Why your website speed stats matter and impact on-site conversion

How big is the impact of site speed on conversions?

With social media fostering a culture of instant gratification, user expectations for website performance have skyrocketed. Approximately 70% of consumers say that page speed influences their willingness to purchase from an online retailer.³

The importance of site speed multiplies the closer shoppers get to checkout: Conversion rates can decrease by up to 17% for each additional second in website load time.³

But with 15% of consumers reporting a frustrating checkout process in recent online transactions, it seems clear that many retailers have yet to address the critical pain points in their purchasing journey.²

Adding to the challenge of meeting these higher-than-ever customer expectations is the variability of mobile data speeds and the necessity of optimizing for users with slower internet access. Businesses shouldn’t simply apply generic tactics. Instead, they should adopt a dynamic, data-backed approach to site speed optimization.

Speed is an increasingly vital consideration for online search

Google has prioritized site speed in recent years. Currently, site speed is a direct ranking factor for search engine result pages (SERPs). The search engine’s introduction of Core Web Vitals in 2020 further emphasizes its focus on technical SEO, including loading performance, interactivity, and visual stability of web pages.

With Google planning on replacing the First Input Delay (FID) metric with Interaction to Next Paint (INP) in March 2024, businesses must ensure their sites load quickly, and all webpage interactive elements react instantly to a user’s input.

That said, while site speed is critical, it should not overshadow the role of great content and a polished user experience. These elements remain fundamental in creating a successful online presence.

How fast does a site need to be anyway?

The average webpage load time for desktops is 2.5 seconds and 8.6 seconds for mobile devices.³

But this can vary according to industry. For example, automotive retail websites typically take around six seconds to load.⁴ In contrast, more content-intensive sectors like travel experience longer load times, with an average of 6.7 seconds.⁴

Your website's SEO performance isn’t just determined by speed alone but also by how it stacks up against competitors vying for the same customers. While metrics related to average webpage load times offer a guideline, the ideal loading speed will depend on your website's nature and content type.

How should speed optimization be prioritized?

Start by benchmarking your website's performance against competitors. A comparative analysis will provide insight into where you stand and help determine the urgency and extent of optimization needed.

Armed with your data, consider these tips to improve your website load speed:

• Optimize large images and media files. Compress these files for faster loading without compromising on quality.
• Leverage browser caching. Browser caching stores website resources on a local computer when a user visits your site. This means returning visitors will experience faster load times as their browser doesn't need to reload the entire page.
• Minimize HTTP requests for images, scripts, and CSS files. Simplify design elements, combine files where possible, and utilize CSS sprites.

Leverage your site speed and look at other areas of optimization with PayPal

A faster-loading website can enhance the user experience, which may boost the likelihood of successful conversions.

But remember that site speed is just one aspect of the less-glamorous-yet-vital areas of technical SEO that can drive incremental revenue. It's important to consider other ways to streamline the customer journey, such as payment optimization.

Explore how PayPal’s comprehensive solutions can reduce abandoned carts and potentially increase conversions.