Patience is a Virtue – a proverbial phrase which meant a lot but how about today, in 2016? The good old days where dial-up could take up to three minutes or so to get you on the internet, today we have speeds which give us access to the internet within seconds. With the introduction of broadband, WiFi, data connection (3G, 4G and 5G to come), we are living in the fast lane and our time is more precious to us than ever before.
According to KissMetrics, 47% of consumers expect a webpage to load in two seconds or less, while 40% abandon a website that takes more than three seconds to load. With advertisers paying so much money to drive people to their website, the notion of ‘time is money’ has never been truer. “1 second delay in page response can result in a 7% reduction in conversions” according to KissMetrics. So what, right? Its only 7% in conversions, I am still converting the other 93%. Well according to KissMettrics, if an e-commerce site is making a $100,000 per day, a 1 second delay could potentially cost a business $2.5million in lost sales every year.
So is patience a virtue? Maybe when it comes to long-term personal goals but when it comes to business, patience is not a virtue rather patience will cost you a fortune!