I've been tying a few very informative videos to my about pages and have noticed a significant lengthening of time on site increase while bounce rates hovering around 38%.
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The importance of bounce rate is dependent on the type of site it is.
If you have an online store with a 70% bounce rate, that's DEFINITELY a cause for concern. If you have a blog or site about cooking recipes with a 70% bounce rate, I wouldn't really worry because there's a good chance people are landing on your blog or site, reading and finding what they need, and simply leaving.
there may be a different rate of Bounce of different category websites.
It may be lower for Forums and other informative websites and higher for online stores etc.
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True, I think it would have been nicer if it was being calculated when someone arrives to your page and just leaves. Therefore still including a visitor who just view one page but really did take time to read your content from your site. I guess that would have been better for us to detect what content is really being mostly read.
I have a blog once before about crowdsourcing which has a bounce rate of 68% I don't have any idea if what's the meaning of that 68%. But base on your discussions my question in mind was answered =)