NexTech AR Solutions Corp. (OTC Pink: NEXCF) (CSE: NTAR) is the developer of a line of augmented reality solutions, including AR Learning and AR eCommerce. Shares jumped 18.87% through early trading on Thursday, December 27, 2018. Over the past month, NexTech has seen an average daily volume of 81,515 shares. However, through Thursday morning, already 100,100 shares have traded hands, equating to $49,300 in dollar volume.
Shares jumped Thursday morning after NexTech announced it will be integrating IBM Watson’s Machine Learning (ML) algorithms into their augmented reality (AR) platform. This integration will allow NexTech to have the first artificial intelligence-based (AI) AR eCommerce solution available in the market. The AI will enable the scanning of individual shoppers’ bodies, hands, and facial features to provide important data on the consumer including consumer preferences and size. NexTech’s AR eCommerce platform is expected to launch in January 2019, with the addition of AI features beginning the following month. Evan Gappelberg, CEO of NexTech, explained, “With AI the product comes with a product expert seen as a hologram, as well as a virtual “try-on at home” platform for clothing, sneakers, hats, makeup, jewelry, eyewear and more, reducing returns by as much as 80% and increasing sales by as much as 3X.” Here is the full press release detailing NexTech’s AR platform’s integration with IBM Watson’s algorithms:
NexTech AR Solutions Corp. Press Release:
VANCOUVER and TORONTO, Dec. 27, 2018 /PRNewswire/ – NexTech AR Solutions (the “Company” or “NexTech”) (CSE: NTAR) (OTC: NEXCF) (FSE:N29) is pleased to announce that its development team has begun integrating IBM Watson’s Machine Learning (ML) algorithms into its patent pending web enabled AR platform. With this integration NexTech is quickly building out a next generation, industry first, artificial intelligence (AI) based AR eCommerce solution. With AI the platform will now be able to offer scanning of the body, hands, and feet as well as facial features, to understand an individual shopper’s style, sizes and preferences, as well as creating AR holograms acting as personal shopping assistants. The AR eCommerce platform is expected to exit beta and have a commercial launch in January 2019, with AI features beginning to rollout in February 2019.
“So far, AR has proven to be a very effective way to bring the in-store experience to the home in an engaging way, so rather than customers visiting a brick-and-mortar store, AR allows them to experience 3D products and services right in their homes,” comments Evan Gappelberg, CEO of NexTech. He continues, “With AI and AR working together, the home shopping experience becomes complete, it becomes “intelligent,” it’s no longer just a 3D product view. With AI the product comes with a product expert seen as a hologram, as well as a virtual “try-on at home” platform for clothing, sneakers, hats, makeup, jewelry, eyewear and more, reducing returns by as much as 80% and increasing sales by as much as 3X…with AR and AI technologies working together on our AR eCommerce platform this feels like a truly revolutionary and magical moment for NexTech as it ushers in a new era of online shopping experiences.”
According to Statista, global eCommerce sales in 2018 will hit over $2.8 trillion dollars with 60% occurring on a desktop computer and 40% happening on mobile devices. NexTech’s web enabled AR eCommerce solution works on every browser including but not limited to Chrome, Firefox, and Safari and on every device including desktops, laptops, ipads, and all mobile phones. With a web enabled AR solution NexTech has eliminated the need to download an app which has been the biggest friction point of AR adoption.
With the integration of IBM Watson’s ML offerings the NexTech AR web enabled platform will offer a full suite of advanced AI/AR mixed reality experiences. With one omni-platform having both AR and AI all three of the company’s verticals; eCommerce, education and training, as well as AR live streaming will offer the full suite of AI/AR mixed reality product offerings.
About NexTech AR Solutions Corp.
NexTech is bringing augmented reality (AR) to the masses by creating an AR ecosystem featuring eCommerce solutions for websites, AR learning and education as well as AR live streaming for events. The company has filed a patent around its AR web-enabled eCommerce platform which has been integrated with Shopify, WordPress and Magento. The AR can “go live” on any ecomm site with just a few lines of embed code creating a highly scalable platform. The global eCommerce industry is a $2.8 trillion-dollar marketplace and growing. NexTech has acquired its e-learning platform “edCetra” which has been used by Fortune 500 companies such as Imperial Oil, Bombardier and Staples, as well as the Library of Congress and others to educate and train employees. NexTech has added augmented reality (“AR”) training and education options into the platform and expects to launch in 2019. The company is also working on bringing forth its AR live streaming platform for shows and live events. All of the company’s platforms run off of one CRM which allows for its AR ecosystem to rise up. NexTech launched its ARitize™ app in August 2018, which is capable of hosting many brands 3D objects and augmented reality experiences. NexTech also owns a large and diverse revenue generating App Portfolio that is deployed on the iTunes and Google play store which it intends to ARitize™.
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”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and 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.
Article By: Andrew Rego