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Although it may not occur to anyone that a wish list is a great idea, it helps your customers to keep track of products they would like but don't have the funds for or don't really "need" right now. So if they have a wish list their friends and family will be able to get them the things they want (via your web site) as gifts for birthdays and other various holidays.
This may not be the breakthrough of the century, but I love the idea and I wanted to bring it to everyone's attention because it does generate additional sales that may not otherwise occur.
Currently I'm consulting on an already developed niche site. It is as much B2B as B2C and was wondering if the Wishlist might still be worthwhile to implement.
Of course it depends on how specific the niche is. But I'm wondering on the Pros and Cons of each side, as personally I've never used an e-based Wishlist.
However, for most average websites, I think a wish list will not be so successful. I personally feel it would just add extra clutter and distract from the primary purpose of the website to make an initial sale. Probably the time and effort taken to implement it could be better spent elsewhere!
Sorry to be negative!
Having a wishlist in your merchant website may not work as well as in Amazon. I really think wishlist should be shared (XML/API, social link) so that people can include the product they saw on your site in one click in their personal page.