As Bill Gates once said:
Knowing your numbers’ is a fundamental precept of business.
Here at Recart, we’re all about the numbers. Just head over to the Dashboard and you’ll find a ton of useful ones.
But we also realise this:
Having access to important data and knowing what to do with it are two entirely different things.
Which is why, in this short article, we’ll outline everything you need to know in order to understand the numbers, analyze your cart abandonment stats, and generate more revenue on your e-commerce site.
Let’s start with your Dashboard
The Recart Dashboard provides you with a nicely formatted overview of your cart abandonment data points.
These numbers are shown for the date range you specify – which is by default set to the last 30 days.
Here's the important part:
What do these terms actually mean?
Let’s talk about money
Recovered Revenue: This is the most important information about how Recart performs on your store. It’s the amount of money that Recart has recovered for you from cart abandoners. Simple as that.
Lost Revenue: All the precious money you’ve lost due to cart abandonment. We count every visitor who adds at least 1 item to their cart, but for some reason didn’t finish the order.
As the name suggests, the abandonment stats tell you everything you need to know about the behaviour of your cart abandoners.
These are the most important things to note here:
Started Checkout: A tally of how many visitors on your site have added at least 1 item to their cart.
Abandoned Cart: The number of started checkouts that haven’t been completed.
Abandonment Rate: The ratio between Abandoned Carts and Started Checkouts. The average cart abandonment rate is 74%, so if yours is below – you’re doing something right!
Abandoned Cart With Email: How many cart abandoners could Recart identify with email address’? This data point shows you the exact value.
Sidenote – Recart captures email addresses with 4 thrifty tools:
Add to Cart Popup
This tool captures email addresses when someone adds a product to their cart. The popup jumps to life right after the user clicks on the Add to Cart button, and it requires a valid email address to continue.
Checkout Tracking monitors emails on your checkout page in real time, without the user even having to hit the Submit button. If someone types an email address but doesn’t continue, Recart will capture it anyway. Groovy.
Recart is constantly seeking for entered email addresses on your site. When your customer signs up to your newsletter or enters their email for coupons on a popup etc. Recart will capture that email address and pair it to the customer. If that customer ever happens to abandon a cart in the future, the cart recovery email sequence will work its magic.
Recart tracks your login page for email addresses. If someone logs in with a valid email address, Recart pairs the email to the user. Again – any future cart abandonment will trigger the email sequence.
Identifiable Rate: The ratio between Abandoned Carts With Email and Abandoned Carts. If this number falls below 40%, we suggest to turn on the Add to Cart Popup.
Recovered Carts: The total number of carts Recart recovered during that period. A recovered cart is a cart that has been abandoned before, but was clicked on via GhostMonitor’s recovery email and then completed. Note: The more Abandoned Carts With Email you have, the more Recovered Carts you’ll enjoy.
Conversion Rate: The ratio between Recovered Carts and Abandoned Carts With Email. It’s below 5%, feel free to get in touch and one of our friendly team members will be on hand with some useful suggestions for you.
Your Basic Email Analytics page
Your email stats enable you to measure the effectiveness of your cart recovery emails. Track and tweak them over time to find the formula that works best for you.
Useful stats include:
Emails sent: Recart recovery emails sent to cart abandoners in the period you set. (Last 30 days by default, as above).
Open rate: The ratio between All successfully sent emails / Unique opens. To give you benchmark, the average is 51%.
Click rate: The ratio between All successfully sent emails / Unique clicks. Averages out at 15%.
Bounce rate: The ratio between Bounced emails (wrong address) / All successfully sent emails. This will typically be around 0%.
All fascinating stuff huh?
But we don’t stop there…
You’ll find even more interesting facts and figures on your Abandoned Carts page.
Abandoned Carts Page shows all your abandoned carts. One by one.
Under normal circumstances they float by your site unnoticed, never engaging. Never actually making a purchase.
But at Recart, we want to change that.
On your Abandoned Carts page, we list every single cart abandoner – those with and without email address’.
Click on a row, and more juicy details are revealed. You can check your abandoners’:
- First seen date
- Last seen date
- Add to Cart time
- Recovered time
- Entire cart with all products and prices
- Cart recovery link so you can send it manually if you like
All of this information and more will allow you to analyze your cart abandonment deeper than ever before, and get results like you could never imagine.
Pro tip: Click on the “Has Phone” filter and call your cart abandoners. Offer them a helping hand, and ask them if there were any problems preventing them from checking out. Why did they decide not to make a purchase? Believe it or not, most people will be happy to have you on the phone. We still do this on our stores and we typically see 40-50% conversion rate!
Over to you!
That’s your comprehensive guide to all things Dashboard related – I hope it was useful for you!
The main takeaway is this:
By being able to measure and track important stats like your Abandonment Rate and Lost Revenue, you can take the necessary steps to make improvements, and ultimately make more sales.
If you have any questions whatsoever, please feel free to shout it on your Dashboard!