CVR stands for conversion rate. It refers to the number of users who saw an ad and clicked on it. CVR is calculated by dividing the number of users converted by the number of users that clicked on the ad multiplied by 100.
CVR = (Number of converted users / Number of users who clicked the ad) * 100
If an app gets 1000 impressions and 25 engagements from users in the form of app install then the CVR rate will be 1.5%.
The conversion rate varies depending on cost per install and cost per engagement. The conversion rate tells the advertisers how many users were converted by their app.