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.

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.

The Conversion Rate is a statistical estimate obtained by dividing the number of conversions by the total number of visitors and then factoring in prior domain knowledge.

Conversions ÷ number of visitors

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.