Analysts Say 100 Million Consumers Will Shop Using Augmented Reality this Year

Augmented reality is revolutionizing e-commerce as we know it. In fact, with consumers flocking to digital commerce with the pandemic still making its rounds, retailers are rushing to "best replicate the physical shopping experience in an entirely virtual context," as noted by For example, Amazon is rolling out its "Room Decorator," which will allow consumers to view furniture and other home furnishings in their own home virtually. "Amazon is always exploring new ways to create experiences that delight our customers," an Amazon spokesperson told TechCrunch. "With the addition of Room Decorator tools, Amazon enhances its augmented reality feature to give customers an even more immersive shopping experience from the comfort of their own home or on the go."

Even more impressive, analysts at Gartner say 100 million consumers could shop in augmented reality online this year. In fact, according to a 2018 survey, 46% of retailers have plans to use augmented reality and/or virtual reality with their consumers. According to Gartner, "The impact of AR or VR in retail can be transformative," said Ms. Karki. "Retailers can use AR as an extension of the brand experience to engage customers in immersive environments and drive revenue. For example, IKEA's Place app enables customers to virtually 'place' IKEA products in their space. Additionally, AR can be used outside the store after a sale to increase customer satisfaction and improve loyalty."

With the augmented reality boom well under way, some of the companies to keep an eye on include NexTech AR Solutions (OTCQB:NEXCF)(CSE: NTAR), Inc. (NYSE:CRM), VMware Inc. (NYSE:VMW), Zscaler Inc. (NASDAQ:ZS), and Fastly Inc. (NYSE:FSLY).

NexTech AR Solutions (OTCQB: NEXCF)(CSE: NTAR) BREAKING NEWS: NexTech AR Solutions, an emerging leader in augmented reality (AR) for eCommerce, AR learning applications, and AR-enhanced video conferencing and virtual events, reported record results for its second quarter ended June 30, 2020. All figures are prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise indicated.

Q2 2020 highlights:

- Revenue grows 290% to $3.5 million

- Gross Profit grows 484% to $2.1 million with a 61% margin

- Working Capital of $5.6 million

- Total Bookings $3.7 million

- Full report has been filed and is available on SEDAR

Evan Gappelberg, CEO of NexTech comments ``We are extremely pleased to report that our record second quarter 2020 results are continuing into Q3 and are showing strong momentum across our business segments. These results were driven by new customer additions, expansion of product lines and increases in conversions from our e-commerce channels."

He continues "We are uniquely positioned with our augmented reality, e-commerce and InfernoAR video conferencing and virtual events business units to thrive in this new economy being led by a digital transformation across technology. There has never been more business opportunity in our lifetime for augmented reality, virtual learning, virtual conferences, or virtual events, and e-commerce and we see strong business trends continuing in Q3 and beyond". 

Kashif Malik, CFO of NexTech comments, "Q2 has been an amazing quarter and I am thrilled to see the team firing on all cylinders by delivering on sales. With the successful integration of our Jolokia acquisition in Q2 we are now positioned for a rapid acceleration in our business as we continue to land more deals and look for additive acquisitions that further expand and grow our business ."

Other related developments from around the markets include: Inc. (NYSE:CRM), the global leader in CRM, announced results for its fiscal second quarter ended July 31, 2020. "It's humbling to have had one of the best quarters in Salesforce's history against the backdrop of multiple crises seriously affecting our communities around the world," said Marc Benioff, Chair and CEO of Salesforce. "Salesforce was founded on our belief in stakeholder capitalism and our core values of trust, customer success, innovation and equality. Our success in the quarter brought all of this together with the power of our Customer 360 platform, the resilience of our business model, putting our customers first and doing our part to take care of all of our stakeholders. We know that together we have an opportunity to emerge from these times even stronger." Salesforce delivered the following results for its fiscal second quarter - Total second quarter revenue was $5.15 billion, an increase of 29% year-over-year, and 29% in constant currency. Subscription and support revenues for the quarter were $4.84 billion, an increase of 29% year-over-year. Professional services and other revenues for the quarter were $0.31 billion, an increase of 23% year-over-year.

VMware Inc. (NYSE:VMW), a leading innovator in enterprise software, today unveiled the newest versions of its VMware Fusion and VMware Workstation desktop hypervisor solutions. VMware's updates support the changing needs of modern developers by extending the tools traditionally used to simplify workflows and expand capabilities of virtual machines (VMs) to container-based applications orchestrated with Kubernetes. The latest release of Fusion also introduces a new edition—Fusion Player—available with a free Personal Use license as well as offering a paid license for commercial use. "Developers can now slipstream Kubernetes applications from test/dev into production," said Lee Caswell, vice president, marketing, Cloud Platform Business Unit, VMware. "We've built a consistent CI/CD operational model that—with our free Player version—is available for all developers."

Zscaler Inc. (NASDAQ:ZS), the leader in cloud security, will release fiscal fourth quarter and fiscal year 2020 earnings after the market closes on Wednesday, September 9. The company will host an investor conference call that day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the results.

Fastly Inc. (NYSE:FSLY)  provider of an edge cloud platform, posted its financial results for the second quarter 2020 in its shareholder letter on the Investor Relations section of its website. "As the global pandemic continues to accelerate the need for businesses to focus on digital transformation, the demand for a modern, fast, and secure edge platform like ours continues to increase," said Joshua Bixby, CEO of Fastly. "The value of our platform to our customers continues to show in our results. Fastly delivered another quarter of solid execution. We achieved strong top-line revenue growth, won new customers, expanded enterprise spend, delivered operating leverage, and bolstered our balance sheet. Despite the current economic uncertainty, we remain optimistic about the demand for our mission-critical services and the underlying growth of our business for the remainder of 2020 and years to come."

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media and NexTech AR Solutions, Winning Media has been paid three thousand dollars for advertising and marketing services for NexTech AR Solutions. We own ZERO shares of NexTech AR Solutions. Please click here for full disclaimer.

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