What is an abandoned cart?
A shopping cart that contains buyer details but never goes through the transaction is considered to be “abandoned” by the buyer.
The visitor adds at least one or more items into the shopping cart, add contact details and proceeds to exit the store without completing the order.
Abandonment cart has completely nothing to do with the design and visibility of the website or the offers run in the advertisements. So, This requires careful attention to your store, and analysis of the exact reason users are bouncing back from the store despite clearly liking the products.
Konigle provides a complete checkout analysis tool that helps to identify your abandoned checkouts, which items are getting abandoned most often, how your average order value is trending over the last 30 days. Konigle also identifies discarded checkouts and labels checkouts as spam or via bots.
The formula for calculating abandoned cart
The abandonment cart rate is calculated as the total number of completed purchases by dividing the number of shopping carts generated. Subtract the value from 1 and then multiply by 100 for the abandonment rate percentages.
Cart abandoned rate(%) = 1 - completed purchases / shopping carts generated * 100
For example, if you have 50 completed purchases and 300 shopping carts generated, the shopping cart abandonment rate would be 83.33%.
1 - (50/ 300) x 100 = 83.33%
How abandoned carts impact your eCommerce store?
Abandoned carts have a huge impact on the profit of your e-commerce store. These are buyers who were interested in the items but yet abandoned their cart due to certain reasons and most of them are avoidable with the right decisions.
- Loss of customers and sales
- Slows down sales
- Loss in revenue
Every store has lost many shoppers from their website but very few analyse the checkouts to improve the experience and improve their checkouts.