Throughout our UI, we make use of the term "Conversion Rate" which is calculated differently in different contexts. This article attempts to summarise how conversion rates are calculated in each occurrence.
"Value of Nosto" dashboard
On this page, we've got 2 different occurrences of conversion rates:
The overall conversion rate ("Ratio of paying customers compared to all visitors"): # of orders / # of visits;
Comparative conversion rate ("Ratio of paying customers who clicked Nosto recommendation compared to all visitors"): (# of of orders where the related visit had recommendation clicked) / (# of visits that had recommendation clicked excluding bouncers), where "excluding bouncers" means "page views > 1".
Analytics - On-site Recommendations
Here, the conversion rate is specific to recommendations. It's calculated as: (# of products bought during a visit recs_bought) / (# of recommendations clicked recs_clicked).