Conversion Rate (CR)
A conversion is simply the completion of a desired action. A conversion could be transaction-based, for example, an order placed on your website but it could equally be based on phone calls received or form submissions. When referring specifically to experiences, Conversion Rate (CR) reports the percentage of unique visitors that saw the experience and went on to convert. To accurately attribute conversions, we look at visitors from the moment they enter the experience until the moment they leave or the experience ends.
What is a conversion rate measuring in personalization?
When referring specifically to experiences, conversion rate reports the percentage of visitors that saw the experience and went on to make a purchase.
We look for conversions amongst visitors from the moment they enter the experience until the moment they leave or the experience ends.
Why is the conversion rate important?
Conversion Rate is important because it tells you about how your customers are engaging with your brand and interacting with your website or mobile app.
How do you measure conversion rate?
The Conversion Rate is a statistical estimate obtained by dividing the number of unique converters by the total number of unique visitors and then factoring in prior domain knowledge.
Conversion rate formula
Unique converters ÷ unique visitors
What can I do to increase my conversion rate?
Implementing best-practice personalization tactics are an effective way of increasing your conversion rate. Commonly-used tactics include:
- Social proof - provide confidence in the purchasing cycle by badging an item with the number of visitors that are looking at it or the amount of times it’s been purchased within a certain time period.
- Low-stock pointers - create a sense of urgency by displaying the stock level of a currently viewed item.
- Product recommendations - help customers to explore further and deeper into your product catalog by surfacing product recommendations based on their viewing and purchasing preferences.