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Conversion tracking tests allow you to track unique website visitor data and measure what percentage of the visitors are actually converting on your website.
A conversion tracking test is used to collect existing website traffic and conversions, and to understand visitor behavior. The data you collect through a conversion test will set up the baseline for your optimization efforts, using which you can identify what users are doing on your website, at which point they are dropping off, where they are spending most time, and other observations.
Conversion tracking is also useful when you are not sure about website traffic and the existing conversion rate.