Am I misunderstanding website conversion rates?

Am I misunderstanding website conversion rates? Just read that e-commerce websites generally convert between 1% - 5%. I assume that in the context of e-commerce, in most cases what is meant by "conversion" here is that a sale is being made (not a newsletter-conversion). But what baffles me is that this seems incredibly high? If I get 20.000 monthly visitors, and I assume a "low" conversion ra...

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