CEO Evan Gappelberg of NexTech AR Solutions Corp.(OTCPink: NEXCF)(CSE: NTAR), rejoins host Everett Jolly to talk about recent acquisition, using it as a platform for testing their technologies, and future growth of augmented reality.
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Uptick Newswire Hosts NexTech AR Solutions CEO to Discuss The Company’s Rapid Growth and New Innovations in The AR Sphere
PHOENIX, Jan. 16, 2019 (GLOBE NEWSWIRE) — Uptick Newswire Stock Day Podcast welcomed NexTech AR Solutions (the “Company” or “NexTech”) (CSE: NTAR) (OTC: NEXCF) (FSE:N29), a tech company bringing augmented reality to the Cannabis market by turning 2D products into exciting 3D consumer experiences. CEO, Evan Gappelberg, talked with Stock Day’s Everett Jolly.
At the start of the interview, Jolly mentioned NexTech AR Solutions recently announced it has closed on its recent acquisition. The VCM business owned by AR Ecommerce is now a division of Nextech which generated approximately $2,650,000 (USD) in revenue and $275,000 (USD) in EBITDA for the 2018 calendar year.
“The main reason we purchased this ecommerce business was so that we can take our technology and plug it in and immediately start to get data as well as increase our value proposition by generating additional sales on the ecom site,” said Gappelberg.
He went on to explain that it will give the company a platform to test AR and AI, which is critical to their mission of rolling out new technology on a month-by-month basis.
“Using this platform, we can see an actual customer journey. We can watch somebody shop the site in real time, see them interact with our augmented reality and know what they like, what they don’t like and continue to fine tune the technology until we perfect it,” he explained.
Jolly then asked if Gappelberg could explain to listeners what exactly AR is and why it’s so important to have AR in ecommerce. He explained that AR is a way of enhancing reality with digital data.
“On the ecom side of AR we are not using it on gaming,” Gappelberg said. “We’re using it as a business tool. What that means is basically, we are allowing people to shop at home in 3D, as if the product is in the room with them. It means a lot because every year there is about $300 billion worth of product that’s returned because they don’t fit, they’re the wrong size, the wrong color. And so, when you are able to shop with the product in the room with you, a digital twin, that’s what AR allows you to do, a digital twin in the room with you.”
He said with AR, the returns go down about 80% and at the same time sales go up dramatically.
“In the short time we’ve integrated our AR into our new ecommerce business, we’ve seen in a week, the single product that we ARitized generated a month’s worth of revenue.”
Jolly then asked if they plan on licensing out their technology to any other companies.
“100 percent,” said Gappelberg. “We have two other revenues. One is acquiring and integrating into our own ecommerce sites. At the same time, we really want to scale our business and offer the same technology we are using on our site to other ecommerce site owners as well.”
Jolly then asked about the company’s plans for the next few months. Gappelberg says the company is just getting started. He explained they are already in talks with other ecommerce companies and are rolling out their ecommerce platforms.
“We are experiencing very rapid growth, both through offering our platform to others and we are going to be making acquisitions. We are going to be very, very aggressive over the next few months,” said Gappelberg.
About NexTech AR Solutions Corp.
NexTech is bringing augmented reality to the Cannabis market by turning 2D products into exciting 3D consumer experiences. NexTech is currently developing a proprietary and disruptive Augmented Reality (AR) advertising and education platform that uniquely engages by connecting brands and retailers through a fully immersive 3D AR experience called Native AR. 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™.
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Notice Regarding Forward-Looking Statements
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