Retail Personalization 2021 ultimate Guide

Shopping cart abandonment is when a high-intent shopper visits an eCommerce website, adds at least one or more products to the shopping cart, and proceeds to exit the website without completing the purchase. Products that are added to the shopping cart but are not purchased are considered to be “abandoned” by the shopper.

Shopping cart abandonment has absolutely nothing to do with the visibility of the website or the offers run in the advertisements. So this cart abandonment problem cannot be solved by giving away more freebies. This requires a careful analysis of why exactly users are bouncing away from the website despite clearly liking the products.

88% of Web buyers say that they have abandoned an online shopping cart without completing a transaction.
– Forrester

How to Calculate the Shopping Cart Abandonment Rate?
Ecommerce cart abandonment rate can be calculated and monitored by ecommerce retailers to understand specific reasons for increase/decrease in revenue. This helps in understanding the percentage of purchase intent showcased by the visitors of the site, who don’t buy even after having items in the cart.

Shopping cart abandonment rate = [ 1- (total no. of completed purchases/number of carts created) ] x 100%

Cart Abandonment Rate is calculated by dividing the total number of completed purchases by the number of shopping carts created. Subtract the result from one and then multiply by 100 for the abandonment rate.

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Retail Personalization 2021 ultimate Guide

Retail personalization is the process of providing every shopper with a unique journey across every single touchpoint and channel, based on historical data and real-time shopper intent, powered by customer and product Intelligence. The ultimate goal of personalization in retail is to make shoppers feel unique, special, and emotionally connected, to improve their shopping experience.

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