The Wix (NASDAQ:WIX) eCommerce solution provides customizable branded storefronts and carts, multi-channel sales, dropshipping, native payment processing via Wix Payments, analytics, and fulfillment and shipping capabilities.
Customers can choose to extend the solution with Ascend by Wix, a CRM and marketing product suite, and Corvid by Wix, a web development platform.
Citi analyst Nicholas Jones calls the announcement “favorable given the current macroeconomic backdrop and the accelerated trends benefiting eCommerce.”
Jones says the new services should help Wix compete with Shopify and fuel continued elevated demand.
Citi maintains a Buy rating and $220 price target for Wix, which has a Bullish average Wall St. Analysts rating.