The revenue lost as a result of cart abandonment is referred to as abandoned revenue. Cart abandonment happens when a person browses the site, adds products to their cart, but does not finish the checkout process. Abandoned revenue is simply a monetary value assigned to all uncompleted checkouts. It's usually computed as follows:
[Average Order Value] * [Abandoned Carts]
Of course, this may be broken down much more. This is the suggested formula for estimating abandoned revenue:
* ([Cart Adds] – [Orders]) * ([Revenue]/[Orders])
No cart must be left behind
The first step in recouping your lost revenue is to learn how to determine cart abandonment rate using a formula or in Google Analytics. You can optimize the consumer journey while gaining more sales for your shop by identifying the causes behind cart abandonment.
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