What is Wallet Share in Retail? Explained

Wallet share in the retail industry signifies the proportion of a customer's total spending allocated to a specific retailer. It represents the percentage of a customer's overall budget devoted to a particular brand or store. Retailers strive to increase their wallet share by delivering compelling products, services, and experiences, encouraging customers to spend a larger portion of their budget with that specific brand. Strategies such as building loyalty, providing exceptional customer service, and offering unique value propositions are employed to enhance wallet share and cultivate enduring relationships with customers.