From our friends at HostingTribunal.com…
E-commerce is booming like never before, but at the same time the competition in this niche is getting stiffer with each passing day.
With so many options available to online consumers, they are not likely to bother themselves with e-stores which don’t provide them with a great site experience.
But that’s just the thing. Many internet marketers are still not sure about what all goes into making an awesome site experience.
Is it amazing content? Visually-appealing product images? Multiple payment options?
For sure, online buyers want all of these things, but they also want something else, perhaps more badly than the rest, and it is speed.
Research done by Nick Galov, the chief website hosting expert over at HostingTribunal.com shows that slow sites are likely to not only get fewer visitors but also have high bounce rates. According to the study, a 1 second delay in page loading causes page views to decline by 11%.
Additionally, sites that take 6 seconds to load have 106% higher bounce rate probability, compared to sites that load in 1 second. This figure is 123% for for sites with page load times of 10 seconds. Bounce rate refers to the percentage of total site visitors who leave the website after viewing just the first page.
Apart from reducing page views and increasing bounce rates, a slow page loading time can also lead to fewer repeat customers. 79% of online buyers are not keen to shop again at an e-store whose performance didn’t live up to their expectations.
To make matters worse, unhappy customers will spread the (bad) word about your business, keeping many others from engaging with you. Also, it is highly likely that your loss will turn into a god-send opportunity for the competitors. Research shows that 43% of online buyers will shop at a competitor’s site next time if they’re unsatisfied with their shopping experience.
How else does speed affect ecommerce business?
Check this fact-packed infographic which tells you all you need to know about speed’s impact on ecommerce.