The three rates
All three are computed over delivered sends: mail that bounced or was dropped never had a chance to be opened, so counting it would flatter or punish an email for the wrong reason.
Open and click rates tell you whether the subject and the content are working. Click-to-open separates the two: a low open rate with a high click-to-open means the subject is the problem, not the email.
An email with no delivered sends yet has no rates at all: they’re empty rather than zero, so a new email doesn’t look like a failure.
Where they show
- Per email, on its own page, next to the preview and its recent sends.
- Across your active emails, as averages above the emails list, which is the quickest read on whether your lifecycle mail as a whole is landing.