Is cart abandonment a mystery or is there some logic behind it?
Actually, it’s a bit of both. There has been a lot of research showing why customers add items to their cart and then leave empty-handed.
It might have something to do with your checkout page. And once again, even the most intuitive websites or multi-vendor platforms like Lazada and Shopee are constantly battling the same problem.
But one thing is clear:
The lower the abandonment rate, the higher the income.
The average abandonment rate based on different e-Commerce studies is 68.81% with the latest study showing 74.52%.
But don’t worry, there are ways to significantly reduce your abandoned shopping cart.
In this article we’ll cover all about cart abandonment rates, possible reasons why you’re experiencing high abandonment rates and steps on how to minimize them.
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What is cart abandonment?
Shopping cart abandonment is an e-Commerce term that refers to incidents when a customer adds an item to their cart, but leaves your website or online store without buying anything.
This is the same scenario when you Canadian CTO CIO Email List go shopping. Sometimes there are items that you put in your cart, but eventually, they return to the shelf and don’t make it to the checkout.
In short: it’s completely normal.
However, if you calculate your cart abandonment rate and it is 60%-75% higher, then something is wrong. The good news is that it can be fixed.
How to calculate cart abandonment rate
To find out what your cart abandonment rate is, you need to know two things:
- Number of carts made
- Number of completed purchases
When you have the value, simply divide the total number of purchases completed by the number of carts created. Subtract the result from 1, then multiply by 100.
Say, you have a total of 200 carts created, and CW Leads 75 purchases completed. That would be [1-(75/200)]x100 making your cart abandonment rate 62.5%.
Abandonment rate is an important business metric that ecommerce sellers should monitor as it has a strong influence on conversion rates and revenue.