Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce it has signed an ARitize 3D contract for 3D modeling and custom decorator with a major auto parts distributor, Genuine Parts Company.
Genuine Parts Company, founded in 1928, is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company serves hundreds of thousands of customers from a network of more than 10,000 locations across North America, Europe, and Australasia and has approximately 50,000 employees.
The Company’s ARitize 3D technology allows for large enterprise, medium and small ecommerce businesses to convert 2D images into 3D models at scale, using Nextech’s AI driven technology. Nextech has already signed deals and had success in the automotive industry, using its ARitize CAD technology to create models of the Ford Mustang Mach-E and Ford Escape SE Hybrid. Nextech AR offers scalability, affordability, ease of use, and the highest quality 3D models.
ARitize 3D has been gaining market traction and will continue to expand into new industries and product types. Announced last month, Nextech has rapidly expanded its offerings for 3D models and AR for ecommerce business into adult, fashion, nap pods, flooring, dog wear, jewelry, scooters, sports equipment, furniture and more. Ecommerce businesses are recognizing that the future of ecommerce rests in product visualizations through 3D models, as it has been proven to increase conversions and reduce returns. With this latest contract, Nextech expands into auto parts, which provides a substantial revenue opportunity.
An April 2021 market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled “Auto Parts And Accessories – Global Market Trajectory & Analytics” highlighting the size of the Auto Parts and Accessories market globally. Amid the COVID-19 crisis, the global market for Auto Parts and Accessories was estimated at US$1.9 Trillion in 2020, and is projected to reach a revised size of US$2.3 Trillion by 2026.
As the auto parts industry continues to grow, demand for the ability to convert large amounts of files quickly and create 3D models at scale in this industry continues to rise. Nextech believes that with its ARitize 3D and ARitize CAD products, it has an elite end-to-end solution that is uniquely positioned in the market to meet the rapidly growing global demand in the auto parts industry for these models. ARitize CAD is a potential game changer for auto parts manufacturers as they now have a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale. This can eliminate product photography costs, and will allow the consumer to see a high quality 3D model of the auto part from every angle. This can have a significant impact on ROI by increasing conversions and reducing returns by ensuring the buyer is purchasing the correct auto part.
Nextech AR’s CEO Evan Gappleberg comments, “This 3D modeling contract for the auto parts industry is a big win as we are always competing with other 3D solutions providers on businesses when it comes to a big brand. This is just the start of what we believe is a long term relationship. Being able to provide scalable 3D/AR solutions for this trillion dollar industry at what we believe is the lowest cost and highest quality, the most scalable solution sets the stage for tremendous upside in this category.” He continues, “I believe that with this deal, 3D models in the automotive industry will move from a ‘nice to have’ to ‘must have’ and with Nextech having the 3D model factory that can scale, we are turning our platform into a “must have” solution for ecommerce in the automotive industry.”
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