Israel’s highly successful do it yourself website hosting service Wix (Nasdaq: WIX), a leading global SaaS platform to create, manage and grow an online presence, has just acquired Israeli startup Rise.ai, the gift card and customer re-engagement solution for online brands. Wix states that this acquisition will extend its 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 purchase price for Rise.ai was not disclosed. Wix’s share price is up and the company currently has a market cap of more than $16.5 billion.
Founded in 2015, Rise.ai (formerly GiftWizard) boasts that it empowers fast-growing brands with the first automated branded currency solution – gift cards, rewards, store credit & incentives. Rise.ai calls itself a strategic re-engagement solution that provides brands and retailers with a “unique currency of their own.” Powered by Artificial Intelligence, Rise.ai helps merchants grow by retaining customers and increasing their average spending.
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“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.”
“Customer retention has become the top priority for eCommerce brands worldwide, as acquisition costs continue to spike,” said Yair Miron, founder and CEO of Rise.ai. “Since our founding, we have powered tens of thousands of leading brands with loyalty and re-engagement solutions to grow their businesses. We are now thrilled to join Wix and bring Rise.ai to hundreds of thousands of online stores around the globe and help them rise.”
We hope that attending a live show will soon be a reality. In the meantime, get your fix by exploring #Wix photographer @Misdeal_Vestil‘s onstage portraits — there are some big names behind these silhouettes >> https://t.co/HG7Neqbyjp pic.twitter.com/89rtHHrCJq
— Wix (@Wix) May 4, 2021
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.
The company explains that the acquisition of Rise.ai will provide Wix eCommerce merchants with its own fully native customer re-engagement solution. Wix eCommerce merchants will be able to easily access the full suite of tools for their Wix eCommerce stores. These tools will significantly help them grow long-term customer value by increasing customer retention through loyalty programs. Strong customer re-engagement tools help increase order frequency, grow AOV (Average Order Value), drive repeat sales and build customer relationships by providing value throughout the customer journey.