Funnel step conversion rate
The percent of people who make it from one funnel step to the very next one, instead of all the way through to the end.
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What it is
Overall funnel conversion tells you 3 percent of visitors bought something. Step conversion tells you where the other 97 percent went: 60 percent of product viewers add to cart, 20 percent of those start checkout, 25 percent of those pay. Each number has its own denominator, the people who reached that step, not everyone who entered the funnel.
Reach for it when the top-line rate moves and nobody can say why. Multiply the step rates together and you get the end-to-end rate, so a fix at any single step is easy to price: lift 'cart to checkout' from 20 to 25 percent and the whole funnel gains a quarter. The one step that drops far harder than its neighbors has a name, funnel leakage, and it is usually where the design work goes.
Gotcha: the lowest percentage is not always the biggest problem. A step converting at 85 percent sitting up top, where the traffic is, can lose more actual humans than a 30 percent step near the bottom. Read the rate next to the raw count, every time. Also check the funnel window: on a 24 hour window, a shopper who comes back Thursday to buy is recorded as a drop-off.
Ask AI for it
Build a step-by-step funnel report for these events in order: [event 1, event 2, event 3, event 4]. For each step show the count of unique users who reached it, the step-to-step conversion rate (denominator = users who completed the previous step), the absolute number lost at that step, and the cumulative rate from step 1. Use a 7 day conversion window, count unique users rather than events, allow other events in between, and call out the step with the largest absolute drop even when its percentage is not the worst one.