Share of wallet refers to the portion of a customer’s total spending that is allocated to a particular company or brand. It is a measure of the customer’s loyalty and preference towards a specific business, product, or service. This metric is crucial for companies as it helps them understand their market share and identify opportunities for growth. A high share of wallet indicates a strong relationship between the customer and the company, resulting in repeat purchases and potential for upselling or cross-selling. Companies strive to increase their share of wallet by providing exceptional customer experiences, building brand trust, and offering competitive pricing and promotions. Ultimately, a higher share of wallet translates to increased revenue and profitability for the company.