According to the Baymard Institute, the average cart abandonment rate continues to be 69.57% across most industries. In some cases, it is also seen hitting a whopping 80%. That’s practically losing more than half the sales your Shopify store can generate to the shopper’s distractions or just deals from your competitors.
Now, most stores would calculate their cart abandonment rate at the end of every week or a monthly basis. But what if your store had been showing signs of shoppers abandoning purchases midway all the while?
Yes, the answer lies in data.
Here are the eCommerce metrics you should be tracking closely to reduce cart abandonment rate – before and after the cart is abandoned!
Reduce cart abandonment rate by measuring these eCommerce metrics
On-site eCommerce metrics
1. Bounce rate
The number one metric indicative of how your store is unable to keep online shoppers engaged enough is the bounce rate. That is, how many shoppers land on your store and simply leave within a few seconds or without making any interaction.
If this eCommerce metric is too high, it shows that the shopper does not see value in the product you’re selling or the offer you’re making. Either way, they’re going to explore more products across different stores, increasing the chances of cart abandonment on yours.
Go a step ahead and also analyse the bounce rate per traffic source/ channel. This will give you an idea of which channels are really bringing in the right shoppers and which simply bring in visitors who are the least likely to convert on your store.
2. Exit rate
Often confused with the bounce rate, exit rate is actually the percentage of visitors to a page on the website from which they exit the site to a different website altogether. This means that the shopper who landed on your store could have visited multiple pages before exiting. The last page they visit and exit from is what you need to analyze!
3. Page load time
Page load time is the average amount of time it takes for any of your store pages to show up on the shopper’s browser – with its complete functionalities. It’s calculated from the point when a shopper clicks on a page link to completion – when the page is fully loaded in the browser.
If your bounce rate and exit rate has been high for a while, it’s a good idea to check what your page load time looks like. If it’s too high, it’s obvious for a shopper to not wait it out so long. Instant gratification is a serious need!
The first 5 seconds of your page load time has a direct impact on your conversion rates. Website conversion rates have been seen to drop by an average of 4.42% with every added second in the load time!
4. Product page abandonment rate
Another eCommerce metric that is similar to the bounce rate, is the product page abandonment rate. The metric shows how many visitors landed directly on a product page and abandoned it without any interaction – adding to wishlist or the cart.
A high product page abandonment rate could mean multiple things. Shoppers might not be finding the information they’re looking for on the page. Your ‘buy now’ call to action might not be prominent enough to nudge them to make an interaction. Look into the minutest of aspects of conversion optimization while tracking this metric to reduce cart abandonment rate!
5. Average session duration
Most online shoppers don’t make a purchase on their first visit to a store. But they do explore what the store has to offer to them – apart from the product they were looking for in the first place. That’s why you should measure the average session duration closely.
The eCommerce metric is indicative of the average amount of time an online shopper spends on your store. It is calculated by simply dividing the total duration of all the sessions (in seconds) in a particular time period, by the total number of sessions in the same time period.
If the average session duration is too low, you know that the shopper is not engaged enough with your store. Lower the engagement rate, higher are the chances of cart abandonment.
6. Checkout conversion rate
Cart abandonment is one of the biggest challenges for Shopify stores. But a typical consumer would want to explore their options before making a purchase on a said price. That’s where you need to take a look at your checkout conversion rate.
Your Shopify store’s analytics is an untapped opportunity to grow your sales. Make your data work for you. Give RevTap a spin!
The eCommerce metric is simply a measure of the percentage of consumers who take the desired action at checkout – that is, completing the purchase.
Off-site eCommerce metrics
7. Retargeting ad conversions
Online shoppers don’t usually make a purchase on their first visit. So it’s obvious that you’ll be setting up retargeting ads to entice these shoppers to come and complete the purchase.
But not all shoppers will interact with your ads as you want them to. That’s why you need to measure a few eCommerce metrics to continually check on the performance of your retargeting ads:
- Click-through rate (CTR) – The number of shoppers seeing these ads and clicking through them to reach your site again.
- Cost per click (CPC) – The price you pay for each click generated on your retargeting ad.
- Customer acquisition cost (CAC) – The cost associated with convincing the shopper to buy a product through your retargeting ad.
- Return on advertising spends (ROAS) – The measure of how effective your retargeting campaigns are by comparing the spend to the actual revenue generated from the ads.
Also read: Are your Shopify ads really driving sales?
8. Cart recovery email conversions
Just like retargeting ads, you’re sure to have automated cart recovery emails set up on your store. But are your shoppers even opening these emails, are they exploring the offers you’re making or are you simply just spending money on automation on a channel that isn’t converting?
A few eCommerce metrics to measure cart recovery email conversions include:
- Open rate – The percentage of subscribers/ shoppers who opened your cart recovery emails.
- Click through rate – The percentage of subscribers/ shoppers who opened and clicked through your cart recovery email to reach your site.
- Unsubscribe rate – The percentage of subscribers/ shoppers who dropped out of your email list/ unsubscribed from updates.
- ROI – The overall return you generated in terms of sales and revenue from your cart recovery emails.
9. Web push conversions
Web push notifications are the latest channel for Shopify stores to communicate with its subscribers and customers. With the ability to automate push messages for cart recovery, it is obvious to include a few eCommerce metrics that measure the actual impact of this channel on reducing cart abandonment.
Here are the numbers you need to be watching if you’ve set up web push notifications for cart recovery:
- Delivery rate – The percentage of web push notifications successfully delivered to shoppers who have subscribed to updates.
- Click through rate – The percentage of shoppers from the total number of subscribers that actually click through the push message to reach your site.
- Revenue – The amount of sales and revenue you generate from the web push campaigns for cart recovery.
10. SMS conversions
Similar to email and web push, text marketing is an effective channel for abandoned cart recovery. So if you’ve set up an automated cart recovery campaign on SMS, remember to measure its effectiveness closely.
A few eCommerce metrics to tell you if your shoppers really interact with your offline messages, include:
- Delivery rate – The percentage of text messages that actually got delivered to your shoppers on the phone numbers provided.
- Click through rate – The number of shoppers who clicked through your text marketing campaign to come back and complete the purchase.
- Revenue – The number of sales and revenue generated from your SMS cart recovery campaign over a set period of time.
- Opt-out rate – The percentage of shoppers who opt out of your SMS list after each cart recovery campaign.
11. Facebook Messenger Conversions
Apart from emails, web push and SMS, Facebook Messenger is another channel that Shopify stores are starting to explore for recovering abandoned carts. While you’ll notice a lot of online shoppers subscribe to updates via Messenger, how many of them are actually interacting with your brand on it?
Here are some eCommerce metrics you should be looking into:
- Delivery rate – The percentage of shoppers/ subscribers your Messenger campaign was successfully delivered to.
Click through rate – The percentage of shoppers/ subscribers who click through your abandoned cart reminders on the Messenger.
- Customer engagement rate – The percentage of shoppers/ subscribers who interact with your Messenger campaign by replying to it.
- Revenue – The actual amount of sales and revenue generated by your Messenger cart recovery campaign.
- Opt-out rate – The percentage of shoppers who opt out of your Messenger list after a cart recovery campaign.
Reduce cart abandonment by putting data to work
It’s obvious for a Shopify store to optimize its pages for maximum conversions. It is also obvious for them to use a multi-channel marketing approach to recover abandoned carts. But pulling in data from each of the marketing apps, Google Analytics and your store can be overwhelming.
You’ll typically end up juggling between apps and platforms, collating the data on excel sheets – only for it all to be ignored later, because it’s too difficult to understand or take out actionable from!
That’s where using a Shopify analytics app like RevTap comes into play. The app connects with your store, Google Analytics and your marketing apps, bringing all the data onto one dashboard. It then analyses this data to break it up into actionable reports:
- Growth overview – How your Shopify store has grown in terms of traffic, conversions, sales and revenue over a defined period of time.
- Performance report – How well your cart recovery and other marketing campaigns have been performing across multiple channels with a clear breakdown of the revenue generated from each.
- Customer analytics – How shoppers are engaging with your marketing campaign and customer segments created based on their purchase behaviour.
- Product analytics – How each of your products and product ranges are performing over a period of time, and segments created based on the sales they’ve generated for your store.
With a birds-eye view of all your data, you know exactly why shoppers have been abandoning carts on your store. You’re also able to identify the key factors causing abandonment and what you can do to make your recovery campaigns more effective. All without having to increase your advertising budgets across multiple channels!
Ready to see how data can help your Shopify store reduce cart abandonment?