Think your company’s website isn’t important? Think again. Last week I wrote an article {link to article} that loosely addressed this question by comparing the websites of Company X and one of their competitors. The analysis allowed for a great illustration of how web users interact with companies via the Internet. However, the previous article didn’t address the relationship between a company’s online efforts and their bottom line (i.e. $$$). This article aims to do just that. So, sit back, relax, and let’s talk numbers.
"Data is the sword of the 21st Century, those who wield it well, the Samurai." -- Jonathan Rosenberg
The Users
Users increasingly value websites that are both functional and adaptable. By that, I mean the website is capable of operation on either mobile or PC devices without the loss of functionality or features. When company websites and apps are constructed in such a manner, the user behavior is much more promising for the bottom line.
- 74% of users are more likely to return to a site that is mobile-friendly
- 95% of consumers agreed that “good user experience just makes sense”
- 83% of users claim that a seamless experience across all their devices is somewhat or very important
- 81% of users conduct research online before heading out to a store, restaurant, movie theater… the list goes on and on
However, when websites lack functionality or adaptability, users tend to behave in ways that negatively impact the company and their bottom line.
- 61% of users quickly move onto another site if they are unable to find what they are looking for on a mobile-friendly site
- When a website isn’t optimized for mobile, users are 5 times more likely to give up on the task -- Of those users, 79% will seek out a different site to finish the task
- 79% of consumers who don’t like what they find on one website will search for another website
These figures uncover a key user behavior, albeit one that is not very surprising. If your website or application doesn’t work well, don’t expect people to use it. As users seek out alternatives, they take their presence, and most importantly their money, elsewhere. Users that are lost to competitors ultimately result in lower revenues for your company. Don’t allow your website to be a catalyst for poor financial performance.
The Business
So, what does this changing economic landscape mean for businesses? Essentially, it means that most businesses are presented with a different set of challenges and as new challenges present themselves, so too will new opportunities. In the context of web design and development, businesses are competing in an increasingly ‘noisier’ space. As more and more business and users move into the digital universe, it becomes more difficult to stand out in this space and make your company ‘heard'. Successful navigation through the noise can provide great reward. Mastering this space can give a business a competitive advantage over their peers.
- Up to 60% of consumers exclusively used mobile to make a purchase decision
- The Internet (as opposed to apps, social media, or in-store technologies) is the preferred channel to inform retail decisions with 75% of users saying it was important or very important
- 67% of mobile users claim that they’re more likely to purchase a site’s product or service when the site is mobile-friendly
But, when websites are unable to traverse through the ‘noise’ and become lost in its vastness, the outcome is less than desirable. Typical outcomes in this scenario are loss of clients, users, and, most importantly, revenue.
- 52% of users said that a bad mobile experience made them less likely to engage with a company
- About 8 in 10 users will leave your website for another if they don’t like what they see
The Future
Given the speed at which technology advances and the speed at which users embrace it, planning for the future often involves using much shorter horizon times than in years past. In other words, a forecast today may be based off of one year – while in the past, a three year forecast was more appropriate. In order to stay ahead of the curve, there are a few key trends that should be explored.
- Many consumer expect that online ordering will considerably change their shopping process in the next 3 years and 51% expect to spend more money online than in store
- 93% of respondents find video helpful in comparison shopping
- 77% of mobile searches occur in the home or at work – even if there is PC nearby and available
#The Bottom Line: Be the Samurai
While I truly beleive that the data above is of great importance, if you read this article and do nothing with the data, it is useless. So, I challenge you. Become the Samurai. Embrace data and use it in every aspect of your business.
If you need some Samurais to cut through your website or mobile app and unlock the full financial potential of your business, or just want to chat, feel free to find me on Twitter @ty_r11.