With everything being available at the click of a button online, it’s normal for users to have a short attention span and avoid slow loading websites like the bubonic plague. However, even a couple of seconds of extra loading time can be detrimental to a company’s entire E-Commerce website performance. An infographic created by SmartBear compiles various statistics illustrating just much a slow website can impact online sales.
Is your website slow to load?
If you website takes a while to load, the monetary consequences can be monumental. In fact, an extra second increase in the loading time of a website can result in the following:
- 11% fewer page views.
- 16% decrease in customer satisfaction.
- 7% loss in conversions.
For large online retailers, this can result in a significant loss in potential revenues. For example, the online marketplace Amazon would lose almost $1.6 Billion in sales alone just by having an extra second increase in its website loading. Before you start incorporating ostentatious elements into your website that do not improve to overall efficiency, it may be prudent to do a cost/benefit analysis of the extra features on the sites performance.
Slow websites are poor performers.
Conversion rates are the ultimate indicator of the success of any marketing initiative. The research indicates that loading times under five seconds will provide conversion rates around 1.5%. In fact, the optimal point was found to be one-two seconds, providing an impressive conversion rate of 3.5%. Unfortunately, websites with a slower load time see their conversion rates fall dramatically below 1.5%.
Consumers are transacting more online
All digital marketing trends point to the growth of E-Commerce websites and the significant increase in mobile devices being used to transact online. By 2016, it is expected that 192 million US consumers will shop online, with the major categories being apparel, event tickets, computers, digital content, sports & fitness, office supplies, video games, and jewelry & watches.
E-retail will makeup 9% of all retail sales by 2016
Additionally, it’s expected that online consumers will increase their spending by 62%. More brick and mortar stores will either adopt online marketing programs or completely make the switch to an online store. With one in four Americans only using their mobile devices to surf the web, business owners will need to make sure their websites are mobile compatible. 74% of users will leave a website after five seconds if it does not properly load on their phones.
Future of E-Commerce
Business owners need to make the transition to online marketing if they have not done so already. There is a wealth of potential available in E-retail, and leveraging the accessibility and ubiquity of mobile technology can help businesses cut on traditional overhead expenses and increase profit margins by selling through the online environment.