Basic business metrics

Company is analyzing the marketing funnel for their online shopping platform, which consists of the following steps:

Step 1: Visits – Users who visit the website's main page.

Step 2: Product Views – Users who open a page of a specific product.

Step 3: Add to Cart – Users who add the product to their shopping cart.

Step 4: Checkout – Users who proceed to the checkout page.

Step 5: Purchase – Users who complete the purchase.

The company collected data for one day, and here are the numbers of users at each step:

Step 1: Visits – 5,000 users

Step 2: Product Views – 3,500 users

Step 3: Add to Cart – 2,000 users

Step 4: Checkout – 1,200 users

Step 5: Purchase – 800 users

Based on the given data, answer the following questions:

1. Calculate the conversion rate from visits to product views.
2. Calculate the conversion rate from product views to adding the product to the cart.
3. Calculate the conversion rate from adding the product to the cart to proceeding to checkout.
4. Calculate the overall conversion rate from visits to making a purchase.