- Retailer’s Secret Weapon for winning the shopper, Category Management
- Understanding the differences in Shopper and Consumers Insights
- Dissecting the Shopper Journey, How to Win their Hearts and Minds
- Shopper Insights 101: Accelerate Your Brand’s Success at Retail with Trip Missions
- Shopper Measures 101: Share of Wallet – Where are Your Shoppers Spending Their Money?
- Shopper Marketing and Category Management – Why your Need Both?
- How to Empower Category Management in Today’s Grocery Industry
- Unveiling Category Management Excellence with Assortment and Shelf Optimizations
What is Share of Wallet?
Share of Wallet is a crucial shopper metric for businesses, that shows where your Shoppers are Spending their money. Generally shown as a % of a shopper’s spend that a brand captures for a specific product or category.
So What?
Understanding will give one a perspective into your shoppers’ loyalty but also at the market opportunity for the category. Growing Share of Wallet for your brand optimized revenue and profitability by capturing a larger share of the shoppers’ annual spend.
Effective Strategies to Capture more
🛒 Enhance Shopper loyalty:
Building loyalty is key to encouraging more spending for a product/brand. Consider improving customer service, offering rewards programs, and engaging shoppers with personalized communications.
🛒 Cross AND Up Sell:
Offering additional products to shoppers who have already made a purchase. Showing relevant and complementary offerings can expand their Share of Wallet (also grows the retailers’ basket).
🛒 Bundle products and services:
Combining products or services provide shoppers with a more comprehensive solution, while increasing their Share of Wallet.
🛒 Continuously innovate:
Introducing new and innovative products can capture a larger portion of their shoppers’ annual spend and differentiate themselves from competitors.
My Point of View
Understanding Shopper Metrics like Share of Wallet, Buyer Conversion, Share of Wallet, # of Trips is vital to fully understanding your Shoppers’ purchase behavior.
Shopper Data combined with POS and Consumer Insights are the foundations for Best in Class Category and Channel Strategies.
We are happy to work with you to acquire, analyze, and learn how to use Shopper Data to create Category Strategies and Retail implementations.
Look up our Services page for more information on how we can help Train, Educate, or Develop Category Strategies that utilize these and other Shopper Metrics.
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