> ## Documentation Index > Fetch the complete documentation index at: https://www.referly.so/docs/llms.txt > Use this file to discover all available pages before exploring further. # Conversion funnel > Follow visitors from click to sale with Referly's conversion funnel: see your overall conversion rate, where people drop off between steps, and switch the middle step between referrals and add-to-carts. The **conversion funnel** shows the journey a visitor takes from clicking an affiliate's link all the way to buying, and where along the way people fall out. It sits at the bottom of the [Program Performance](/docs/help-center/manage/analytics/performance) tab, and like the rest of that tab it reflects the [time period and filters](/docs/help-center/manage/analytics/date-ranges) you've chosen. ## The three steps The funnel has three stages, shown as bars that narrow as fewer people make it through: 1. **Clicks** — everyone who clicked an affiliate link. 2. **Referrals** — the visitors who became tracked referrals (the middle step; you can change this — see below). 3. **Sales** — the referrals who went on to buy. In the top-right corner, the **conversion rate** tells you what share of all those clicks ended in a sale — your single headline number for how efficiently traffic turns into revenue. ## See the detail behind each step Hover over any step to open its details. For each one you'll see: * **The conversion rate from the previous step** — for example, how many of your clicks became referrals. * **How many dropped off** — the number of people lost between that step and the one before it. * **Value per action** — the average revenue behind each click, referral, or sale at that step. * **Top affiliates and countries** — who and where is driving that step. This makes it easy to find the weak point. A big drop between clicks and referrals points to a traffic-quality or landing-page problem; a big drop between referrals and sales points to something in your checkout or offer. ## Choose the middle step Select the gear icon in the top-right of the funnel card to open its settings. The **Middle funnel step** toggle lets you choose what the middle stage counts: * **Referrals** — visitors who became tracked referrals in the period. This is the default. * **Carts** — unique add-to-cart events tied to affiliate clicks, so you can see how many shoppers added a product before buying. The **Carts** view only shows numbers if add-to-cart tracking is set up for your store. This setting applies to your whole program, so changing it here changes the funnel for everyone on your team. ## Choose what the sales step counts The same settings popover has a **Last step: sales** toggle that changes which sales the final step includes: * **All** — every sale in the period. * **New** — only each referred customer's first-ever purchase. * **Repeat** — only the sales that came after a customer's first purchase, such as renewals. Switching to **New** shows how well your affiliates convert fresh customers, while **Repeat** shows the ongoing value of customers they referred earlier. Unlike the middle-step choice, this toggle only changes your own view. ## Related Track clicks, referrals, revenue, and commission. A tour of the whole Analytics area. See where your affiliates come from and how they onboard. Change the period and resolution of your charts.