Share of wallet is the amount of funds a company commands from a customer from various product categories
for better understanding let us explain what market share means
- Share of wallet simply means that for a given product category that your company deals in, what exact amount is being spent by a customer for your own brand of products
- The summary of market share is that most of total product bought by a customer of a product or service, some amount goes to a company this is what we call the companies market share. That is, if consumers as a whole buy 100 bags and 40bags comes from one company, that company holds 40% market share.
From the above, we can therefore the answer share of wallet is the amount of funds a company commands from a customer from various product categories, is correct.
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