Wix acquires Israeli online gift card co Rise.ai
Israeli cloud-based website development SaaS platform company Wix.com Ltd. today announced the acquisition of Israeli startup Rise.ai, which has developed a gift card and customer re-engagement solution for online brands, Trend reports with reference to Globes.
Wix says that the acquisition will extend the Wix eCommerce platform, providing a full solution for merchants to manage customer re-engagement activities aimed at increasing customer spending and repurchases, including gift cards, loyalty programs, rewards and referrals.
The Wix eCommerce platform powers businesses of all types, including online stores, service providers, restaurants, events and many more. It provides merchants with a full solution to create, manage and grow their eCommerce business to sell online and in person. Using Wix, merchants can sell through multiple sales channels including web and mobile storefronts, social media, online marketplaces and physical retail locations, as well as manage and track inventory, orders and fulfillment to payment and brand marketing.
In 2020, Wix users processed over $5.4 billion in online transactions on the Wix platform, an increase of 126% over 2019. In addition, Wix eCommerce merchants saw an increase of 140% year over year growth in sales transactions in 2020 compared to 2019.
Wix eCommerce head Arik Perez said, "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."
Rise.ai founder and CEO Yair Miron added, "Customer retention has become the top priority for eCommerce brands worldwide, as acquisition costs continue to spike. Since our founding, we have powered tens of thousands of leading brands with loyalty and re-engagement solutions to grow their businesses."
Wix is led by CEO Avishai Abrahami. The company's share price is up 0.78% on Nasdaq at $291.70, giving a market cap of $16.454 billion.