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  "documentTitle": "Leading Online Shoppers Finish Line",
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  "notes": "Uses a Venn-like diagram to show the relationship between overall and lower funnel conversion rates.",
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      "text": "Leveraging both variables enables us to jointly address critical topics in the most complete way possible",
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      "text": "Source: BCG analysis. Note: CVR = conversion rate.",
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      "text": "Overall conversion is the metric primarily used across the industry when comparing merchants and platform success. Our available external data set focuses on overall session conversion rate, defined as Overall CVR = Total number of sessions with order completed / Total number of sessions. This metric establishes a baseline from which individual variables can be isolated to determine impact on overall or lower funnel rate.",
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      "text": "Lower funnel conversion rate is the metric that Shopify most commonly uses to measure the success of checkout flow. This metric enables us to more easily identify the impact of individual variables on checkout success.",
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      "text": "Large sellers: More than $10 million in annual sales\nMedium sellers: From $1 million to $10 million in sales\nSmall sellers: From $50,000 to $1 million in sales\nVery small sellers: Less than $50,000 in sales",
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      "text": "Appendix Exhibit 1 - We Look at Both Overall Conversion Rate and Lower Funnel Conversion Rate",
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      "text": "Seller Definitions",
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