What Is Your Abandoned / Aborted Cart Rate & Which Products Are In Those Carts?
We've made it super easy for you to find out
Why are abandoned cart stats improtant to your store?
How do we make use of it?
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:
- i. Just comparing prices.
- ii. No option to checkout as guest. Had to register as customer.
- iii. 'Favourite' payment option unavailable.
- iv. Higher than expected shipping/total cost.
- v. Had to attend to the baby and forgot about the cart.
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?
- a. On your Feature Settings page (for Instantestore merchants), turn on the 'Automatically Email Customers with Aborted Orders'. This is a free feature which automatically emails cusotmer to remind them that they left soomething in their cart. You can customize this email to try to convince customers to complete the purchase process.
- b. Analyze Aborted Cart Data using the Reporting feature. Specifically - Aborted Order Product Stats Summary - to find out exactly which products were in the cart when they were abandoned. This will tell you exacxtly what products customers are interested in and helps you formulate more targeted marketing campaigns.
- c. Use the information from the report to research the competition. Is your product product and shipping pricing competitive? Are competitors offering free shipping with or without caveats? Are they offering free gifts?
Settings -> Store Settings -> Feature Settings
Reporting -> Reporting Panel -> Product
Aborted Orders Stats Summary
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)