According to a definition:”The conversion rate is the number of conversions divided by the total number of visitors.” Broadly speaking, An eCommerce conversion rate is the percentage of website visitors who purchased something from your online store in set period of time. A high conversion rate is indicative of successful marketing and web design: It means people want what you’re offering, and they’re easily able to get it. This act is called a conversion, and it’s just about the most important metric you’ll need to watch as you plan on building your business and increasing revenue.
To get a better understanding you may watch the video: