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What is Conversion Rate | Measurement, Tracking and Industry Standard Rate | Deepak Kapoor Marketing [Video]

What is Conversion Rate | Measurement, Tracking and Industry Standard Rate | Deepak Kapoor Marketing

What is Conversion Rate | Measurement, Tracking and Industry Standard Rate | Deepak Kapoor Marketing

What Is Conversion Rate?
For the uninitiated, the conversion rate of a website is the percentage of visitors who complete your site’s goal.

Your site goals depend on you and your website. While goals differ from site to site, yours could be someone creating an account, someone signing up for a newsletter, or a visitor paying for a product on your ecommerce site.

Assuming that 50,000 people visit your ecommerce store and 1000 of those visitors either created an account, bought something, or subscribed to your newsletter, your store has a 5% conversion rate!

How to Measure Conversion Rate?
Let’s take the example we discussed above and plug it into this equation:

1000/50,000 x 100 = 2%

Great, the formula seems to be working!

What Is a Good Conversion Rate?
In the B2B sector, the benchmark is around 1-2%
In B2C ecommerce the benchmark is 1%
In medium-value B2Cs, it’s around 2%
In low-value B2C, it’s around 3-4%

How to Track Conversion Rate?
Google Analytics is one of the many tools that can help you track your conversion rates.

You can even create a funnel in Analytics (and you should) to track your visitors at different stages of their buyer’s journey. This helps in segmenting your visitors from their first visit until they make a successful purchase.

To create your funnel, go to Google Analytics → Admin → Segments → New Segments → Sequences.

Part 2: https://youtu.be/CqHoqv8egbA

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