With millions of kids heading to back to school this week, it is no surprise that back to school sales are second only to the Christmas season. Sales for K-12 are expected to generate $30.3 billion this year. The average consumer will spend $688.52for supplies and clothing for their K-12 kids, a 14% increase from the previous year.
According to the National Retail Federation, 40% of consumers plan to purchase school supplies and clothing online. Consumers will not only shop online for competitive pricing, but they will also compare prices online before heading to a local B&M for purchase. Thus, it is critical that retailers be ready to deliver a stellar web experience.
Neustar looked at the load times for 10 retailers of school supplies and clothing for K-12 kids. These include Old Navy, Sears, Staples, Office Depot, and Target. All have local B&M stores and an online presence.
Studies have shown that most consumers will abandon a website if it does not load within 3 seconds or less. Using the 3-second load time as a benchmark, a one-second delay will result in a 1% loss in revenues. For example, Office Depot did $4.1B in web sales in 2011. A one-second delay would have resulted in a $41M loss in revenues! Needless to say, monitoring website performance was a critical task.
As you can see in the graph above, the average load time for these retailers is 11 seconds. None met the 3-second threshold. Office Depot scored the best coming in at 4 seconds. With the holiday season approaching, online sales are expected to be larger than ever. Are you ready?