San Francisco, Feb 20 (IANS): Snap, the parent company of Snapchat, is reportedly planning to unveil its new 'augmented reality (AR) for businesses' project, at its annual developer summit in April or perhaps even sooner.

According to the sources, the concept is to enable AR shopping on clothes brands' websites by utilising Snap's virtual try-on technology and 3D asset management, reports The Verge.

This would be a whole new source of income for Snap, which needs to discover more sources of revenue if it wants to reassure sceptical investors.

Last week, the company announced that the "Ray Tracing" technology is now available in its Lens Studio to developers around the world.

Ray Tracing is a technical capability which enhances the realism of AR experiences by reflecting light on digital objects.

Meanwhile, at the company's "2023 Investor Day", Jerry Hunter, Snap's Chief Operating Officer, had said, "We are making it easier than ever to create, manage, and deploy AR advertising-- through acquisitions like Vertebrae, which provides a backend system to create, manage, and deploy 3D and AR assets."