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We are currently in the process of implementing collect code to our sites in order to be able to use with Einstein. Conversion tracking is also an ask but it seems to me they do similar things with Conversion tracking implementation seeming a bit more effort.
I am trying to figure out if it is worth it to do both or if we can get enough from collect code.
Conversion tracking seems like a lot more info will need to be added to links.
Collect Code conversion tracking is based off website traffic and doesn't tie back to any individual email job, or CTA link.
With email conversion you can set the param conversion=true and it will append the needed parameters for the website to consume and provide in the xml call. You can then do reporting on conversion from a job/link level. If you don't want to worry about using conversion=true you can add the parameters to every link in parameter manager
Implementing both is not uncommon. But it depends on your use case for reporting
