A wishlist allows customers to create personalized collections of products they want to buy and save them for future reference, indicating interest in a product without an immediate intent to purchase. An example we can look at is IKEA:
IKEA's wishlist feature allows shoppers to save items that they intend to buy (but not yet) to their wishlist, this can help in increasing customer LTV. Next, the wishlist is also easily shareable. When shoppers click on 'Share these items' to share their wishlist to friends and family, it drives more traffic to the site. In addition, a wishlist allows IKEA to gain a better insight on their customer's demand which can then help prevent deadstocks.