In one line
CVR (Conversion Rate) is the share of clicks or visits that turned into a desired action: conversions ÷ clicks.
Why it matters
If CTR measures whether the ad was compelling enough to click, CVR measures what happened after — whether the person actually acted. A low CVR is rarely an ad problem; it's usually a landing page, offer, or audience-fit problem.
What to watch out for
Chasing CVR alone can shrink your volume drastically. Think in terms of CVR × volume = total conversions, not the rate in isolation.
Go deeper
What to check when CVR won't budge is covered in Optimizing CVR.