Cart Abandonment rate refers to the percentage of people who add a product to their cart but don't complete a purchase.
Several factors contribute to a high shopping cart abandonment rate. The top 5 reasons for abandonments during checkout are high extra costs (shipping fees, taxes), account-creation required, long/complicated checkout, unclear pricing and untrustworthy site. Besides these, other possible causes include slow delivery, slow website loading, lack of payment methods, and an unsatisfactory returns policy.
Abandoned carts can directly impact your business growth. According to Forrester's research, Shopping Cart Abandonment causes E-commerce stores to lose $18 billion in sales revenue every year. That's more than the net worth of Tobi Lutke, CEO of Shopify. As a Shopify store owner, one of your primary goals should be abandonment reduction.
The average Shopping Cart Abandonment Rate globally is 68.73% (Source: Dynamic Field).
You can decrease your Shopping Cart Abandonment Rate by creating email flows that are triggered when a user has an open cart for over a certain amount of time. For example, if a user has not checked out the items in their cart after 24 hours, send them an email prompting them to complete their purchase.
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