In the first few days of May 2021, it was announced that Wix, a leading global SaaS platform would be acquiring Rise.ai., the gift card and customer re-engagement solution for online brands. This acquisition will ultimately extend the Wix ecommerce platform, providing a full solution for merchants looking to better manage customer re-engagement activities.
The founder and CEO of Rise.ai says that it currently powers tens of thousands of leading brands with loyalty and re-engagement solutions to grow their business. Israel-based Wix explains that this move will add to the tools it already offers to help merchants better engage with their customers and provide long-term customer value.
Currently, the Wix ecommerce platform powers businesses of all types, from online stores and service providers to restaurants and events. It provides merchants with everything they need to create, manage and grow their ecommerce shop. It also ensures they are able to sell both in-person and online.
In 2020 alone, Wix users processed over $5.4 billion in online transactions on the platform. This was an increase of 126% over 2019 and likely due to the many changes the pandemic has created in payment processing trends – more shopping online, less in-store.
Further, Wix ecommerce merchants reported an increase of 140% year over year growth in sales transactions in 2020, compared to 2019. The recent acquisition is simply another step in the right direction for Wix, as the industry embraces the expectation that consumer preferences will continue to trend in the direction of contactless payments and ecommerce sales.
“We are excited to expand our offering and services as part of the Wix eCommerce strategy,” said Arik Perez, Head of Wix eCommerce.
“By providing merchants with more native tools, we can help them grow long-term customer value and revenues to build their businesses and keep optimizing and increasing profitability. Rise.ai is considered to be the best solution of its kind in the market, and the integration will enable merchants to easily manage and maintain customer engagement tools, ultimately leading to increased loyalty and revenue.”
As customer retention continues to be a top priority for ecommerce brands worldwide, industry experts say we will see many more acquisitions like Wix and Rise.ai. Merchants can also expect more and more offerings like Wix credit card processing, as processors work hard to build solutions that meet consumers shifting needs and preferences.
Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.