Can milliseconds make millions?
Customers’ expectations and the usage of smartphones are getting higher every day, which puts a lot of pressure on mobile speed. The gap between companies with great mobile experience and those without will widen more and more. To stay competitive, companies will have to adopt a mobile-first mind-set and focus on site speed as the top priority.
Is it really possible that milliseconds make millions?
The answer is YES, and it is not just a catchy headline, but a conclusion of a study conducted by respected consulting company Deloitte. This study focuses on the correlation between the speed of a website and the company’s revenue.
It the period of more than four weeks, Deloitte was collecting and analyzing mobile site data of big brands from different segments (retail, luxury, travel etc.) across United States and Europe.
What are the key observations?
Have a look at what impact on conversions and engagement had improving mobile site speed by just 0.1s:
- improved funnel progression
- lower bounce rate
- higher average order value (over 8% in retail, nearly 2% in travel)
- increase in conversions (over 8% in retail, 10% in travel)
- increase in page views per session (over 8% in luxury brands)
Interested in more details? Read the full report here.