Did you know that between Black Friday 2016 and the 2017 January sales, the average UK shopper will abandon £200 worth of goods in shopping carts because of slow eCommerce platforms? This is according to recent research from Cogeco Peer 1. Our quick calculations suggest that these abandoned carts equate to UK retailers losing approximately £800 million in sales, in less than 10 weeks.
While the research is focused on the seasonal sales period, the issues that lead to shoppers abandoning their shopping carts are prevalent all year round.
So, what specific issues cause people to abandon their shopping carts? And how long would a consumer wait for a website to load? What is the average online shopping patience threshold?
41% of consumers said they would abandon a website if they had to wait more than five seconds. Another 12.9% said they would wait between four and five seconds. 8% that said they would wait between three and four seconds, 8.5% said two and three seconds, 4.2% cited a patience threshold of between one and two seconds while 7.5% said they would only wait one second.
What makes a customer irritated? 52.6% of respondents stated they would be very irritated if they had to wait more than five seconds for a website to load.
The research supports the old adage “time is money”. Rapid load speed is of the essence for eCommerce platforms. In the online world, users expect lightning-fast speed when making their purchases. If these customer expectations aren’t met there is a price to pay: lost sales and irritated customers who will move to a competitor’s more responsive website.