What's the formula for calculating my cart abandonment rate?

As a Shopify store owner, cart abandonment has been my silent killer. I'm watching potential customers add products to their cart, get tantalizingly close to purchasing, and then... nothing. They vanish. Every abandoned cart feels like money slipping through my fingers. I've spent thousands on ads driving traffic, only to see shoppers bail at the last moment. My conversion rates are okay, but not great—hovering around 2-3%, which means for every 100 potential customers, I'm losing 97. That's brutal. I know the industry average is around 70% cart abandonment, but I'm determined to beat those odds. I need a systematic way to not just calculate my abandonment rate, but more importantly, understand why it's happening and how to recover those lost sales. Is there a precise formula? Are there strategies to turn those abandoned carts into completed purchases? I'm looking for a data-driven approach that can help me plug these revenue leaks and transform my store's performance.