How is cart abandonment impacting my store's overall conversion rate?

I've been running my Shopify store for two years now, and I'm increasingly frustrated with cart abandonment. Every month, I see thousands of dollars slipping through the cracks. My ad spend is solid—I'm driving decent traffic to the site—but when I dig into my analytics, I'm seeing around 70% of shoppers adding items to their cart and then just... disappearing. It's maddening. I know these aren't just random browsers; these are people who were genuinely interested enough to select products. But something—maybe the price, the shipping cost, or just a moment of hesitation—is stopping them from completing the purchase. Each abandoned cart represents not just lost revenue, but wasted ad spend. I'm essentially paying to get people to my store, getting them excited about my products, and then watching them walk away at the last moment. The opportunity cost is huge. My current conversion rate hovers around 2-3%, which I know is leaving significant money on the table. I need a strategic approach that doesn't just hope customers will convert, but actively nudges them towards completing their purchase with smart, targeted interventions.