In short yes! While Google currently say they don’t look at analytics data for search rankings, there are other ways they can measure the success of the search results they provide. The first is Click Through Rate or CTR, from our test we have found the more clicks a website gets the better it’s rankings, this is an easy metric for Google to track. Secondly they can tell if you return to the search results and click another link after visiting your website, again it would be a negative factor if someone visited your website, then went back to Google clicked your competitors website but then didn’t go back to the search results, they would presume the competitor provided the information you didn’t. So while they MAY not be tracking conversions, the are tracking usage and user behaviour so you want to make sure when someone visits your website you are providing all the information they need about that product so they don’t go back to Google and click your competitors link.