COLORADO SPRINGS, Colo., May 18, 2017 /PRNewswire/ -- Retailers have always understood that the checkout line is the most crucial step during their buying journey. When long lines welcome potential shoppers, over 40% of customers will avoid a retailer in the future. Unsurprisingly, this same negative impact from slow and frustrating online checkout experiences is affecting digital retailers.
Quantum Metric, a SaaS customer experience analytics firm monitoring over $30B of eCommerce, has quantified online shoppers extreme sensitivity to site performance during online checkout across the financial, travel, automotive, entertainment, and retail industries. Amongst these verticals, customers shopping online are less likely to make a purchase with each fraction of a second slower that a website responds. Working with leading internet retailers, Quantum Metric has observed that even a small degradation in page load time can cost companies tens of millions in lost annual revenue.
Not only are customers conducting more and repeated business on faster sites, customers are also willing to pay more for the privilege. According to a survey conducted by Oracle, 44% of customers are willing to pay more than a 5% premium for better customer experiences. Online retailers are turning to various tools to provide browser performance monitoring that helps troubleshoot why sites are slow. With insights into slow content delivery networks (CDN), server latency, or sluggish browsers and devices, retailers can now address the root causes of what's negatively impacting customer experiences and rectify the issues.
As larger retailers continue to see revenue shift from physical stores to digital, new customer experience tools are delivering critical insights into online digital struggle. Research shows that customer experience delivery is the top innovation project for 2017 and the highest spend area for many enterprises as competition heats up at delivering the best experiences.
"It's difficult for eCommerce retailers to comprehend that when a site is just a few hundred milliseconds faster, that it could lead to millions of dollars in additional revenue. We are having tremendous success empowering online retailers with the data that shows them what performance truly costs, allowing them to spend their time on solving problems that will ultimately improve their business."
- Mario Ciabarra, Quantum Metric's Serial-Entrepreneur Founder and CEO
ABOUT QUANTUM METRIC
Ever try to buy a product online and couldn't checkout? Quantum Metric fixes this.
Quantum Metric simplifies discovery of digital customer struggle. With the unique perspective of putting customer experience improvement opportunities in relation to revenue impact, Quantum Metric helps enterprises identify and prioritize real revenue recovery. Applying Machine Intelligence to advanced behavioral and predictive analytics, Quantum Metric provides insight to improve digital customer experiences.
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SOURCE Quantum Metric