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• Top Conversion Metrics to Track in 2024

  22 janvier 2024, par Erin

  2023 boasts  2.64 billion online shoppers worldwide ; that’s more than a third of the global population. With these numbers on an upward trajectory in 2024, conversion metrics are more important than ever to help marketers optimise the online shopping experience. 

  In this article, we’ll provide predictions for the most important conversion metrics you should keep track of in 2024. We’ll also examine how social media can make or break your brand engagement strategy. Keep reading to stay ahead of the competition for 2024 and gain tips and tricks for improving conversion performance.

  What are conversion metrics ?

  In technical terms, conversion metrics are the quantifiable measurements used to track the success of specific outcomes on a website or marketing campaign. Conversion metrics demonstrate how well your website prompts visitors to take desirable actions, like signing up for a newsletter, making a purchase, or filling out a form, for instance.

  Let’s say you’re running a lemonade stand, and you want to compare the number of cups sold to the number of people who approached your stand (your conversion rate). This ratio of cups sold to the total number of people can help you reassess your sales approach. If the ratio is low, you might reconsider your approach ; if it’s high, you can analyse what makes your technique successful and double down.

  

  In 2023, we saw the average conversion rate for online shopping grow by 5.53% compared to the previous year. An increase in conversion rate typically indicates a higher percentage of website visitors converting to buyers. It can also be a good sign for marketing teams that marketing campaigns are more effective, and website experiences are more user-friendly than the previous year. 

  Conversion metrics are a marketers’ bread and butter. Whether it’s through measuring the efficacy of campaigns, honing in on the most effective marketing channels or understanding customer behaviour — don’t underestimate the power of conversion metrics. 

  Conversion rate vs. conversion value 

  Before we dive into the top conversion metrics to track in 2024, let’s clear up any confusion about the difference between conversion rate and conversion value. Conversion rate is a metric that measures the ratio of website visitors/users who complete a conversion action to the total number of website visitors/users. Conversion rates are communicated as percentages.

  A conversion action can mean many different things depending on your product or service. Some examples of conversion actions that website visitors can take include : 

  • Making a purchase
  • Filling out a form
  • Subscribing to a newsletter
  • Any other predefined goal

  Conversion rate is arguably one of the most valuable conversion metrics if you want to pinpoint areas for improvement in your marketing strategy and user experience (UX).

  A good conversion rate completely depends on the type of conversion being measured. Shopify has reported that the average e-commerce conversion rate will be 2.5%-3% in 2023, so if you fall anywhere in this range, you’re in good shape. Below is a visual aid for how you can calculate conversion rate depending on which conversion actions you decide to track :

  

  Conversion value is also a quantifiable metric, but there’s a key difference : conversion value assigns a numerical value to each conversion based on the monetary value of the completed conversion action. Conversion value is not calculated with a formula but is assigned based on revenue generated from the conversion. Conversion value is important for calculating marketing efforts’ return on investment (ROI) and is often used to allocate marketing budgets better. 

  Both conversion rate and conversion value are vital metrics in digital marketing. When used in tandem, they can provide a holistic perspective on your marketing efforts’ financial impact and success. 

  9 important conversion metrics to track in 2024

  Based on research and results from 2023, we have compiled this list of predictions for the most important metrics to track in 2024. 

  

  1. Conversion rate 

  To start things out strong, we’ve got the timeless and indispensable conversion rate. As we discussed in the previous section, conversion rate measures how successfully your website convinces visitors to take important actions, like making purchases or signing up for newsletters. 

  An easy-to-use web analytics solution like Matomo can help in tracking conversion rates. Matomo automatically calculates conversion rates of individual pages, overall website and on a goal-by-goal basis. So you can compare the conversion rate of your newsletter sign up goal vs a form submission goal on your site and see what is underperforming and requires improvement.

  

  In the example above in Matomo, it’s clear that our goal of getting users to comment is not doing well, with only a 0.03% conversion rate. To improve our website’s overall conversion rate, we should focus our efforts on improving the user commenting experience.

  For 2024, we predict that the conversion rate will be just as important to track as in 2023. 

  2. Average visit duration

  This key metric tracks how long users spend on your website. A session typically starts when a user lands on your website and ends when they close the browser or have been inactive for some time ( 30 minutes). Tracking the average visit duration can help you determine how well your content captures users’ attention or how engaged users are when navigating your website. 

  Average Visit Duration = Total Time Spent / Number of Visits

  

  Web analytics tools like Matomo help in monitoring conversion rate metrics like average visit duration. Timestamps are assigned to each interaction within a visit, so that average visit duration can be calculated. Analysing website visit information like average visit duration allows you to evaluate the relevance of your content with your target audience. 

  3. Starter rate

  If your business relies on getting leads through forms, paying attention to Form Analytics is crucial for improving conversion rates. The “starter rate” metric is particularly important—it indicates the number of who people start filling out the form, after seeing it. 

  When you’re working to increase conversion rates and capture more leads, keeping an eye on the starter rate helps you understand where users might encounter issues or lose interest early in the form-filling process. Addressing these issues can simplify the form-filling experience and increase the likelihood of successful lead captures.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  Concrete CMS tripled their leads using Form Analytics in Matomo—see how in their case study.

  4. Bounce rate

  Bounce rate reflects the percentage of visitors who exit your site after interacting with a single page. Bounce rate is an important metric for understanding how relevant your content is to visitors or how optimised your user experience is. A high bounce rate can indicate that visitors are having trouble navigating your website or not finding what they’re looking for. 

  Matomo automatically calculates bounce rate on each page and for your overall website.

  

  Bounce Rate = (# of Single-Page Sessions / Total # of Sessions) * 100

  5. Cost-per-conversion

  This metric quantifies the average cost incurred for each conversion action (i.e., sale, acquired lead, sign-up, etc.). Marketers use cost-per-conversion to assess the cost efficiency of a marketing campaign. You want to aim for a lower cost-per-conversion, meaning your advertising efforts aren’t breaking the bank. A high cost-per-conversion could be acceptable in luxury industries, but it often indicates a low marketing ROI. 

  Cost-per-Conversion = Ad Spend / # of Conversions

  By connecting your Matomo with Google Ads through Advertising Conversion Export feature in Matomo, you can keep tabs on your conversions right within the advertising platform. This feature also works with Microsoft Advertising and Yandex Ads.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  6. Average order value (AOV)

  AOV is a conversion metric that calculates the average monetary value of each order. AOV is crucial for helping e-commerce businesses understand the value of their transactions. A high AOV means buyers spend more per transaction and could be more easily influenced by upselling or cross-selling. Low AOV isn’t necessarily bad — you can compensate for a low AOV by boosting transaction volume. 

  

  AOV = Total Revenue / Total # of Orders 

  Matomo automatically tracks important e-commerce metrics such as AOV, the percentage of visits with abandoned carts and the conversion rate for e-commerce orders.

  7. Exit rate

  Exit rate measures the percentage of visitors who leave a specific webpage after viewing it. Exit rate differs from bounce rate in that it focuses on the last page visitors view before leaving the site. A high exit rate should be examined to identify issues with visitors abandoning the specific page. 

  Exit Rate = (# of Exits from a Page / Total # of Pageviews for that Page) * 100

  

  In the Matomo report above, it’s clear that 77% of visits to the diving page ended after viewing it (exit rate), while 23% continued exploring. 

  On the other hand, our products page shows a lower exit rate at 36%, suggesting that more visitors continue navigating through the site after checking out the products.

  How to improve your conversion performance 

  If you’re curious about improving your conversion performance, this section is designed to guide you through that exact process.

  

  Understand your target audience and their behaviour

  You may need to return to the drawing board if you’re noticing high bounce rates or a lack of brand engagement. In-depth audience analysis can unveil user demographics, preferences and behaviours. This type of user data is crucial for building user personas, segmenting your visitors and targeting marketing campaigns accordingly.

  You can segment your website visitors in a number of web analytics solutions, but for the example below, we’ll look at segmenting in Matomo. 

  

  In this instance, we’ve segmented visitors by mobile users. This helps us see how mobile users are doing with our newsletter signup goal and identify the countries where they convert the most. It also shows how well mobile users are doing with our conversion goal over time.

  It’s clear that our mobile users are converting at a very low rate—just 0.01%. This suggests there’s room for improvement in the mobile experience on our site.

  Optimise website design, landing pages, page loading speed and UX

  A slow page loading speed can result in high exit rates, user dissatisfaction and lost revenue. Advanced web analytics solutions like Matomo, which provides heatmaps and session recordings, can help you find problems in your website design and understand how users interact with it.

  Making a website that focuses on users and has an easy-to-follow layout will make the user experience smooth and enjoyable.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  Create compelling calls-to-action (CTA)

  Research shows that a strategically placed and relevant CTA can significantly increase your revenue. CTAs guide prospects toward conversion and must have a compelling and clear message. 

  You can optimise CTAs by analysing how users interact with them — this helps you tailor them to better resonate with your target audience. 

  A/B testing

  A/B testing can improve your conversion performance by allowing you to experiment with different versions of a web page. By comparing the impact of different web page elements on conversions, you can optimise your website with confidence. 

  Key conversion metrics takeaways

  Whether understanding user behaviour to develop a more intuitive user experience or guessing which marketing channel is the most effective, conversion metrics can be a marketer’s best friend. Conversion metrics help you save time, money and headaches when making your campaigns and website as effective as possible. 

  Make improving conversion rates easier with Matomo, a user-friendly all-in-one solution. Matomo ensures reliable insights by delivering accurate data while prioritising compliance and privacy.

  Get quality insights from your conversion metrics by trying Matomo free for 21 days. No credit card required.

• How to make your plugin multilingual – Introducing the Piwik Platform

  29 octobre 2014, par Thomas Steur — Development

  This is the next post of our blog series where we introduce the capabilities of the Piwik platform (our previous post was Generating test data – Introducing the Piwik Platform). This time you’ll learn how to equip your plugin with translations. Users of your plugin will be very thankful that they can use and translate the plugin in their language !

  Getting started

  In this post, we assume that you have already set up your development environment and created a plugin. If not, visit the Piwik Developer Zone where you’ll find the tutorial Setting up Piwik and other Guides that help you to develop a plugin.

  Managing translations

  Piwik is available in over 50 languages and comes with many translations. The core itself provides some basic translations for words like “Visitor” and “Help”. They are stored in the directory /lang. In addition, each plugin can provide its own translations for wordings that are used in this plugin. They are located in /plugins/*/lang. In those directories you’ll find one JSON file for each language. Each language file consists in turn of tokens that belong to a group.

  {
  
      "MyPlugin":{
  
          "BlogPost": "Blog post",
  
          "MyToken": "My translation",
  
          "InteractionRate": "Interaction Rate"
  
      }
  
  }

  A group usually represents the name of a plugin, in this case “MyPlugin”. Within this group, all the tokens are listed on the left side and the related translations on the right side.

  Building a translation key

  As you will later see to actually translate a word or a sentence you’ll need to know the corresponding translation key. This key is built by combining a group and a token separated by an underscore. You can for instance use the key MyPlugin_BlogPost to get a translation of “Blog post”. Defining a new key is as easy as adding a new entry to the “MyPlugin” group.

  Providing default translations

  If a translation cannot be found then the English translation will be used as a default. Therefore, you should always provide a default translation in English for all keys in the file en.json (ie, /plugins/MyPlugin/lang/en.json).

  Adding translations for other languages

  This is as easy as creating new files in the lang subdirectory of your plugin. The filename consists of a 2 letter ISO 639-1 language code completed by the extension .json. This means German translations go into a file named de.json, French ones into a file named fr.json. To see a list of languages you can use have a look at the /lang directory.

  Reusing translations

  As mentioned Piwik comes with quite a lot of translations. You can and should reuse them but you are supposed to be aware that a translation key might be removed or renamed in the future. It is also possible that a translation key was added in a recent version and therefore is not available in older versions of Piwik. We do not currently announce any of such changes. Still, 99% of the translation keys do not change and it is therefore usually a good idea to reuse existing translations. Especially when you or your company would otherwise not be able to provide them. To find any existing translation keys go to Settings => Translation search in your Piwik installation. The menu item will only appear if the development mode is enabled.

  Translations in PHP

  Use the Piwik::translate() function to translate any text in PHP. Simply pass any existing translation key and you will get the translated text in the language of the current user in return. The English translation will be returned in case none for the current language exists.

  $translatedText = Piwik::translate('MyPlugin_BlogPost');

  Translations in Twig Templates

  To translate text in Twig templates, use the translate filter.

  {{ 'MyPlugin_BlogPost'|translate }}

  Contributing translations to Piwik

  Did you know you can contribute translations to Piwik ? In case you want to improve an existing translation, translate a missing one or add a new language go to Piwik Translations and sign up for an account. You won’t need any knowledge in development to do this.

  Advanced features

  Of course there are more useful things you can do with translations. For instance you can use placeholders like %s in your translations and you can use translations in JavaScript as well. In case you want to know more about those topics check out our Internationalization guide. Currently, this guide only covers translations but we will cover more topics like formatting numbers and handling currencies in the future.

  Congratulations, you have learnt how to make your plugin multilingual !

  If you have any feedback regarding our APIs or our guides in the Developer Zone feel free to send it to us.

• How to make your plugin multilingual – Introducing the Piwik Platform

  29 octobre 2014, par Thomas Steur — Development

  This is the next post of our blog series where we introduce the capabilities of the Piwik platform (our previous post was Generating test data – Introducing the Piwik Platform). This time you’ll learn how to equip your plugin with translations. Users of your plugin will be very thankful that they can use and translate the plugin in their language !

  Getting started

  In this post, we assume that you have already set up your development environment and created a plugin. If not, visit the Piwik Developer Zone where you’ll find the tutorial Setting up Piwik and other Guides that help you to develop a plugin.

  Managing translations

  Piwik is available in over 50 languages and comes with many translations. The core itself provides some basic translations for words like “Visitor” and “Help”. They are stored in the directory /lang. In addition, each plugin can provide its own translations for wordings that are used in this plugin. They are located in /plugins/*/lang. In those directories you’ll find one JSON file for each language. Each language file consists in turn of tokens that belong to a group.

  {
  
      "MyPlugin":{
  
          "BlogPost": "Blog post",
  
          "MyToken": "My translation",
  
          "InteractionRate": "Interaction Rate"
  
      }
  
  }

  A group usually represents the name of a plugin, in this case “MyPlugin”. Within this group, all the tokens are listed on the left side and the related translations on the right side.

  Building a translation key

  As you will later see to actually translate a word or a sentence you’ll need to know the corresponding translation key. This key is built by combining a group and a token separated by an underscore. You can for instance use the key MyPlugin_BlogPost to get a translation of “Blog post”. Defining a new key is as easy as adding a new entry to the “MyPlugin” group.

  Providing default translations

  If a translation cannot be found then the English translation will be used as a default. Therefore, you should always provide a default translation in English for all keys in the file en.json (ie, /plugins/MyPlugin/lang/en.json).

  Adding translations for other languages

  This is as easy as creating new files in the lang subdirectory of your plugin. The filename consists of a 2 letter ISO 639-1 language code completed by the extension .json. This means German translations go into a file named de.json, French ones into a file named fr.json. To see a list of languages you can use have a look at the /lang directory.

  Reusing translations

  As mentioned Piwik comes with quite a lot of translations. You can and should reuse them but you are supposed to be aware that a translation key might be removed or renamed in the future. It is also possible that a translation key was added in a recent version and therefore is not available in older versions of Piwik. We do not currently announce any of such changes. Still, 99% of the translation keys do not change and it is therefore usually a good idea to reuse existing translations. Especially when you or your company would otherwise not be able to provide them. To find any existing translation keys go to Settings => Translation search in your Piwik installation. The menu item will only appear if the development mode is enabled.

  Translations in PHP

  Use the Piwik::translate() function to translate any text in PHP. Simply pass any existing translation key and you will get the translated text in the language of the current user in return. The English translation will be returned in case none for the current language exists.

  $translatedText = Piwik::translate('MyPlugin_BlogPost');

  Translations in Twig Templates

  To translate text in Twig templates, use the translate filter.

  {{ 'MyPlugin_BlogPost'|translate }}

  Contributing translations to Piwik

  Did you know you can contribute translations to Piwik ? In case you want to improve an existing translation, translate a missing one or add a new language go to Piwik Translations and sign up for an account. You won’t need any knowledge in development to do this.

  Advanced features

  Of course there are more useful things you can do with translations. For instance you can use placeholders like %s in your translations and you can use translations in JavaScript as well. In case you want to know more about those topics check out our Internationalization guide. Currently, this guide only covers translations but we will cover more topics like formatting numbers and handling currencies in the future.

  Congratulations, you have learnt how to make your plugin multilingual !

  If you have any feedback regarding our APIs or our guides in the Developer Zone feel free to send it to us.