ChatGPT, LLM referrals convert worse than Google Search: Study

By the numbers. The dataset consisted of 12 months (Augusut 2024 to July 2025), 973 ecommerce sites, and $20 billion combined revenue.

ChatGPT referral traffic was ~0.2% of total sessions – ~200× smaller than Google organic.
>90% of LLM-originating ecommerce traffic came from ChatGPT (Perplexity, Gemini, Copilot, etc., are were negligible).
Affiliate (+86%) and organic search (+13%) conversion rates were higher than ChatGPT; only paid social converted worse than ChatGPT.
ChatGPT trailed paid and organic search on revenue per session, but beat paid social.
ChatGPT referrals had lower bounce rates than most channels, but organic/paid search was still best on bounce rate. Session depth was generally lower than most channels.

Trendline. Conversion rate and revenue per session from ChatGPT improved, while average order value declined.

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