P-value
The probability of seeing a difference at least this large if the change you tested had no real effect.
A p-value of 0.03 means that if the variant were truly no different from the control, a gap this big would show up only 3% of the time. At a 95% confidence level, a result counts as significant when the p-value is below 0.05.
It does not tell you how big the effect is or how likely the variant is to be better. Bayesian tools such as Elevate answer that second question directly with a probability to win instead of a p-value.
Put it to the test on your store
Test prices, themes, pages, shipping and checkout on Shopify, then ship the winning variant.
