Key Ecommerce Performance Metrics
The past decade has seen an explosion of data and many businesses are struggling to understand what information they should pay attention to. Ecommerce businesses are no different. With so much data available it can be difficult to understand what to focus on. As ecommerce specialists we work with retailers every day, and the relationship between site speed and sales is often surprising. Consider that:
Slow Speeds Cost Retailers Billions.
Slow webpages cost US ecommerce retailers an estimated $3 billion every year. That is a phenomenal number, especially when you consider that the difference between a fast load time and a slow load time can be just a second or two. Today’s internet traffic is impatient, and when customers are kept waiting, they tend to close their wallets.
Slow Checkout Pages Scare Customers.
As many as 44% of online shoppers report that when checkout pages are slow to load or process. they worry that something went wrong. That could lead them to abandon the transaction entirely, or make them hesitant to return in the future.
Big Decisions are Made in Seconds.
According to research, a 2-second delay during a transaction results in shopping cart abandonment rates of up to 87%. This is particularly unsettling, because it means that when customers are forced to wait they don’t just buy less, or buy unhappily, they don’t buy at all.
Patience is on the Decline.
In 2010, a page that took 6 seconds to load suffered a conversion reduction of 40%. In 2014, a page that takes 6 seconds to load experiences a 50% conversion reduction. Online shoppers are used to fast loading speeds, and they are only going to demand ever-faster speeds moving forward.
Bitter Customers Benefit the Competition.
After experiencing a negative online shopping experience, as many as 33% of customers will seek out a competitor’s site next time. That means you haven’t just lost a sale, you have driven that same sale directly to the competition. This statistic alone could be enough to make you want to fix your ecommerce performance.
Clearly, there is a direct link between site speeds and sales.
If you are trying to fix ecommerce performance, you’ll likely want to take a closer look at your website speeds and conversions. To help guide this project we’ve put together a free eBook that will help you measure, monitor and optimize your user engagement.