Is AI Cutting Into Your SEO Conversions?

Since March 2025 in the U.S. (and May elsewhere), many sites have noticed an uncomfortable pattern: organic conversions slipping.

It’s easy to blame falling traffic from Google’s intensified AI Overviews.

But purchase intent doesn’t just vanish. Does it?

If your conversions are holding steady, congratulations. If they’re not, the reasons may be more layered than you think.

In today’s Memo, I’m breaking down the five biggest forces I see behind SEO conversion declines across industries:

• Loss of top-of-the-funnel (TOFU) traffic (and why…