Website Speed Matters! We all have heard this for a long time, but now in this decade, it will be even more critical than expected for website-first businesses. Considering the telecom innovations, Devices computation power optimisations and Gen-Z, website speed will require a massive makeover in the coming years.
I remember visiting an e-commerce website, which took around 3 sec to load on my mobile device. The product offering on the Website was similar to what I was looking to purchase, and I bought that product. The whole process from discovery to checkout took at most 10 secs. The only reason I bought that product from that Website is that the speed and Accessibility of the Website were super smooth, unlike the other websites having a load time of 10-20 secs on mobile devices with the same product.
As per the research and the studies from the last couple of years, below are some statistics that one should know if they are vested in Website first business:
As you can see from the above image, if any website takes more than 5 secs to load, conversion is already minimised by more than 20%, which is half of a fast website.
As per the above data, the e-commerce conversion rate decreases by an average of 0.3% for every additional second it takes for your website to load.
Consider If 1,000 people visit your Website to buy a $50 product. This could demonstrate the difference in your potential revenues:
In nearly 4 seconds, potential sales have dropped by just over $1,190.
Multiply that across more visitors to the Website looking at potentially higher-priced products and services, which results in significant gaps in potential revenue.
A slow website speed happens widely due to varying buyers/visitor personas. You can read more about why website performance varies here; in my last article, I demonstrated the same.
Below are the points that can be culprits for slow website speed, they are:
We at Auditzy™ have been researching the same space for the last 2 years and found some stimulating pointers which are the real culprits for slow websites. Those are:
One crucial point that we have observed over time during our research is that,
You can not optimise website speed for every visitors, but you can always optimise for the personas of the website visitors
In the above Image, you can see how website experience will vary for different personas. For example,
If you have an e-commerce website experiencing traffic from 3G fast and 4G networks and the devices are like iphone 11/12/13, Samsung Galaxy S8, One Plus Pro etc., and their Location is Mumbai, and these segments contribute for the majority of the revenue, then optimise your website speed for this segment first rather than optimising for all.
The coming days will be very tough for the e-commerce website because we will have Gen-Z, who are digital natives who love speed and will barely return once they have a bad UX in terms of speed.
Mobile app installation rates for the brands will decrease because there will be many brands, and installing apps for 1st-time purchases will only make sense once you have the user's trust.
Below is my suggestion that we have done for some of our clients to stay popular in the website speed world:
We are providing a 14-day free trial. Audit your website across personas with Auditzy today!
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