Your eCommerce conversion rate is sitting somewhere between one and three percent. The industry benchmark for your category is probably higher and the gap between where you are and where you should be, at your traffic volumes, has a pound sign in front of it that would change the board conversation entirely if anyone had calculated it precisely.
They have not calculated it precisely. Not because the capability is absent. Because calculating it precisely requires naming the structural reasons for the gap, and the structural reasons sit in the design of the customer journey, the quality of the handoffs, the measurement assumptions, the team incentives and the technology decisions that produced the current architecture. None of those can be named without implicating the decisions that created them.
So the conversion rate sits in the reporting as a metric to improve and the improvement programme addresses the most visible symptoms and the underlying rate moves within a narrow band and the gap between current and potential remains roughly constant and continues to have a pound sign in front of it that nobody has written down.
Related reading