Modern consumers do not have the patience for slow websites. Nearly half (47%) expect business websites to load in two seconds or less. If your load speed is longer than 3 seconds, 40% of your customers will likely go to your competition and never return.
Adding more pressure on companies to improve site speed is the introduction of Core Web Vitals (CWV) by Google. CWV is a set of performance and digital experience metrics that rank websites based on speed, stability, and responsiveness. Ignoring Core Web Vitals will ruin your user experience, thus affecting search engine rankings and SEO.
The cost of slow loading times can vary from business to business. But the impact on your revenue will always be significant. Almost 70% of online customers admit that loading time influences their decision to buy from an online business.
Studies reveal that pages that load in two seconds or less have a 9% bounce rate. In contrast, pages that take five seconds to load see their bounce rates shoot up to 38%. We have seen this up close. While working with an online apparel retailer, we discovered that a one-second delay in load time of their product detail page cost them $132,592 in missed revenue per week.