The Wix website development platform enables users to design and manage HTML5 websites in the cloud easily.
Wix products have become the go-to platform for starting and growing businesses online, with millions of users worldwide.
Wix is a cloud-based web development company that allows users to build and manage websites in a matter of minutes through an intuitive and affordable interface.
Yes! It enables you to build websites and mobile apps with the help of easy drag-and-drop functionality. This software has powerful tools for beginners and professionals, such as logos for websites, web design tools, marketing tools, and much more.
These days, it is crucial for businesses to have a presence in the digital world, advertise their presence, and fascinate users with their online presence.
A site built with Wix offers features such as drag-and-drop editing and a logo creator that can be used for designing, editing, and optimizing the site. It is, therefore, more than a simple website builder.
The drag-and-drop website builder of Wix is one of the company’s key features.
A web building software company founded in 2006, the idea was to allow anyone to build their website without knowing how to code.
Wix uses a freemium model to attract customers, then invites them to sign up for one of the company’s subscription plans.
What is Wix?
Wix is a website-building platform that allows users to create custom websites using the HTML5 standard.
Customers can use various tools, including an editor to drag and drop items, a logo creator, and push notifications.
Wix Business Model is based upon monthly membership fees. Additionally, the company offers revenue sharing for apps and mailboxes from third parties, one-time payments for logos and domain registrations, and a specialized CRM tool for business customers.
It was founded in 2006 by three Israeli entrepreneurs and has been a tremendous success so far.
Wex was one of Israel’s most successful IPOs at that time, listing on the Nasdaq stock exchange in 2013.
Currently, there are more than 190 million registered users who have created more than 160 million websites.
|Founders||Avishai Abrahami, Giora Kaplan, Nadav Abrahami|
|Headquarter||Tel Aviv-Yafo, Israel|
How Does Wix Work?
Wix is a software-as-a-service program that enables consumers to create their websites and mobile applications using the HTML5 standard.
The Wix platform includes a built-in editor that enables users to edit, drag, and drop things across all of their created pages.
This eliminates the requirement for manual coding, although users are still able to insert their code.
In most cases, customers will select from a library of pre-built templates and customize them to their specifications.
Wix offers over 500 of them in various categories, including business, fashion, photography, blogging, music, and lifestyle.
Wix also offers many other features, including domain registration, logo customization, and website hosting.
As well as this, developers can use the Wix platform to create third-party applications. These programs enhance a website’s functioning by including gimmicks such as automatic currency converters, chatbots, and weather snapshots.
Wix Business Model
It was challenging to create a website a decade ago. Nowadays, anyone could build a site to conduct business or simply show off their work; the landscape has shifted substantially in recent years. Thank you to all website creators.
It is essential to understand that not all website builders are easy to use; some require programming or design abilities or a significant financial investment.
Wix, however, does not conform to this rule. Wix is a cloud-based web development platform that enables anyone to start, manage, and grow their business.
The drag-and-drop interface, editing tools, and hundreds of designer-made templates in Wix make it easy to create any kind of website or blog.
This reduces the complexity of codes and other processes by replacing them with simple tools.
Further, it offers company logo design, website hosting, search engine optimization, and marketing services, which a company needs to outperform its competitors.
Although Wix is a free website builder, the free version has several limitations. It includes a plethora of features and premium assistance for paid consumers.
Accordingly, Wix makes a profit by charging its customers for its products and services, either on a lump sum or a subscription basis, depending on the chosen products and services.
How Does Wix Make Money?
Wix uses a freemium strategy to entice people to its platform. The company has a low variable cost of gaining new members because it is entirely online.
Wix uses a freemium strategy to attract clients.
If you subscribe to a paid membership, you gain even more functionality. The new version also provides more bandwidth and storage, removes Wix advertising, and allows linking to a private domain.
However, the enterprise has managed to optimize several revenue streams throughout the years. A subscription plan, custom logos, and a third-party application are the primary sources of revenue for the business.
Therefore, let us delve deeper into the various revenue streams that Wix utilizes.
Wix is a free tool that users can create websites. However, its offerings are somewhat limited.
Wix.com is the subdomain used by free websites so that you cannot connect your domain with it.
The following features will thus be accessible to premium subscribers:
- The removal of Wix advertisements
- Improved bandwidth and storage capacity
- It also comes with a complimentary domain (for the first year) and priority customer support. As well as numerous others.
Wix offers four different monthly plans: Connect Domain, Combo Domain, Unlimited Domain, and VIP Domain.
Additionally, Wix offers business-specific subscription levels. The feature package is comparable to that of consumer plans.
You can register your domain name with Wix. Several factors affect the cost of a domain, such as the extension, the number of years selected, and whether or not the user selects privacy protection.
When users subscribe to one of Wix’s many premium plans, they can purchase and connect domains.
Ascend By Wix
Customer Relationship Management (CRM) application Ascend businesses hosted on Wix to cultivate long-lasting relationships with their consumers and market their brand simultaneously.
This tool features many functions, such as the following:
- Keep track of prospective clients and current customers by establishing and maintaining a contact list.
- A single mailbox for all customer interactions
- Customers can use a live chat service to get help
- Provide your customers with forms so they can communicate more formally with you
- Automated processes, such as distributing emails to consumers based on preset schedules of distribution
Customers can also choose between three different subscription options for the premium plans. … and plenty others.
Customers can assign their employees their email addresses through Wix’s personalized mailboxes. You can then access the mailboxes using either Google’s G Suite or Microsoft’s Outlook.
Google and Microsoft products like Drive and SharePoint are also integrated with these mailboxes.
Customers can reply directly to customer inquiries using their mailboxes that are directly connected to their website.
Mailbox charges monthly fees for subscriptions. Subscription money is shared between Wix and Google/Microsoft since the tools collaborate with other companies.
Customers can customize their websites with the Wix logo builder, which allows them to create their own corporate or blog logos.
If they successfully make the image, they will pay only once for its download and use on their websites.
Developers can create and publish extensions to enhance the features of a Wix website.
Customers can also navigate your location using maps and advanced visitor statistics, customizable pop-ups, and live chat to obtain customer service.
There are many free tools on the website, but others require a subscription. Wix retains a portion of the premium fees charged by premium clients to developers.
What is the Funding and Valuation of Wix?
Wix is a public corporation that is traded on the Nasdaq. The firm’s market capitalization hovers around $5 billion at the time of publication.
The company raised $58.5 million in four rounds of fundraising before the IPO. When the firm went public in 2013, it raised an additional $122 million through selling $16.5 million worth of shares. Wix’s shares are currently valued at over $100, a sixfold growth over the last seven years.
What is the Revenue of Wix?
Wix reported the fiscal year 2019 revenues of $761.1 million, a 26 percent increase over the prior year. The company’s profit increased from $51.3 million in 2018 to $59.1 million in the same period.
Success Story of Wix
Wix was started in 2006 by Israeli entrepreneurs Avishai and Nadav Abrahami (CEO and COO, respectively), along with Giora Kaplan.
The company began as a website builder using Flash. During the mid-2000s, the trend of website builders exploded, with platforms like Weebly, Jimdo, and Squarespace all launching around the same time.
Initial beta testers were offered the program in 2007, but the company expanded globally in 2008.
The company grew to 3.5 million users in 2010 and was adding 400,000 new subscribers every month.
The HTML5 editor became one of the company’s most significant innovations two years later.
One of the primary disadvantages of Flash-based websites is their inability to be crawled by search engines, making them more challenging to rank.
The company went public on the Nasdaq stock exchange in 2013 and numerous other significant product releases.
It was the most extensive initial public offering ever for an Israeli company at the time.
The corporation has been on a tear ever since. The platform now has over 190 million registered users worldwide. These individuals have collectively generated almost 160 million web pages.
Key Takeaways From Wix Business Model
Wix is an Israeli web development company. The concept was created in 2013 after Nadav Abrahami, Avishai Abrahami, and Giora Kaplan encountered problems building a website for a different start-up.
The Wix platform is freemium. Individuals and corporations can subscribe to one of six paid programs to enhance their capabilities.
Wix also offers the Ascend by Wix client relationship management platform and a premium logo creation tool. The company is likely to earn a commission on premium software sales in the Wix App Market.