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Stats are important because they help you formulate more effective campaigns. Abandoned carts tell you that customers went as far as checkout, filled in their shipping details and payment details but stopped short of completing the order for one rerason or another.
Here are the 5 most common reason customer abondone their carts:
People who abandoned their carts were just a click or two away from completing a purchase at your store. If they were that close, it would be a good idea to convince them to come back and complete the purchase. After all, studies have shown that up to 15% of abandoned carts can be converted.
How do you go about converting abandoned carts?
Settings -> Store Settings -> Feature Settings
Reporting -> Reporting Panel -> Product
You can aslo lookup how much the aborted cart were worth. More importantly, you can also see the aborted order rate. You would want to keep that figure as low as possible. The average cart abandonment rate is just under 70%. That means approximately 7 out of every 10 orders are abandoned. Let's put it another way.
If you've done your competitor research and you really can't compete for the products which were in abandoned carts, double down on the products which you have a clear advantage on and try to boost sales on those.
Reporting -> Reporting Panel -> Product
Here's a great way to inscrease order value - Add On Deals (PWP)