WIX Integrates WIX Restaurants Platform With DoorDash Drive

Wix.com Ltd WIX is integrating WIX Restaurants with DoorDash white-label fulfillment platform — DoorDash Drive. This will provide the restaurant owners enlisted on WIX Restaurants with access to a large delivery fleet (through APIs and custom onboarding).

The DoorDash collaboration will help restaurant owners to rationalise their operations by incoprpoating delivery to their direct ordering channel with a flat-rate delivery fee. This will also boost the profitability of the restaurant owners, noted Wix. The latest integration will enable restaurant owners to integrate vital customer inputs with purchase trends and allow customers to track their delivery status in real time.

Wix further noted that with the help of Door Dash Drive, businesses built on the Wix Restaurants platform will be able to fulfill delivery orders made on their website, Dine App and Branded App.

With DoorDash Drive integration, WIX Restaurants will have increased flexibility and more control over delivery costs and logistics by eliminating the need to have an overhead expense of a building or hiring a delivery fleet, added Wix.

Wix.com Ltd. Price and Consensus

Wix.com Ltd. price-consensus-chart | Wix.com Ltd. Quote

Booming Online Food Delivery Market Bodes Well for WIX

The increasing proliferation of smartphones and high-speed Internet along with hectic lifestyles and the development of user-friendly online food delivery applications are driving the online food delivery market demand. The coronavirus crisis also boosted the demand for online food ordering.

Consequently, restaurants are working on building a stronger digital presence to grab a bigger share of this booming market. This, in turn, augurs well for Wix Restaurants.

Wix Restaurants is a wide-ranging offering for restauranteurs that helps them build online and mobile presence including the creation of agile online ordering and reservation functionalities as well as swift payment processing systems.

It facilitates restaurants to take orders 24 hours every day of the week. Wix Restaurants also comprises marketing tools that are designed to aid restaurants in promoting their businesses.

Last year, Wix acquired SpeedETabto bolster the functionalities of the Wix Restaurants solution. SpeedETab facilitates Wix Restaurants to integrate with several well-known point of sale systems. This will enable restaurants to manage orders from various channels like online and offline as well as aid in linking up with various delivery partners and marketplace channels.

Currently, WIX carries a Zacks Rank #3 (Hold). In the past year, the stock has lost 64.5% compared with the industry’s decline of 14%.

Key Picks

Some better-ranked stocks from the broader technology sector include Broadcom AVGO, Apple AAPL and Arrow Electronics ARW. Arrow Electronics sports a Zacks Rank #1 (Strong Buy), while Broadcom and Apple carry a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Broadcom’s fiscal 2022 earnings has increased 7.4% over the past 60 days to $35.49 per share. The long-term earnings growth rate of AVGO is pegged at 14.5%.

Broadcom’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters, with the average being 1.9%. Shares of AVGO have increased 32.6% in the past year.

The Zacks Consensus Estimate for Apple’s fiscal 2022 earnings has appreciated 0.8% over the past 60 days to $6.16 per share. The long-term earnings growth rate is projected at 12.5%.

Apple’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average being 20.3%. Shares of AAPL have rallied 44.6% in the past year.

The Zacks Consensus Estimate for Arrow Electronics’ 2022 earnings has jumped 18.8% over the past 60 days to $18.48 per share. The long-term earnings growth rate is 3.1%.

Arrow Electronics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average being 19.1%. Shares of ARW have gained 7.5% in the past year

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.