What is Conversion Rate ?
Businesses develop and maintain websites to fulfil their commercial goals. ‘Conversion Rate’ refers to the rate of people who fulfil these goals vs. the number of people visiting the website.
Mostly, these goals are related to business, for example, buying something directly from the website. However, other goals might also be set by the web admins like getting the visitors to sign up for the newsletters, leaving their contact details, ordering a free demo, etc. Sometimes, the goals might even be offline. For example, car companies mention their dealership locations on their websites to attract visitors to the brick and mortar shops.
When we divide the number of people who have fulfilled the goal for a certain time by the number of people who have visited our website during the same period, we will be able to calculate the ‘Conversion Rate’ for that particular period.