After you define and create your events, you must choose the ones that will be considered conversions. You can find both events and conversions in the Admin section of GA4.
And to do that, you must understand the difference between them. Basically, all conversions are events, but not all events are conversions. Confused? Allow us to clarify: an event is considered a micro conversion, that is, a minor action performed by a user that doesn’t lead directly to a conversion at that moment. It act as a touchpoint within the user journey. Examples of these actions include button clicks, scroll depth, newsletter submissions, video watching, etc. These actions can bring results, but in the long run.
On the other hand, a conversion is an action that brings revenue or potential revenue in the present moment. These are macro conversions, and it could be a purchase, or a form submission, for instance from someone asking for a quote. So, to conclude, events are small touchpoints and conversions bring revenue in the present moment.
It is normal to have more events than conversions, since conversions are very specific actions. So which ones should you choose as conversions? Well, again, it depends mainly on the business objectives and the website. By now you should understand the difference and be able to choose between both.
When you create an event, it can take a few hours to start receiving data. Also, when you create it, in the “Events” section, you can then choose which ones will be considered conversions. And to do so, you just have to “mark them as conversions”.