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PageRank is not what it used to be, and is only one indicator of your site's place relative to competing with other websites with a similar theme. If you have a PR toolbar on your browser and mouse over the ranking bar, it will show PageRank 0/10 if you have none. A year ago it would show something like "PageRank displays the importance of this website", but that phrase was revised within the last year.
PageRank is updated constantly, and not in whole numbers. For a PR3 site you may have a PR of 2.5 or 2.8 at any given time. The PR display is simply rounded off to whole numbers.
The "new" numbers are released to the public (almost) quarterly to show current updates. The last two were October and then in January. There's no schedule to displaying updated PR numbers, so maybe it will happen next month in April.
Traffic is more important than PR. Converting that traffic to sales on a commercial site should be the real goal. First impressions are a good start. Be critical looking at your website to make improvements because of what I call my 5 second rule:
When people arrive on your website they will decide within 5 seconds to stay or leave.
Having the traffic is meaningless if they don't stay and at least bookmark your site for a return visit later to perhaps buy. People have so many choices that most will search for information (a solution to a problem, or need) to evaluate options, and then return to the best one to make a purchase.
Do whatever you can to be that website that creates a favorable first impression, and sales will offset your worries about PR (and high traffic). You must convert to succeed.
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