Director of Training, Host of Creator's Block Podcast, 10+ Years of Project Management Experience
February 16th, 2019
I’m sure we’ve all been there before -- shopping online, excited to buy a [insert an item you’ve been dying to get] and find yourself navigating through various sites to get the best product or deal you can find.
Then, you end on a site that, while they have exactly what you want, is incredibly slow.
Pages are loading at what feels like a snail’s pace and you immediately become annoyed and frustrated.
So what do you do?
Chances are if you’re like me, you leave the site and find another one that has either the exact same product -- or one close enough -- and give your business to them instead.
A poor online experience can directly affect your bottom line, especially when it comes to site speed.
Site Speed and Cart Abandonment
Years ago, Amazon did a test and determined that they would lose $1.6 billion per year if their site speed was just one second slower.
Studies have shown that a two-second loading delay during a transaction can result in abandonment rates up to 87% with a whopping $18 billion lost in abandoned shopping carts for online retailers.
However, let’s say the customer powers through the frustration and does successfully check out and give you their business.
As long as they're happy with their product, you can expect them to return and buy again, right?
79%of users are less likely to buy from the site again if they are dissatisfied with website performance.
And to make matters even worse, customers remember online loading time as being 35% longer than they actually are.
For example, if you’re in the technology industry and have an average load time of 11.3 seconds (yes, that’s a real industry statistic…), your customers are actually perceiving it to be 15.3 seconds.
Sit for 15 seconds and let me know if you would be willing to wait that long for a site page to load.
Check out this infographic from GlobalOwls if you don’t believe me:
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Watch Liz Moorehead’s opening keynote from the Website Optimization Summit, FREE on-demand inside IMPACT+. Learn how you may be unwittingly undermining the money-making potential of your website and how to fix it!
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