NEW YORK, July 20, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, has introduced a new augmented reality module (AR) for its award-winning CreateApp™ platform-as-a-service used by businesses worldwide.
CreateApp enables small-and-medium sized businesses (SMBs) to instantly create a mobile presence and deploy a native iOS or Android mobile app without any technical knowledge or background. It empowers SMBs to reach more customers, increase sales, manage logistics, conduct financial transactions, and promote their products and services in an easy, affordable, and highly efficient way.
The CreateApp user base of businesses across Southeast Asia and Europe grew 47 percent last year to more than 360,000 and generated a record $34.6 million in subscription-based revenue.
Representing the culmination of several years of research and development, Weyland has introduced the AR module as one of several mCommerce extension modules available for CreateApp. The new AR module has been designed to support the sale of products and services across a range of industries, from retail, consumer products, apparel and household furnishings to real estate, interior design, and construction. AR also has applications in telemedicine, allowing, for example, physical therapists and patients to receive quantified information on mobility improvements during their recovery.
The CreateApp platform takes advantage of AR technology which has advanced to the point of becoming a standard feature on many mobile devices and enabling a growing number of AR applications. The Samsung Galaxy Note 10+, Galaxy S20+, and Galaxy S20 all have the capability to scan the surrounding area to create a virtual world superimposed on the screen.
Earlier this year, Apple introduced a LiDAR sensor on its fourth-generation iPad Pros, which creates an accurate mapping of the local space. The tech giant is expected to include LiDAR sensors in its new iPhones coming out this fall. Last year, Google added AR capabilities to its popular search engine, allowing users to view and interact with 3D objects, and gain a sense of scale and detail by placing them directly into a user’s own space.
A recent ThinkMobiles article reported that 77% of customers now prefer to use AR capabilities to preview product options like color or style. Further, 61% of online shoppers prefer to make purchases on sites that provide AR features.
In 2020, 100 million consumers are expected to shop using AR, according to Gartner. This growing trend is driving record spending on AR technology, which is expected to reach $60 billion in 2020, says the Harvard Business Review.
“Our new module can greatly enhance the mobile shopping experience and drive sales,” said Eddie Foong, Weyland’s chief product officer and founder of CreateApp. “It addresses this growing demand for AR-powered online product discovery and can help overcome today’s limitations with in-person shopping. We will be making it available in 14 languages and expect it to become one of our most popular CreateApp modules.”
As Weyland rolls out the add-on AR module to its distribution partners over the coming weeks, it also plans to offer the solution directly to certain prospective larger clients, including the largest European hypermarket chain with more than 4,000 locations across several countries. According to Foong, this retail chain was the impetus for developing the CreateApp AR module, given their request for a mobile AR solution provided in the way that only CreateApp can deliver.
“We have been witnessing the amazing success of emerging AR companies, like publicly-traded WIMI Hologram and Nextech AR Solutions, who have validated the rationale for making big investments in augmented reality and investing in companies that provide this technology,” commented Brent Suen, CEO of Weyland. “We expect to validate our own significant investment in this technology as we introduce our AR-powered CreateApp solution to larger retailers, SMBs, and healthcare providers operating in the global markets we serve. We are also looking to enter licensing agreements or strategic partnerships with innovative AR companies that could benefit from our global reach.”
Suen sees the new AR module also providing a competitive advantage for its users: “Digital customer interaction has continued to drive business activity globally despite the severe challenges created by the coronavirus. As widely reported, there has been a greater consumer focus on buying things that don’t require going out but can be ordered online and delivered to your door.”
“Given these prevailing market trends and the addition of Logiq, our fast-growing new eCommerce platform, we continue to expect strong overall growth in 2020,” added Suen, “with our positive outlook aligned with analyst expectations for all e-Commerce-focused companies.”
About Weyland Tech
Weyland Tech, Inc. (OTCQX: WEYL) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its CreateApp™ platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.
Weyland’s subsidiary, Logiq Inc., provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, like Home Advisor, QuinStreet and Sunrun. The AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s AtozPay™ subsidiary offers mobile payments, e-wallet, and the AtozGo™ hyper-local food delivery services in Indonesia, which has the fastest-growing mobile economy in Southeast Asia. For more information about Weyland Tech, go to weyland-tech.com.
Important Cautions Regarding Forward Looking Statements
This press release contains certain “forward-looking statements” relating to the business of the Company. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the ability of the new augmented reality module to enhance the mobile shopping experience and drive sales; the continued use, growth, and trend of augmented reality by consumers and businesses; the adoption of our augmented reality module by SMBs and other businesses; the ability of the Company to successfully integrate the assets of Logiq, the continued growth of the eCommerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; the continued use and success of AtozGo and AtozPay; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
LogiqX is a trademark of Logiq, Inc. All rights reserved.
Company Contact Brent Suen, CEO Weyland Tech Inc. Email contact
Media & Investor Contact Ronald Both or Grant Stude CMA Investor & Media Relations Tel (949) 432-7566 WEYL@cma.team