Most Internet retailers could rattle off a dozen (or more) reasons why an online shopper would abandon a digital experience but there's one reason that is far more common than any other - and you likely know exactly what it is.
interviewed leaders at a range of ecommerce sites in order to measure the impact that performance has on the bottom line and nearly all respondents agreed that fast page loads result in higher conversions. Ninety-seven percent, in fact, believed website performance directly impacts their online revenue. Just how bad is the problem? Consider this:
71% said shoppers don't convert due to slow page load times. And on average, these retailers would see a $58 million annual revenue lift by optimizing web performance according to Yottaa.
There are several other interesting highlights as well, including:
Third Party Tug of War:These retailers invest $1 million (on average) annually on third-party technologies to provide richer and more engaging online shopper experiences. However, 47 percent stated IT restricts the number of third parties they can add due to performance concerns.
Digital Innovation is a Race:90 percent said they need a more innovative site to efficiently compete but are often road blocked by IT. In addition, 53 percent said they are willing to move off a monolithic platform to a service-based architecture to be more nimble and flexible.
Holiday Shopping Season:64 percent said they tune Web performance every year during the holidays to maximize online conversions.
"Earlier this year Retail Systems Research published a report on ecommerce performance that evaluated 80 top online retail sites in terms of web performance and shopper experience," said Rich Stendardo, CEO of Yottaa.
"This report complements the RSR study with one major difference: all data gathered came directly from online retail leaders. The findings in this report provide valuable insight into how these leaders perceive the impact web performance has on their shoppers, conversion rates, and overall ecommerce strategies. This data should be central to every ecommerce team's plans as they prepare for 2018."
Digital marketing executive with proven experience in all aspects of search engine optimization (SEO), performance-based advertising, consumer-generated/social media, email marketing, lead generation, Web design, usability, and analytics. - 20-year Internet marketing veteran, currently serving as the Digital Marketing Campaign Manager at Antenna Group (formerly Chicago Digital). - Former Editor-In-Chief of Website Magazine, and a regular speaker on Web technology digital marketing strategy - Author of several books on digital marketing Including Web 360: The Fundamentals of Web Success; Affiliate 360: The Fundamentals of Performance Marketing; Domains 360: The Fundamentals of Buying & Selling Domain Names, and SEO 360: The Fundamentals of Search Engine Optimization.