Website design company Wix.com (NASDAQ:WIX) has a large presence in the United States and several other mostly English-speaking countries. But there are some big untapped growth markets the company could pursue. In this video clip, recorded on March 16, Fool.com contributor Jason Hall and analyst Bill Mann ask Wix president and chief operating officer Nir Zohar where he sees the company's growth coming from.
Jason Hall: Let's say 20 years into the future, and you think about Wix's mix now, I'm guessing that a majority is English-speaking countries. The largest is the U.S. and you said it's less than half. Where do you expect, over the next couple of decades, to see the most growth? If you want to pick a region of the world, a specific country, maybe not even Wix specific, but internet in general, websites in general.
Nir Zohar: Southeast Asia. I would say Southeast Asia.
Zohar: Again, we're talking about the growth, not necessarily about volume, right?
Zohar: But if you look at Southeast Asia, there's a bunch of countries which have big population, very high internet penetration, but are still not evolved in terms of commerce and what can really happen online due to many limitations. But I think that the limitations are coming off quickly, and also they're improving other pieces of their infrastructure for their economies to grow. If you look at countries like Indonesia, Malaysia, Philippines, Vietnam, these countries still have relatively low GDP per capita, but it's growing extremely fast. It's going to take a long time to catch up, I don't think that 20 years, less than that, but I think that's a very interesting area of growth globally.
Bill Mann: Not just the raw level of growth, but also the movement of people into however you would define the middle class within those countries.
Mann: It's so rapid.
Hall: Just a contextual thing for our viewers, we're talking about, globally, about a billion people moving into the middle class over the next decade. It's an enormous number.
Zohar: It's enormous.