Wix has announced the acquisition of SpeedETab, a “skip the line” ordering and payment technology provider for the restaurant industry, in a bid to offer restaurants even better online services.
The move means that food outlets using the Wix platform will be able to more easily integrate their business with leading restaurant POS systems, offering a one-stop solution for managing online and in-person orders.
Wix is already popular with small businesses looking to get set up online, and this news will make it even easier for restaurants, cafes and bars to meet customer demand for online ordering — a feature that has become essential since the start of the coronavirus pandemic.
Wix Acquires SpeedETab Platform
Announced this week, Wix has purchased SpeedETab, an app ordering platform that was established in 2013.
The move, Wix states, will enable it to offer even more services to businesses looking to create a restaurant focused website. It's a growth area for the company, with many restaurants in the last year expanding their offerings online in an attempt to offer delivery and pick up options, during the pandemic.
According to Wix, its Wix Restaurants solution has seen monthly sign ups grow from hundreds to tens of thousands in the past two years, with online orders for restaurants growing by 378%.
‘We're excited to bring the online expertise of SpeedETab to join our mission of providing the best online platform for restaurants. Wix Restaurants is already the leading industry solution, and now our combined platform will provide a high value product for the new era of the restaurant industry'. – Ronny Elkayam, SVP Strategic Products at Wix.
What Will SpeedETab Add to Wix?
In acquiring SpeedETab, Wix is bolstering the current offering of its Wix Restaurant platform with more integration and features.
One of the things that SpeedETab has excelled at is functionality with POS systems, and in folding the platform into its Wix Restaurant platform, Wix will now be able to offer a more holistic approach than ever to the food ordering process for customers, allowing business owners to manage online and offline orders in one place.
The tech will also allow restaurants to connect directly with delivery partners, all in one places, without the need for separate, dedicated solutions.
‘Since inception, SpeedETab has been focused on empowering restaurants to increase revenue, engage with their customers, and provide a superior guest experience. As part of Wix Restaurants, we look forward to making it easier than ever for any restaurant to have all the digital tools they need to succeed in one place'. – Adam Garfield, CEO of SpeedETab
The Pandemic Effect on The Restaurant Industry
With the ongoing pandemic of the last year, it's been a rocky road for many restaurants and catering industries. Faced with shuttering their physical stores, many have had to adapt or die, and the move online has allowed them to not only continue operating, but also reach a huge new audience.
According to Grubhub, consumers using its delivery platform rose from 20.3 million in 2019 to 27.5 million in 2020, an increase of 35%.
With the effect of the pandemic being felt by the industry (around 17% of restaurants have closed as a result of the pandemic), anything that can offer new opportunities and make the process as smooth as possible is to be welcomed. The acquisition of SpeedETab by Wix looks like a net positive for businesses who want to expand their online offering, and do it all from one place.
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