Throughout modern history, there have been a handful of technological turning points which rendered tools which were once the industry standard obsolete. While there have been numerous pivots like it in the past, the most pertinent example to discuss today is the photographical revolution that saw most of the world turn away from film in favour of digital cameras. Reason being, a similar shift is currently occurring in the five-and-a-half trillion dollar e-commerce industry, wherein suppliers are moving away from the standard 2D photos and models currently used for product showcases, towards 3D AR modelling.
For some context, AR refers to augmented reality and generally, it defines a technology that can superimpose a computer-generated image on a user’s view of the real world. In the past, the technology was most commonly observed through popular apps such as Pokemon Go, Facebook, Snapchat, and Instagram. After evolving from the typical, yet ever-popular face filters the AR offerings of social media apps have begun to include the ability to model, and ‘try on’ a variety of clothing and beauty items from powerhouses Nike, Ulta and MAC. Moreover, this technology has expanded into the world of bespoke tailoring, as Hugo Boss has recently begun to experiment with digital suit fittings powered by AR technology.
Nextech’s ARitize3D Studio- Try it out here!
To quantify the AR industry’s nearly limitless potential we have to look towards today’s progress, and tomorrow’s forecasts. Rapid growth has been predicted due to the estimated 1.73B people that will have access to AR products through their mobile devices by the end of next year. This, alongside the roughly 3.5B users of the tech in 2022. Moreover, this industry is expected to be worth over $18B by the end of 2023, up from $3.5B in 2020. This five-fold increase in value is only being capitalized on by a handful of firms, one of them being our partner Nextech. Nextech has been operating within the AR industry for the past five years, while constantly innovating in the process. For example, Nextech’s AI studio allows for an easy transfer from CAD file to AR model with less work than is typically required to shoot high-quality photos. Recently, Nextech has expanded their AR modelling client list to include some of the world’s largest retailers including; Amazon, Kohl’s, CB2, and NAPA. These contracts are bringing tremendous value to Nextech today, and are likely to continue to do so in the coming years as retailers continually expand their product offerings and therefore increase their dependence on the Nextech suite of technologies.
Sources: NRF, Appriss Retail
The sorts of AR model creation, customization, and hosting that Nextech offers are a win for both retailers and consumers as the ability to superimpose potential purchases will lead to fewer returns, along with higher levels of customer satisfaction. Furthermore, as you may know, many retailers have resorted to throwing away products due to the high costs of returning an item to their facilities, cleaning it, then repacking it for another customer. Not only is this financially wasteful, but it’s also detrimental to the environment due to the emissions used while shipping, along with the plastics and cardboard used for the item’s packaging. As such, the AR modelling that Nextech provides offers a financially, and ecologically sound path forward for e-commerce brands of all sizes in the coming years.
Well, that’s our piece for today folks, if you’re interested in our introductory coverage of Nextech check out this link. Otherwise, stay tuned for our next editions as we continue to cover this innovative firm and rapidly growing industry.