An E-Commerce Growth Story
Wix.com (NYSE: WIX) is a top e-commerce platform helping small businesses around the world unlock online capabilities such as ordering food for delivery, consulting with a professional service via chat or video, purchasing and consuming entertainment, and new product search and discovery.
Wix’s no-code website-building business has had a busy 2021 so far. Early in the year it said it had surpassed 200 million registered users, a figure that’s still growing.
Wix is now turning its focus to premium features, its fastestgrowing segment, which it reports as “Business Solutions.” In its first quarter, revenue generated by this unit accounted for only about onequarter of the company’s total, but it grew 97% year over year.
A slew of new capabilities have been launched to further bolster this part of Wix’s platform. The company acquired a small gift card and customer reengagement company as well as a supplier marketplace and drop-shipping firm to round out its online selling and order fulfillment offerings. A new point of sale (POS) system was also unveiled, giving Wix users the ability to accept payments in person. And a new mobile app helps restaurants build their own sites so patrons can browse menus and place orders on the go.
This is a promising tech business with great long-term potential from its hundreds of millions of small business users. (The Motley Fool owns shares of and has recommended Wix.com.)