Everyone knows about Shopify (TSX:SHOP)(NYSE:SHOP) and the hit the Ottawa-based tech stock’s been. If you bought the stock years ago you might be sitting on a pile of cash right now as it has soared to a market cap of around $170 billion and it’s easily the most valuable stock on the TSX today.
You could jump on the Shopify bandwagon, buy shares of it and hopefully squeeze out some more positive returns from the stock, or you could look for what might be the next big thing.
This is where I’d like to introduce you to NexTech AR Solutions Corp (CNSX:NTAR) if you haven’t already heard of it. The company’s in the augmented reality business and it can enhance the online shopping experience for consumers. It does this by allowing people to see what a piece of clothing might look on them or how a big purchase might looks inside their home.
With a growth in online shopping amid the COVID-19 pandemic, it’s not hard to see why NexTech’s technology could soon be in high demand.
When the company last released its most recent financial statements in May, sales of $2.5 million were more than double the $901k that NexTech generated in the prior-year period. It’s still a fairly small company but what makes it exciting is the technology and the potential that exists, especially as people ditch in-store retailers for a more comprehensive shopping experience online.
At the very least, this is a stock worth keeping an eye on. NexTech’s already been red-hot this year, soaring more than 200% in value since the start of 2020.
