Bounce Rate Ė The % of visits, who having entered on a particular page, go no further than that page during their session.
Example: Letís say 1,000 people enter on my homepage and 150 never go any further. My homepage has a bounce rate of 15%.
Exit Rate Ė Exit rate is sort of like bounce rate that doesnít care about how you got to the page. It still relies on some page being the last page viewed within the visit session however.
Example: Letís say of the 1,000 people who viewed the product detail page today, 340 never viewed any pages afterward. That gives us an exit rate of 34%.