Wix, a Software-as-a-Service (Saas) platform designed to give users the ability to make an online presence, has acquired Modalyst, a marketplace and drop-shipping platform, according to a press release. Terms of the deal were not disclosed.
With the buy, Wix will be able to keep extending its platform and connecting merchants to a wider base of suppliers, allowing them to build new relationships and source products synced directly to their store to sell online, the release stated.
Online shopping frequency has increased, so merchants now have more of a need to expand inventory and fulfill orders quicker, according to the release.
Drop-shipping, in which items are shipped directly from the manufacturer to the buyer, has been a shift for suppliers and retailers alike, boosting average order value (AOV) by 40 percent and sales revenues by 79 percent in the first four months that stores use the service, the release stated.
Modalyst’s acquisition will give Wix customers a way to connect their online store to a marketplace full of suppliers, manufacturers and wholesalers. It will consist of both name brands, trending items and independent labels, and it will come with the option to white-label products with Wix business owners’ own branding, according to the release.
Merchants will then be able to upload the products directly to their online store, coming with details and image options from the supplier that update whenever necessary from the suppliers’ changes to prices and inventory, the release stated.
After a purchase is made, the orders are packaged and fulfilled by the supplier, able to be branded into a full white-label solution, and tracking numbers are provided, according to the release.
The integration gives businesses the ability to accept payments in over 40 currencies by credit cards, debit cards, local payment options and over 80 banks around the world. Some alternative payment methods include Skrill’s digital wallet and services from Paysafe, Skrill’s parent company, like online bank transfer solution Rapid Transfer.