My bounce rate on one site is dropping already with the minor changes I made once I had done a bit of digging around on this topic. I read somewhere that Google is using over 200 metrics in their algorithm, so I suppose that it all adds up eventually.
The other point someone made was that if you use the conversion tracking in Google Analytics you are also telling Google about the type of site you are running and that might also be relevant since they can then gather data about the typical behaviour of visitors to ecommerce sites.
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