What's the industry standard definition of an abandoned cart?

As an e-commerce store owner, cart abandonment has been my constant nemesis. Every time I look at my analytics, I see these frustrating numbers - visitors who added products to their cart but never completed the purchase. It's like they're window shopping in a digital mall, filling their virtual basket, and then just... walking away. I've spent thousands on ads driving traffic, optimizing product pages, and crafting compelling descriptions, only to watch potential revenue slip through my fingers. The financial impact is real - our team calculates that each abandoned cart represents not just a lost sale, but potentially $50-$200 in missed revenue. Some months, this could mean tens of thousands of dollars vanishing into thin air. We've tried multiple strategies: exit-intent popups, email reminders, even manual follow-ups. But understanding the precise definition of an abandoned cart feels like the first step to truly solving this conversion puzzle. Is it simply about products left in the cart? Or is there a more nuanced industry standard that can help me diagnose and address these drop-offs more strategically? I need a clear, actionable definition that goes beyond just counting uncompleted transactions.