What is the Shopping Cart Abandonment Rate?
Shopping cart abandonment rate is the percentage of online shoppers who add products to their shopping cart but then leave the website without completing the purchase. It’s a crucial metric for e-commerce businesses as it indicates potential revenue loss.
Shopping Cart Abandonment Rate Formula:
Abandonment Rate = (1 – (Number of Completed Purchases / Number of Shopping Carts Created)) * 100
Formula Explained:
Step 1: Determine the number of completed purchases: This is the total number of orders placed within a specific timeframe.
Step 2: Determine the number of shopping carts created: This is the total number of carts initiated, regardless of whether a purchase was completed.
Step 3: Divide the number of completed purchases by the number of shopping carts created.
Step 4: Subtract the result from 1.
Step 5: Multiply the result by 100 to get the abandonment rate as a percentage.
Example:
If you have 100 completed purchases and 500 shopping carts created:
- 100 / 500 = 0.2
- 1 – 0.2 = 0.8
- 0.8 * 100 = 80% abandonment rate
This means that 80% of customers who added products to their cart left without completing the purchase.
Note: To get a more accurate picture of your abandonment rate, it’s recommended to calculate it over a specific period, such as a month or quarter
What is the Average Shopping Cart Abandonment Rate?
The average shopping cart abandonment rate is around 70%. This means that for every 100 people who add products to their cart, about 70 will leave without completing the purchase.
It’s important to note that this is an average, and the actual rate can vary significantly depending on industry, specific products, and other factors.
What is the Mobile Shopping Cart Abandonment Rate?
While the overall average cart abandonment rate is around 70%, it can soar to 85.65% for mobile users. This stark difference highlights the challenges faced by e-commerce businesses in optimizing the mobile shopping experience
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