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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.

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  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.

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  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.

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

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  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.

• LGPD : Demystifying Brazil’s New Data Protection Law

  31 août 2023, par Erin — Privacy

  The General Personal Data Protection Law (LGPD or Lei Geral de Proteção de Dados Pessoais) is a relatively new legislation passed by the Brazilian government in 2018. The law officially took effect on September 18, 2020, but was not enforced until August 1, 2021, due to complications from the COVID-19 pandemic.

  For organisations that do business in Brazil and collect personal data, the LGPD has far-reaching implications, with 65 separate articles that outline how organisations must collect, process, disclose and erase personal data.

  In this article, you’ll learn what the LGPD is, including its contents and how a legal entity can be compliant.

  What is the LGPD ?

  The LGPD is a new data protection and privacy law passed by the Federal Brazilian Government on May 29, 2018. The purpose of the law is to unify the 40 previous Brazilian laws that regulated the processing of personal data.

  

  Many of the older laws have been either updated or removed to accommodate this change. The LGPD comprises 65 separate articles, and each covers a different area of the legislation, such as the rights of data subjects and the legal bases on which personal data may be collected. It also sets out the responsibilities of the National Data Protection Authority (ANPD), a newly created agency responsible for the guidance, supervision and enforcement of the LGPD.

  LGPD compliance is essential for organisations wishing to operate in Brazil and collect personal data for commercial purposes, whether online or offline. However, understanding the different rules and regulations and even figuring out if the LGPD applies to you can be challenging.

  Fortunately, the LGPD is relatively easy to understand and shares many similarities with the General Data Protection Regulation (GDPR), the data protection law implemented on May 25, 2018, by the European Union. This may help you better understand why the LGPD was enacted, the policies it contains and the goals it hopes to achieve. Both laws are very similar, but some items are unique to Brazil, such as what qualifies as a legal basis for collecting personal data.

  For these reasons, organisations should not apply a one-size-fits-all approach to GDPR and LGPD compliance, for they are different laws with different guiding principles and requirements.

  Who does the LGPD apply to, and who is exempt ?

  The LGPD applies to any natural person, public entity and private entity that collects, processes and stores personal data for commercial purposes within the national territory of Brazil. The same also applies to those who process the personal data of Brazilian and non-Brazilian citizens within the national territory of Brazil, even if the data processor is outside of Brazil. It also applies to those who process personal data collected from the national territory of Brazil.

  So, what does this all mean ? 

  Regardless of your location, if you conduct any personal data processing activities in Brazil or you process data that was collected from Brazil, then there is a high possibility that the LGPD applies to you. This is especially true if the data processing is for commercial purposes ; or, to be more precise, for the offering or provision of goods or services. It also means that subjects whose personal data is collected under these conditions are protected by the nine data subject rights.

  There are exceptions where the LGPD does not apply to data processors. These include if you process personal data for private or non-commercial reasons ; for artistic, journalistic and select academic purposes ; and for the purpose of state security, public safety, national defence and activities related to the investigation and prosecution of criminal offenders. Also, if the processed data originates from a country with similar data protection laws to Brazil, such as any country in the European Union (where the GDPR applies), then the LGPD will not apply to that individual or organisation.

  For these reasons, it is vital that you are familiar with the LGPD so that your data processing activities comply with the new standards. This is also important for the future, as an estimated 75% of the global population’s personal data will be protected by a privacy regulation. Getting things right now will make life easier moving forward.

  What are the nine LGPD data subject rights ?

  The LGPD has nine data subject rights. These protect the rights and freedoms of subjects, regardless of their political opinion and religious belief.

  

  These rights, listed under Article 19 of the LGPD, confirm that a data subject has the right to :

  1. Confirm the processing of their data.
  2. Access their data.
  3. Correct data that is incomplete, not accurate and out of date.
  4. Anonymize, block and delete data that is excessive, unnecessary and was not processed in compliance with the law.
  5. Move their data to a different service provider or product provider by special request.
  6. Delete or stop using personal data under certain circumstances.
  7. Gain information about who the data processor has shared the processed data with, including private and public entities.
  8. Be informed as to what the consequences may be for denying consent to the collection of personal data.
  9. Revoke consent to have their personal data processed under certain conditions.

  Many of these data subject rights are like the GDPR. For example, both the GDPR and LGPD give data subjects the right to be informed, the right to access, the right to data portability and the right to rectify false data. However, while the LGPD has nine data subject rights, the GDPR has only eight. What is the extra data subject right ? The right to gain information on who a data processor has shared your data with.

  There are other slight differences between the GDPR and LGPD with regard to data subject rights. For instance, the GDPR has a clear right to restrict certain data processing activities, such as those related to automation. The LGPD has this, too. But the subject of data collection automation is under Article 20, separate from all the data subject rights listed under Article 19.

  Under what conditions can personal data in Brazil be processed ?

  There are various conditions under which organisations can legally conduct personal data processing in Brazil. The aim of these conditions is to give data subjects confidence — that their personal data is processed for only safe, legal and ethical reasons. Also, the conditions help data processors, both individuals and organisations, determine if they have a legal basis for processing personal data in or in relation to Brazil.

  

  According to Article 7 of the LGPD, data processing may only be carried out if done :

  1. With consent by the data subject.
  2. To comply with a legal or regulatory obligation.
  3. By public authorities to assist with the execution of a public policy, one established by law or regulation.
  4. To help research entities carry out studies ; granted, when possible, subjects can anonymize their data.
  5. To carry out a contract or preliminary procedure, in particular, one related to a contract where the data subject is a party.
  6. To exercise the right of an arbitration, administration or judicial procedure.
  7. To protect the physical safety or life of someone
  8. To protect the health of someone about to undergo a procedure performed by health entities
  9. To fulfill the legitimate interests of a data processor, unless doing so would compromise a data subject’s fundamental rights and liberties.
  10. To protect one’s credit score.

  Much like the nine data subject rights, there are key differences between the LGPD and GDPR. The GDPR has six lawful bases for data processing, while the LGPD has ten. One notable addition to the LGPD is for the protection of one’s credit score, which is not covered by the GDPR. Another reason to ensure compliance with both data protection laws separately.

  LGPD vs. GDPR : How do they differ ?

  The LGPD was modeled closely on the GDPR, so it’s no surprise the two are similar. 

  Both laws ensure a high level of protection for the rights and freedoms of data subjects. They outline the legal justifications for data processing, establish the responsibilities of a data protection authority and lay out the penalties for non-compliance. That said, there are key differences between them.

  First, data subject rights ; the LGPD has nine, while the GDPR has eight. The GDPR gives data subjects the right to request a human review of automated decision-making, while the LGPD does not. Second, the legal bases for processing ; the LGPD has ten, while the GDPR has six. The four legal bases unique to the LGPD are : for protection of credit, for protection of health, for protection of life and for research entities carrying out studies.

  Both the LGPD and GDPR have different non-compliance penalties. The maximum fine for an infraction under the GDPR is up to €20 million (or 4% of the offender’s annual global revenue, whichever is higher). The maximum fine for an LGPD infraction is up to 50 million reais (around €9.2 million), or up to 2% of an offender’s revenue in Brazil, whichever is higher.

  6 steps to LGPD compliance with Matomo

  Below are steps you can follow to ensure your organisation is LGPD compliant. You’ll also learn how Matomo can help you comply quickly and easily.

  

  Let’s dive in.

  1. Appoint a DPO

  A DPO is a person, group, or organisation that communicates with data processors, data subjects, and the ANDP.

  Curiously, the LGPD lets you appoint your own DPO — even if they reside out of Brazil. So if the LGPD applies to you, you can appoint someone in your organisation to be a DPO. Just make sure that the nominated person has the understanding and capacity to perform the role’s duties.

  2. Assess your data

  Once you’re familiar with the LGPD and confirm your eligibility for LGPD compliance, take the time to assess your data. If you plan to collect data within the territory of Brazil, you’ll need to confirm the exact location of your data subjects. 

  To do this in Matomo, simply go to the previous year’s calendar. Then click on visitors, go to locations, and look for Brazil under the “Region” section. This will tell you how many of your web visitors are located in Brazil.

  

  3. Review privacy practices

  Review your existing privacy policies and practices, as there’s a good chance they’ll need to be updated to comply with the LGPD. Also, review your data sharing and third-party agreements, as you may need to communicate these new policies to partners that you rely on to deliver your services. 

  Lastly, review your procedures for tracking personal data and Personally Identifiable Information (PII). You may need to modify the type of data that you track to comply with the LGPD. You may even be tracking this data without your knowledge.

  4. Anonymize tracking data

  Data subjects under the LGPD have the right to request data anonymity. Therefore, to be LGPD compliant, your organisation must be able to accommodate for such a request.

  Fortunately, Matomo has various data anonymization techniques that help you protect your data subject’s privacy and comply with the LGPD. These techniques include the ability to anonymize previously tracked raw data, anonymize visitor IP addresses, and anonymize relevant geo-location data such as regions, cities and countries.

  

  You can find these features and more under the Anonymize data tab within the Privacy menu on the Matomo Settings page. Learn more about how to configure privacy settings in Matomo.

  5. Comply with LGPD consent laws without cookies

  By using Matomo to anonymize the data of your data subjects, this enables you to comply with LGPD consent laws and remove the need to display cookie consent banners on your website. This is made possible by the fact that Matomo is a cookieless tracking web analytics platform.

  Unlike other web analytics platforms like Google Analytics, which collect and use third-party cookies (persistent data that remains on your device, until that data expires or until you manually delete it) for their “own purposes,” Matomo is different. We use alternative means to identify web visitors, such as count the number of unique IP addresses and perform browser fingerprinting, neither of which involve the collection of personal data.

  As a result, you don’t have to display cookie consent banners on your website, and you can track your web visitors even if they disable cookies.

  6. Give users the right to opt-out

  Under the LGPD, data subjects have the right to opt-out of your data collection procedures. For this reason, make sure that your web visitors can do this on your website.

  

  You can do this in Matomo by adding an opt-out from tracking form to your website. To do this, click on the cog icon in the top menu, load the settings page, and click on the Users opt-out menu item in the Privacy section. Then follow the instructions to customise and publish the Matomo opt-out form.

  Achieve LGPD compliance with Matomo

  Like GDPR for Europe, the LGPD will impact organisations doing business in Brazil. And while they both share much of the same definitions and data subject rights, they differ on what qualifies as a legal basis for processing sensitive data. Complying with the GDPR and LGPD separately is non-negotiable and essential to avoiding maximum fines of €20 million and €9.2 million, respectively.

  

  As a web analytics platform with LGPD compliance, Matomo prioritises data privacy without compromising performance. Switch to a powerful LGPD-compliant web analytics platform that respects users’ privacy. 

  Get a 21-day free trial of Matomo today. No credit card required.

  Disclaimer

  We are not lawyers and don’t claim to be. The information provided here is to help give an introduction to LGPD. We encourage every business and website to take data privacy seriously and discuss these issues with your lawyer if you have any concerns.