Jewelry ECOMM Tech
Understanding ECommerce Data #4: Cart Abandonment Rate October 29, 2019 (0 comments)
"Understanding Jewelry ECommerce Data" Series Chapters: Part 1: Customer Lifetime Value Part 2: Sales Conversion Rate Part 3: Average Order Value Part 4: Cart Abandonment Rate (you are here) Part 5: Email Conversion Rate Part 6: Social Media Conversion Rate Part 7: Revenue By Traffic Source Part 8: Customer Acquisition Cost Part 9: Percentage Of Returning Customers
Cart abandonment rate is often as high as 82%, which is a major issue for jewelry ecommerce brands and jewelry stores.
There are many reasons why customers will abandon your site without making a purchase. It may be a technical issues, shipping options, a clunky or lengthly checkout process, or more. Discovering whether cart abandonment is a problem for your site is a major step to improving your sales.
Calculating Your Cart Abandonment Rate
Cart Abandonment Rate = Number of Completed Purchases / Number of Shopping Carts Created
Improving Your Cart Abandonment Rate
The first step is to make sure your website is as satisfying an experience as possible for the visitor. Major sources of frustration for visitors that cause shopping cart abandonment are unexpected costs, high shipping costs, forcing a visitor to create an account to checkout, a lengthly checkout process, and unclear return policies. Make sure you're making it as easy as possible for your visitor to purchase from you.
The second solution is to run intelligent remarketing campaigns - like social media ads and automated email campaigns - targeted to those who abandoned their carts to come back to the site.