Every startup has one key metric to grow their business to the next level.
For eCommerce, the key metric is sales conversion rate. Your conversion rate is the percentage of visitors who make a purchase.
For most sites, the conversion rate is 1 to 5 percent. You can find it manually by dividing the number of people who bought a product by the total number of visitors.
In many sites, there are micro-conversions going on throughout the site that lead to a purchase. For instance, a user clicking on a product on a category page is a microconversion, because it takes the customer down the path to a sale.
You can use these smaller conversions to better understand your overall conversion rate.
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Hall T. Martin is the Director of Investor Connect which is 501c3 non-profit dedicated to the education of investors for early stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.