In marketing and sales, a conversion refers to a user taking a desired action. When an end user completes a form, becomes a paying customer, or makes a purchase, this would be considered a conversion. The conversion rate, then, means the percentage of users who complete that desired action.
This metric is used in online marketing to measure the effectiveness of advertising campaigns, website design, app design, email marketing, and so forth. For instance, an app developer may do A/B split testing with their smart installer. A split test would allow the publisher to find out which version of the installer provides a better user experience, with the aim of increasing the conversion rate.
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