Wix

Wix operates a cloud-based website development and business application creation platform. The company has introduced a number of core products over the years, including Wix Editor, Wix ADI, Wix eCommerce, and Wix Code. Users can leverage the platform’s drag-and-drop interface or choose from a range of 900+ website templates (as of February 2024) to build websites for a range of functions such as online stores, portfolios, blogs, service businesses, and events. 

Wix also offers a tool named “Branded App” that provides a no-code interface for business owners to build native mobile apps to complement their websites and domain names. The app set-up integrates tools and features from the Wix sites, and the activity data from both the app and site can be synced with the Wix dashboard. 

In September 2022, Wix.com launched Wix Portfolio, a solution that provides various customizable layouts for users to create online portfolios. The layouts are based on current visual trends and can be customized for different industries and professions to enable users to match their portfolio with the look of their brand. In February 2023, the company went on to launch a search engine optimization (SEO) dashboard , which includes SEO tools, educational materials, and an integration with Google Search Console.

Moreover, In July 2023, Wix launched its "AI Site Generator” tool that enables users to describe and generate their desired website. The tool uses a combination of in-house AI and ChatGPT to create extensive websites that can include a homepage, inner pages, text, images, and even business-specific sections like events and bookings, depending on the user’s requirement.

The company has also made a number of acquisitions to expand its product portfolio and capabilities. In May 2021, Wix acquired Rise.ai, a gift card and customer re-engagement solution for online brands. Through the acquisition, merchants on the “Wix eCommerce” platform in all supported countries and currencies can embed Rise.ai’s customer re-engagement offerings to their ecommerce stores. Furthermore, it acquired Modalyst, a marketplace and dropshipping platform in June 2021 to enable merchants to access a marketplace comprising suppliers, manufacturers, and wholesalers, which can be synced directly to their stores. 

Key customers and partnerships 

Wix reported 263 million registered users and 6.3 million premium subscriptions in December 2023. It also served large enterprise customers such as Etoro, NTT, Vevo, HelloFresh, Glassdoor, and Intuit.

The company actively partners with companies to offer business solutions to its merchants in the form of integrations. These include partnerships with 1) DoorDash Drive (March 2022) to provide Wix Restaurants users access to DoorDash's delivery fleet, 2) Meta (March 2023) to include new integrations to WhatsApp, Instagram, and Messenger, which enable users to connect business accounts and respond to messages directly from the Wix dashboard, 3) Square (April 2023) to enable restaurant owners to sync their “Wix Restaurants” site with their Square account and take online orders directly from the Wix platform, 4) Stripe (September 2023) to introduce Tap to Pay functionality on Android devices and allow US-based merchants to accept contactless payments using the Wix Owner App, and 5)  Global-e Online (May 2024) to offer its merchants access to Wix’s suite of cross-border selling solutions.

Funding and financials

In 2023, the company generated USD 1.56 billion in revenue and recorded an operating loss of USD 24.4 million. Notably, the company generates a considerable share of revenue (44%) outside North America.