NexTech AR Launches VR Shopping Platform VRitize
NextTech AR is dipping its toes into the multi-billion virtual reality industry. The company has today announced that it is planning to launch a virtual reality (VR) division called VRitize. NexTech AR will applying some of its AR tools and assets in the new virtual reality shopping platform.
This is happening at a time when many VR companies are trying their hands on the still nascent and challenging augmented reality industry.
The VRitize platform is built to enable companies use assets created for augmented reality to sell products for virtual reality users. This is a practical decision in the sense that VR shopping has already taken off at a time when consumer AR is still distant prospect. NexTech is keen on tapping into the fast-growing “v-commerce” market. The yet to be released NextTech app will work on Facebook’s Oculus devices, Android devices as well as iOS devices to offer both VR and AR shoppers a mixed reality shopping experience. The company is already providing ARitize via Google Play and App Store.
NexTech’s VRitize division will help it realize its projected revenue goal of $20 million this year. The VR platform will work side by side with the company’s ARitize division by making use of the same 3D assets that have been created for augmented reality. With VRitize, these will now be accessible in a new and fully immersive virtual reality experience for in-store retail applications.
The term ‘v-commerce’ (following e-commerce and m-commerce) may as well be the next big wave in retail. The term has been coined to describe a way of creating virtual stores where customers are able to shop virtually in 3D. Virtual reality retail is already gathering steam and is projected to cut on marketing costs, minimize product returns and provide efficient data and analytics not quite dissimilar from the AR proposition for e-commerce.
Using both ARitize and VRitize, NexTech now has the opportunity to position itself at the intersection as well as transformation of the massive multi-trillion dollar retail ecosystem by using its state-of-the-art e-commerce and v-commerce AR/VR solution.
In 2019, the company introduced a shopping tool for augmented reality glasses which uses Microsoft Azure AI to respond to the facial expressions of the wearer while pitching extra items based on the wearer’s live or prior responses.
Due to high cost and technology limitations, most augmented reality glasses are either initially targeting or subsequently retargeting enterprise customers which has significantly limited their base of prospective customers. The first affordable and consumer-focused augmented reality glasses are slated to launch later this year.
According to NexTech AR, the tech ecosystem is entering the fourth transformational wave where AR/VR as well as 3D content creation will be an essential component to the merchandising of products not just online but also in the brick-and-mortar stores. By adding virtual reality to the mix, NexTech is positioning itself as the industry leader which is set to dominate the both and AR and VR uses in retail, according to the company’s CEO Evan Gappelberg.
Introducing VR capabilities is part of NexTech’s omni-channel approach which incorporates Augmented Reality for e-commerce, Augmented Reality in Chat, the company’s ARitize App as well as its AR University for education and training.
NexTech AR’s VRitize platform is slated to launch in the first quarter of 2020. It will be hitting the market at about the same time when NexTech will be debuting its AR-focused 3D ad platforms as well as immersive entertainment content. These new projects are expected to collectively drive NexTech’s revenues for 2020 to $20 million which is roughly ten times its 2019 revenues when the company was exclusively focused on augmented reality.