Conversion rate (quotes) is the percentage of quotes you send that end up as paid orders. It answers a simple question: of all the pricing you put in front of buyers, how much of it actually closed? It is one of the clearest signals of whether your quoting workflow, pricing, and follow-up are working.
How to calculate it
Divide the number of quotes that turned into paid orders by the total number of quotes sent, then multiply by 100. If you sent 40 quotes in a month and 12 became orders, your conversion rate is 30 percent. Decide upfront how you count edge cases: partial acceptance, quotes that expire, and re-quotes all change the number. Keep the definition consistent so the trend means something.
Why it matters
Quote volume alone tells you nothing about revenue. A shop sending 200 quotes at a 5 percent conversion rate is doing more work for less return than one sending 60 quotes at 25 percent. Tracking conversion rate helps you spot pricing that is too high, quotes that go stale before the buyer replies, or a follow-up gap after the quote lands. It also gives you a baseline to test against when you change your template, pricing tiers, or response time.
On Shopify
For B2B merchants on Shopify, the friction is usually between the quote and the checkout. If a buyer accepts a price but then has to email back, wait for an invoice, or re-enter details, you lose deals that were effectively won. Turning an accepted quote into a native Shopify draft order the buyer can pay directly removes that gap. Pairing conversion rate with open and click data (did they even see it?) tells you whether a low rate is a visibility problem or a pricing problem.
See the B2B quoting glossary for related metrics, or pricing for plan details.