Both have a different function:
In short:
Bounce: Visitor does NOT like the shit at the first sight. a.k.a. "shit in , shit out"
Time on Site: Visitor likes what he sees if the time is significant. If it is short, then he does not like most of the shit and leaves, If the time is long he likes the content. 15 minutes and more is considered good. Anything less is still " shit in , less shit out".
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