“Understanding Jewelry ECommerce Data” Series Chapters:
Part 1: Customer Lifetime Value
Part 2: Sales Conversion Rate
Part 3: Average Order Value
Part 4: Cart Abandonment Rate (you are here)
Part 5: Email Conversion Rate
Part 6: Social Media Conversion Rate
Part 7: Revenue By Traffic Source
Part 8: Customer Acquisition Cost
There are many reasons why customers will abandon your site without making a purchase. It may be a technical issues, shipping options, a clunky or lengthly checkout process, or more. Discovering whether cart abandonment is a problem for your site is a major step to improving your sales.
Cart Abandonment Rate = Number of Completed Purchases / Number of Shopping Carts Created
The first step is to make sure your website is as satisfying an experience as possible for the visitor. Major sources of frustration for visitors that cause shopping cart abandonment are unexpected costs, high shipping costs, forcing a visitor to create an account to checkout, a lengthly checkout process, and unclear return policies. Make sure you’re making it as easy as possible for your visitor to purchase from you.
The second solution is to run intelligent remarketing campaigns – like social media ads and automated email campaigns – targeted to those who abandoned their carts to come back to the site.