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VRitize, NexTech AR’s VR Platform Set to Change the Retail Industry

One of the top augmented reality (AR) companies, NexTech AR Solutions moves forward and steps into the massive multi-billion dollar VR industry. The company is going to introduce a VR platform named VRitize. With the help of this new platform, businesses will be able to leverage already existing assets which were developed for augmented reality and use the same to sell products to virtual reality users.

As per reports suggest, VRitize will join hands with its ARitize counterpart. By doing this, it will gain access to the same 3D assets developed for AR, which will now be a part of an immersive v-commerce experience taking place in-store. Additionally, the all-new VR division will help NexTech to achieve its revenue target of 20 million US dollars in 2020, says the company.

According to NexTech, the company plans to launch an app that runs on the Oculus devices of Facebook, alongside Android and iOS devices, offering a mixed reality (MR) retail shopping experience for VR and AR users. However, NexTech is already offering ARitize via Google Play and App Store.

In a statement, Evan Gappelberg, CEO of NexTech said that by incorporating VR to their list of products, they are positioning the company as the industry leader and is preparing it to lead both the VR and AR industry for retail. With this, VRitize marks the next mega transition in retail.

NexTech VRitize is in development. Image source: venturebeat

Gappelberg gave a compelling example by mentioning that the new VR and AR technologies have begun to evolve the multi-trillion-dollar retail sector just like Wannamaker brought a revolutionary transformation in 1876 by opening the first department store, followed by Sears with its large catalog, and then the Internet and Amazon which changed the retail industry with e-commerce.

Last year, headlines were made by NexTech AR when it created a shopping tool for AR glasses which makes use of Microsoft Azure AI to respond to the facial expressions of the users, positioning extra items based on prior or live responses. Reportedly, the majority of augmented reality glasses have either been targeted first or retargeted later at enterprise customers because of technology restrictions and high prices, completely limiting prospective customers. Though, the new and inexpensive consumer AR glasses are expected to be available by the end of the year.

In a recent report by Goldman Sachs, the AR/VR sector, which introduces users to VR and digital data to the physical world, may turn into an $80 billion US dollar market by 2025. Since VR is still under development phase, industry experts estimate the projected size of the market to probably fluctuate depending on the actual adoption rates among consumers and enterprise users.

NexTech is planning to release it in the first quarter of the year, as part of the company’s launch of VRitize, its new VR division. One of the leading companies in the AR/VR industry, its AR offerings include ARitize App, AR in Chat, AR for e-commerce, and AR University for training and education.

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