One big strength of Shopify as a platform is its Analytics pages, where you can see how important marketing and eCommerce metrics change over time. Nowadays, awareness of these metrics is a huge advantage in bringing success to a business. This series, therefore, aims to show you how to access these metrics in Shopify.
For this tutorial, we will learn how to access the conversion funnel metrics, and use them to estimate the shopping cart abandonment rate metric. To refresh your knowledge, the Shopping Cart Abandonment Rate metric is the percentage of all online shopping carts abandoned before the purchase. If you need a full review, you can read our article about shopping cart abandonment rate here.
On the Overview dashboard of the Analytics panel, you will notice a box called Online store conversion rate. The online store conversion rate gives you the percentage of the customers who completed the purchase.
The box lists the values through the conversion funnel: added to cart, reached checkout, and sessions converted. The values decrease as you go down the conversion funnel, until you reach the Sessions converted. For most industries, the Online store conversion rate is very small. It is used in conjunction with other metrics to assess the performance of the products, the business, and the brand.
The following information is listed, summarized over the specified period of time in the dashboard:
When you open the View report link on the upper-right corner of the box, the same information is given, but is both plotted as a bar graph and tabulated, each row set to a period of time specified on the upper-left portion of the page.
Another important metric is the shopping cart abandonment rate. Even if you open the View report link, the metric is not automatically calculated. Fortunately, it is easy to estimate the value of the abandonment rate. To calculate the shopping cart abandonment rate metric, get the percentage of Sessions converted, then subtract it from the percentage of Added to cart, then divide the answer by the percentage of Added to cart.
You can reduce the abandoned cart rate by following them up one-by-one. The list of abandoned carts can be accessed by clicking on the Orders option on the left panel, and then clicking on the Abandoned checkouts. It will list down the carts including the possible problems, such as payment issues. You can also send an email to remind the customer of their abandoned cart. You can learn more by reading this guide from Shopify: Recovering abandoned checkouts · Shopify Help Center
While the metrics are accessible on Shopify, checking every day, week, or month for each of these can be a pain. For those who don't look forward to manually finding numbers over and over again, you can check out our Shopify integration that will pull your conversion funnel data alongside other Shopify and eCommerce platform data! Spend more time on data analysis and less time metric-hunting with Lido.