What is Cart Abandonment Rate, and how do you calculate it?
In short – Percentage of shopping carts created but not converted into purchases. A key marketplace metrics you should track.
Cart Abandonment Rate Formula
Cart Abandonment Rate = (Number of Carts Abandoned ÷ Number of Carts Created) × 100%
Cart Abandonment Rate measures how often customers add items to their cart but do not complete the purchase. It highlights potential issues in the checkout process.
Reducing cart abandonment can significantly increase sales. Causes may include unexpected costs, complicated checkout, or lack of payment options.
How can you find your Cart Abandonment Rate?
You should generally be able to calculate your Cart Abandonment Rate with tools you already posess. If that's not the case, signing up for an analytics tool may make sense.
Among others, twosided is one of the tools you could consider. Out-of-the-box, you'll get over two dozens marketplace KPIs and detailed tracking for your supply, demand and other factors that determine marketplace health.
Explore other metrics
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Average number of orders placed by a buyer within a specific period
Cross-Sell Rate
Percentage of transactions that include additional products or services
Supply-Demand Ratio
Ratio of available listings to active buyers
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A metric evaluating the quality of product listings based on predefined criteria
User Net Adds
Net increase in the number of users over a specific period