Overstock.com ($OSTK) Garners Global Attention from VR/AR Association for its Augmented Reality Shopping App
SALT LAKE CITY - January 9, 2018 (Investorideas.com Newswire) Months after Overstock.com, Inc. (OSTK) announced the launch of its augmented reality (AR) feature within its iOS shopping app, the organization's senior vice president of software engineering, Amit Goyal, was named as the chair to VR/AR Association (VRARA)'s global retail and e-commerce committee. Along with Goyal's responsibility as chair, he will serve as president of the newly formed Utah chapter, growing VRARA to 51 global chapters, 19 of which are located in the U.S.
"We're thrilled to have Amit Goyal join VRARA and chair our retail and eCommerce committee," said Kris Kolo, Global Executive Director of the VR/AR Association. "His retail industry expertise and insight from building Overstock's shopping app and AR function marks a crucial addition to VRARA's growth."
The award-winning iOS shopping app allows shoppers to view how products, like furniture, rugs, décor and other home goods, fit in their home using a smart phone or tablet with iOS11. With true-to-life-size 3D models in the highest resolution, shoppers have an accurate representation of the product directly in their home or office.
"Augmented reality is changing the way people shop," said Goyal. "At Overstock, we focus on price, assortment and convenience, and our augmented reality feature brings an innovative convenience to shoppers. It's important for our customers to see how these products will fit with their décor or simply if it will fit in their living rooms. So, we have invested significant resources to insure we are at the leading edge of AR and we're proud to bring what we've learned and achieved to VRARA."
Comprised of almost 4,000 companies, VRARA is an international organization designed to foster collaboration between innovative companies and people in the virtual reality and augmented reality ecosystem that accelerates growth, fosters research and education, helps develop industry standards, connects member organizations and promotes the services of member companies.
The new AR app feature is currently available on the iOS version of the retailer's shopping app, and utilizes Apple's ARKit, which was included in the iOS 11 operating system update. Android app AR functionality featuring Google's new ARCore technology will follow when that operating system is released.
Overstock's highly-rated shopping app has been awarded five consecutive Mobile App Awards from the Mobile Web Association. The app is available for download from both the App Store and Google Play.
The VR/AR Association is hosting the biggest VR AR online event from January 16 to 29, 2018 with more than 65 speakers, 3000 RSVPs and 10 symposiums focused on education, enterprise, storytelling, retail, AEC, marketing, advertising, webVR and arcades/LBE/Haptics. You can hear from Goyal on January 18 on VR and AR in retail. For more information on the conference, visit www.thevrara.com/events
Overstock.com, Inc. Common Shares (OSTK) / Series A Preferred (Medici Ventures' tZERO platform: OSTKP) / Series B Preferred (OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Pet Adoptions and Worldstock.com dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website, http://www.overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2017, which was filed with the SEC on November 8, 2017, and any subsequent filings with the SEC.
Kris Kolo, VRAR Association (VRARA)
SOURCE: Overstock.com, Inc.
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