With recent events, many more people are now shopping strictly online. In fact, analysts at Baird say demand for online shopping could create a “$200 billion annual tailwind” and could represent a major, permanent shift in consumer behavior. Wedbush analysts also argue the pandemic had created big behavioral shifts in consumer behavior, adding many consumers won’t go back to physical store shopping as they did before. “The retail landscape will look dramatically different in the coming years.”
Going forward, according to Statista analysts, e-commerce could create a $6.5 trillion market opportunity, as more than 2.1 billion consumers opt to shop online by 2021. “Certain e-commerce 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,” added Andrew Lipsman, eMarketer principal analyst. With the e-commerce boom well under way, some of the companies to keep an eye on include NexTech AR Solutions (OTCQB:NEXCF)(CSE: NTAR), Amazon.com Inc. (NASDAQ:AMZN), Shopify Inc. (NYSE:SHOP), and BigCommerce Holdings Inc. (NASDAQ:BIGC).
NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) BREAKING NEWS: NexTech AR Solutions,
an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced video conferencing and virtual events is pleased to announce that it has begun a major expansion of its AR ecommerce business. In the past 60 days the company has signed new distributor deals with major brands such as; Dyson, Philips Norelco, MR. Coffee, VitaMix, Cusinart, Breviel and MetroVac. These new distribution deals position the company to take full advantage of the new SFH (shop from home) paradigm shift in e-commerce as well as leverage its full augmented reality technology stack into these brands, which includes its WebAR, ARitize360 app and it’s 3D/AR advertising network. The company expects these new products to have a significant impact on future revenues.
Evan Gappelberg, Chief Executive Officer, NexTech AR noted “Up until 60 days, Miele accounted for the majority of our AR ecommerce business. Now with seven major new brands we are exponentially increasing our AR e-commerce revenue potential.”
“During this digital transformation where above all else the customer experience is paramount, NexTech’s AR solutions for ecommerce gives us a competitive selling advantage. We’re now taking a proven business model built for scale and applying it to these seven blue-chip consumer brands“
According to Statista: Global ecommerce sales are expected to top $4.2 trillion USD in 2020 and reach more than $6.5 trillion by 2023. More than 2.1 billion shoppers are expected to purchase goods and services online by 2021. “Everything we’re seeing with e-commerce is unprecedented, with growth rates expected to surpass anything we’ve seen since the Great Recession,” said Andrew Lipsman, eMarketer principal analyst. “Certain e-commerce 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,” he added.
NexTech is one of the leaders in the rapidly growing augmented reality market estimated to grow from USD $10.7B in 2019 to USD $72.7B by 2024, according to Markets & Markets Research. It is expected to grow at a CAGR of 46.6% from 2019 to 2024.
The company is pursuing four verticals:
InfernoAR: An advanced Augmented Reality and Video Learning Experience Platform for Events, is a SaaS video platform that integrates Interactive Video, Artificial Intelligence and Augmented Reality in one secure platform to allow enterprises the ability to create the world’s most engaging virtual event management and learning experiences. Automated closed captions and translations to over 64 languages. According to Grandview Research the global virtual events market in 2020 is $90B and expected to reach more than $400B by 2027, growing at a 23% CAGR. With NexTech’s InfernoAR platform having augmented reality, AI, end-to-end encryption and built in language translation for 64 languages, the company is well positioned to rapidly take market share as the growth accelerates globally.
ARitize™ For eCommerce: The company launched its SaaS platform for webAR in eCommerce early in 2019. NexTech has a ‘full funnel’ end-to-end eCommerce solution for the AR industry including its Aritize360 app for 3D product capture, 3D/AR ads, its Aritize white label app it’s ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.
ARitize™ 3D/AR Advertising Platform: Launched in Q1 2020 the ad platform will be the industry's first end-to-end solution whereby the company will leverage its 3D asset creation into 3D/AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.
ARitize™ Hollywood Studios: The studio is in development producing immersive content using 360 video, and augmented reality as the primary display platform.
Other related developments from around the markets include:
Amazon.com Inc. (NASDAQ:AMZN) Amazon Web Services, Inc. (AWS) announced the general availability of Amazon Braket, a fully managed AWS service that provides a development environment to help customers explore and design quantum algorithms. Customers can use Amazon Braket to test and troubleshoot quantum algorithms on simulated quantum computers running on computing resources in AWS to help them verify their implementation. When ready, customers can use Amazon Braket to run their quantum algorithms on their choice of quantum processors based on different technologies, including systems from D-Wave, IonQ, and Rigetti. Both simulated and quantum hardware jobs are managed through a unified development experience, and customers pay only for the compute resources used.
Shopify Inc. (NYSE:SHOP)(TSX:SHOP), a leading global commerce company, announced strong financial results for the second quarter ended June 30, 2020. “The world is changing fast,” said Tobi Lütke, Shopify’s CEO. “With the rapid shift to online commerce, massive disruption to conventional employment, and growing conviction that opportunity needs to be more evenly distributed, entrepreneurship has never been more important. With all of these changes, our core principles remain the same: everything we ship is designed to lower barriers to entrepreneurship and reduce friction wherever we can.”
BigCommerce Holdings Inc. (NASDAQ:BIGC), a leading open SaaS ecommerce platform for fast-growing and established brands, has rolled out a new integration with global payments platform Adven giving more than 60,000 merchants on BigCommerce access to an all-in-one payments solution. Through this integration, merchants will be able to offer local payment options and alternative payment methods at checkout in over 145 currencies. According to a recent study, only 42 percent of merchants view the offering of local payment methods to international shoppers of high importance for their business, even though the majority (53%) of shoppers have made an online purchase with a merchant in another country1. Adyen supports global credit and debit cards like Visa, Mastercard, American Express, and Discover, as well as local credit and debit cards like WeChat Pay (China), iDeal (Benelux), Giropay (Germany) and ACH Direct Debit (US) so merchants can offer a variety of options that meet the needs of their local and international shoppers. A dynamic checkout ensures that the consumer will only see the options that are available for their chosen currency.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains 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. Winning Media 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. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media and NexTech AR Solutions, Winning Media has been paid three thousand dollars for advertising and marketing services for NexTech AR Solutions. We own ZERO shares of NexTech AR Solutions. Please click here for full disclaimer.
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