You are burning a hole in your pocket if you prioritize your web store’s designs and functionalities over its speed.
Obviously, interface design and new innovations are important in the entire scheme of any website, but do they hold more preference over speed?
Amazon will disagree.
$1.6 billion dollars – That’s how much Amazon would lose if their site slowed down by just a second.
And it doesn’t stop with Amazon.
Retail giants, Walmart has revealed that it loses conversion sharply whenever loading time on its web store declines from 1 second to 4 seconds.
We can name a couple more big companies that lose big when speed slows down, but the bottom line is that speed matters.
And here’s why:
1. Your users expect speed
According to surveys, 47% of consumers expect your web page to load in 2 seconds or less, and 40% of them will abandon the site if it takes more than 3 seconds to load.
If you think that’s harsh, there’s more.
79% of these aggrieved customers will not return to shop from you and almost half of them will tell their friends about your poor services.
So not only do you stand to lose your customers when your web store takes a longer time to load, but you also stand to lose a lot of potential customers.
And the thing is, Amazon and Walmart still lose such hefty figures, even though they are already established and recognized companies.
And, many people will still tolerate small delays when they are dealing with known brands.
Think about it. If you are using a big site like Facebook or Google and you encounter a few extra seconds of delay when opening a page, chances are, you’d cut them some slack because of their reputation.
What does this mean for smaller businesses?
Customers are less likely to tolerate the same kind of slowness from startups and smaller web stores, especially when there are many competitors that offer the same products.
So if you are not Amazon or Walmart you do not have the luxury of settling for a slow web store.
2. Slow load time affects your search engine ranking
Google is the biggest believer in speed.
In fact, they have never failed to state their commitment “to make the whole web fast”. Which is why their engineers in Palo Alto are always striving to make sure the internet is super fast and seamlessly accessible.
It comes down to one simple fact:
Your web store will not do well on Google search engine result pages if it is slow.
Of course, no one knows how Google algorithm works, but for a company that invests so much on speed and efficiency, it is more than likely that speed will be one of its ranking factors.
And even though Google has openly explained that time isn’t its largest ranking factor, they have also said that they reduce the number of crawlers sent to your site if your server takes more than 2 seconds to respond.
That being said, Google might not discover your latest product if your web store is slow, which could only mean that only a few people will see your page, and even fewer people will buy from you.
So even though a fast loading website won’t solve your SEO problems, it will ensure that you don’t get downvoted by search engines, and keep your ranking strategies on target.
3. User experience
The first impression matters, especially when you are running a web store.
A lot of website owners pay too much attention to fantastic designs and functionalities, which is great, but not at the expense of the website’s speed.
The whole idea of a good UX design is to create a seamless and fantastic experience for users, and what better way to do that than to give them access to what they want as quickly as possible?
Think about it, if you hear about a web store with awesome new products that you want, the predictable thing to do will be to check out these products as soon as possible.
However, if it starts to take a while for the page to load, it becomes boring and frustrating, right?
What I am saying is that awesome designs and functionalities are good, but a fast loading website is even better.
In other words, give your users what they are looking for, and do it fast.
4. Slow web store kills sales and conversion
Unless you are running a charity, the ultimate goal of any web store is to make a profit and to do that you need to make as many sales and generate revenue.
A slow web store will hinder your chances of doing that.
At the start of this article, we mentioned that Amazon will lose over a billion dollars if their site slowed down by just a second.
Why is the figure so big?
People tend to abandon a website when it doesn’t load fast. And considering that Amazon has millions of potential customers visit their website, they stand to lose a lot of money if these visitors do not convert.
For example, if your website gets a million visitors every month, you stand to lose about four hundred thousand of those visitors if they can’t load your page as fast as they’d want.
Think about how much impact losing four hundred thousand potential customers will have on your conversion rate, and your sales and revenue.
Summing it up
The nitty gritty of this whole article is that speed matters.
The one thing that your web store needs is a higher conversion rate, and its load time is a major contributing factor to that.
Remember, for every second of improvement to your website’s loading speed, you will experience an appropriate increase in conversions.
In this case, a few seconds can actually make a difference.
About Author: Sam Zaman loves to write on technology and related stuff. E-commerce, mobile and internet marketing equally drive her interest. Likes gardening and experimenting with new recipes. An avid reader and absolutely mad @bout donuts. She has long been associated with Mofluid