelberg added. “We’re now taking a proven business model built for scale and applying it to these seven blue-chip consumer brands.“

NexTech noted that global ecommerce sales are expected to top US$4.2 trillion in 2020 and reach more than $6.5 trillion by 2023, according to Statista. 

“Everything we’re seeing with ecommerce is unprecedented, with growth rates expected to surpass anything we’ve seen since the Great Recession,” said Andrew Lipsman, principal analyst at eMarketer. “Certain ecommerce behaviors like online grocery shopping and click-and-collect have permanently catapulted three or four years into the future in just three or four months,”

NexTech, based in New York and Toronto, also offers AR for e-commerce companies, AR in Chat, AR University for education and “v-commerce,” an in-store virtual reality experience.

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors