Here is why Wix.com nonetheless has tons of potential for development
Website builder Wix.com (NASDAQ: WIX) has grown tremendously in recent years, but there could be a lot of growth ahead of us. In this Motley Fool live video clip recorded on March 16, Analyst Bill Mann speaks to Wix COO and President Nir Zohar about the company’s greatest future growth opportunities.
Bill Mann: Because you’re talking about small businesses, and that’s an area that Wix has specialized in in the past. Could we talk a little about where all the funnels for Wix are now?
Nir Zohar: What do you mean where are the funnels?
Man: Funnels, such as the types of users who deploy and use Wix in the business and the skills.
Zohar: We now have approximately 3 million new registered users every month. The number fluctuates a little, a little higher, a little less, but with an acquisition like this, you get literally every kind of line of business to think about and every kind of skill to think about. By the way, one of the things that worked for us is that on our part, we get the event part of our business really down this year because there weren’t any events, but we had so many others that complemented it. However, if you think of the user who ran events and now needs another solution, you can find it on our platform and move on to something else with the thought that they will run events again when they can or maybe do one Career change, except for the person. I think we really are getting every type of deal you can think of in this regard. We have the hotel owners and the restaurant owners and the people who want to sell online and the people who want to sell service online and the people who want to plan or book a business service online but serve offline because they want to meet later and give you a guitar lesson. We have the people we do events, some of them go online, some of them go offline now or do a mix. We have real estate agents and we have people who put their wedding website on it, but we also have the wedding planner business who do the website for the people who are getting married. Photographers, artists, musicians, we really have everyone there. I think one of the most important things we do is keep developing this site that are not the self-creators, the people who create the website for themselves and now put a lot more effort into it, the business and side as well of the business to evolve the product which is the people or developers who create the websites for other people as essentially still the majority of the world are websites that are created by professionals or by someone for another person. It can be like a one-person freelance operation and it can be a full agency and we’d like to be able to support all of them. I think Editor X is an amazing innovation. We moved it out of beta and announced it in February last year. I remember the last time I was able to travel properly. I was in New York for the product announcement and it got into beta over the summer and got out of beta about two months ago. It’s an interesting story because, as I said, it is first and foremost coupled to Velo, which makes coding possible. The designer can have a really great tool, but it comes with something the developer can add to. It’s actually built for things to work on too. There are a number of design team collaboration features, for both internal and external agencies, to work together. When I think of the world in two or three, four years from now, I want to be in a place that has every piece of content you want to create, whether it’s something very simple, a one-pager, or a full website , it’s a complete application, it’s something that’s actually custom coded, it’s got something more complex, you can come and do it on Wix. Through the pandemic, we had these two ex-baseball players who built a business where they allow restaurants to digitalize their entire menu and link it to a QR code. You can just walk in, scan it and quickly get the full menu on your phone. You created it all, the software, and everything on Velo under one Wix website. That’s not called a website. This is usually called an application.
Man: It’s an app, yes.
Zohar: You did the whole thing on your bike. I believe we will really be the best place on the internet to have everything under one roof and take full advantage of Wix as everything is pre-installed and integrated. It’s all under our security. It’s all under our CDN, it’s redundant, it’s shipped worldwide quickly, you don’t have to worry about it. You don’t have to set up web servers and mess around with them. I think one of the advantages we have is that we built everything internally on the same code stack. If I innovate for the editor, the same innovation, the same new business logic can be used under Velo under Editor X under ADI. We also opened all of the APIs for it so you can extend it. At some point you get something that is so powerful that we could be, I would say, one of the core drivers of development for the Internet in the years to come. At least that’s what we want to be and that’s where we want to go.
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