Promo basket wallet share refers to the percentage of a customer's spending in promotion compared to total spending per ticket or Basket.
This metric can also be used to measure customer behavior toward an activity.
🧪 Example of Promo Basket Wallet Share
For example, suppose a store runs a promotion on a shampoo priced at $3.9, and the shampoo SOW (share of wallet) is 95%. In that case, it means that the customer only came to the store to purchase the shampoo promotion and did not make any additional purchases.
❓What Promo Basket Wallet Share is used for
This metric is used to measure the influence of a Retailer's products or Categories on a consumer's purchasing habits.
- Measurement for the Merchandising team
The Merchandising Team can use the promo basket wallet share measurement to assess their ability to select promotional products effectively. A low basket wallet share indicates poor promotional product selections and a weak promotional result.
2. Understanding consumer behavior
Analyzing promo basket wallet share can provide insights into shopper spending habits and preferences, which can help Retailers tailor their product offerings and marketing strategies.
For example, if a Retailer makes 50% of their basket through promotion, it means that 50% of the sales can generate a margin lower than other products. Retailers can use Cross- Merchandising to determine which product customers typically purchase alongside a promotional product, enabling them to display that item beside the promo product to increase the number of units in the consumer basket and balance out the margin value per basket.
3. Negotiate with the Manufacturer
Retailers can discuss promotional results with their Manufacturers. For instance, if more than 50% of customers purchase a specific product during a promotion, Retailers can use this information to increase customer attractiveness and interest in their stores, giving the Manufacturers more reasons to invest with the Retailer.
Overall, analyzing Promo Basket Wallet Share can be a valuable tool for Retailers looking to understand and improve their position in the market and retain valuable customers.
🖥️ Make it happen in Ulys CRM
How to Select Campaign in Campaign Analytics in Ulys:2 Simple Steps
Step 1: Select the Campaign Analytics under the Promotion Menu.
Step 2: Select the Option in the Filter Menu and select the KPI, Shopper type, Campaign type, Filter type, and period you want to measure.
And here it is. The Promo Basket Wallet Share indicator is reported within the performance of each of the campaigns.
• Cross- Merchandising
• Campaign Analytics