Speed! We all have a need, a need for speed. In our day-to-day life the one thing that is constantly being improved in almost every aspect of life, is speed. Whether it is online shopping, food delivery, or online dating.
As consumers are more demanding than ever before, it is really important to try to meet as many of these consumer demands as possible to avoid losing your potential customers to your competitors.
One of the most important consumer demands that are lethal for your online store to meet is that your store has to offer fast performance & speed.
Studies from Google about how mobile page speed affects the bounce rate shows that a site’s bounce rate increases for every second it takes to load a page.
We all know that an online store with slow performance & speed is really annoying and it would probably make you abandon the site if the loading time is too long.
How page speed affect bounce rate
The study from Google showed the mobile load time effect on the bounce rate. If your loading time on your landing page is within 1-3 seconds it will increase the bounce rate by 32%. If the loading time is up to 5 seconds it will increase by 90% and up to 6 seconds it will increase 106% and finally up to 10 seconds of loading time will increase the bounce rate by 123%.
This shows that you are risking a big loss of potential customers if your site performance and speed are not fast enough.
How fast an online store page should load
A landing page with a lot of high-quality pictures would probably take a longer time than just a landing page with plain text. You should think that it is okay for the landing page with high-quality pictures to take longer than the plain one, but none of that really matters as the consumers and your potential customers are not taking any of these facts into account, because they don’t want to wait.
Studies from Skilled based on a survey, showed that almost half (47%) of customers expect that your online store will be finished loading within two seconds. 64% expect that your online store will be finished loading within four seconds. The survey also showed that 79% of customers who are “dissatisfied” with web performance are less likely to buy again.
As people often share a crowded Wi-Fi connection or limited bandwidth, these demands might be unreasonable to the online stores, but to them, it does not matter what is unreasonable or not, so if you are trying to make sales, then lowering your page load time is critical.
The difference a second makes in e-commerce
The survey from Skilled showed that an improvement in load time of just one second can leave you with an overall 7% gain in conversions. This means if a site makes $100.000 per day, a one-second improvement will gain you $7.000, but a delay of a one-second the opposite.
Besides risk losing $7.000 with just a one-second delay, you also risk that a slow-loading site will have a negative impact on your searchability. With paid search, for example, a slow landing page lowers your Google Ads Quality Score, which means a higher cost-per-click and thereby higher costs.
How to improve your site performance & speed
With these factors in mind, let’s see how you can make improvements to your online store and its performance & speed, so you don’t risk losing potential customers and turnover, because your website is not performing good enough.
Shopify which is one of the world’s leading commerce platforms for businesses, provides you with 13 ways to improve your e-commerce site performance & speed.
Want to read more interesting e-commerce news? Go to ANYDAY’s blog.