Yes. Conversions indirectly impact a website's position in search engine results pages (SERPs). Conversions are clear indicators of a website's content and user experience, which can result in positive signals that search engines like Google may use as ranking factors.
Conversions might also lead to an increase in backlinks and social shares, which are important off-page ranking factors in SEO as per Google signals. Valuable and useful content is more likely to be shared by others, resulting in direct backlinks, which can improve the website’s authority and relevance in the eyes of search engines.