NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced in a news release that at the end of April 2019 it joined Khronos, an exploratory group aiming to develop standards and guidelines for three-dimensional (3D) e-commerce as it is on the cusp of burgeoning.
Khronos will "research the creation of standards and guidelines to produce and distribute real-time 3D representations of products so they can be experienced realistically and consistently across all platforms and devices, such as mobile, web and augmented reality (AR) or virtual reality solutions," the released noted.
NexTech CEO Evan Gappelberg commented in the release, "As 3D visualization technologies become more prevalent, it's crucial to be able to present these experiences consistently across multiple consumer endpoints like e-commerce websites, apps, in social feeds and in ad units."
The company pointed out that by 2020, an estimated 50% of retailers plan to launch AR and VR 3D technology on their e-commerce sites, according to Gartner research. More than 100 million people will shop online using AR technology. This sector is expected to grow rapidly as 5G becomes more widespread.
In Khronos, NexTech joins other leading technology companies, retailers and manufacturers such as Google, Microsoft, Facebook, Adobe, Deloitte Consulting, NVidia, Pinterest, Qualcomm, Samsung and Shopify.
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