The ratio of conversions over a relevant denominator.
Calculation of conversion rate requires consistency between numerator and denominator, both with units (visits or visitors) and with segments. For example, if a conversion is defined as "the number of visits where a purchase was completed," then the appropriate conversion rate would divide those conversions by the total number of visits where a purchase could have been made (typically, total visits is used). If you had counted conversions as visitors who purchased, then the denominator would be total visitors. Further,if you are considering the number of visits from affiliate links that completed a purchase, then the denominator would be total number of visits from affiliate links.
When a conversion rate is specified, it should always be made clear whether a visit conversion rate or a visitor conversion rate is being used. In general, visit conversion rate is used when the analyst is interested in conversion that happens within one visit, and visitor conversion rate is used when the concern is with conversions that happen over multiple visits.
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