UK businesses are losing a considerable sum of money every year due to poor website experience despite spending a substantial amount on marketing technology.
This is according to research from Storyblok, a category leader in content management systems (CMS) that empowers developers and content teams alike to create better content experiences across all digital channels.
500 business leaders from midsize e-commerce companies in the US and Europe were asked a variety of questions about the performance of their company’s website and the associated costs. Shockingly, 47% of UK businesses said they had recently been embarrassed by their website in front of a customer or key stakeholder; however, 90% said their website met all or most of their expectations.
Nearly all businesses (92%) think their website’s poor user experience is costing them sales, with 9% estimating this to be over £100,000 a year. Storyblok’s recent survey of 6,000 consumers in the US and Europe echoed these findings, with 60% of consumers saying they abandon an average of 5 purchases per year due to poor user experience on sites. Web.
Despite these findings, spending on marketing technology and satisfaction with results remains very high: companies invested, on average, £336,500 over the last five years, with 25% spending more than £500,000 sterling. Only 9% of companies believe they receive a low ROI on their marketing technology investment.
Dominik Angerer, CEO and co-founder of Storyblok, said: “At first, these results seem completely contradictory. On the one hand, companies believe that their websites are an expensive embarrassment, on the other hand, they are apparently satisfied with their performance. The answer is that expectations are too low.
“Many companies believe that marketing technology is inherently very expensive and difficult and time consuming to get right. This is not the case. A modern wave of APIs, best-in-class technology, is revolutionizing the industry, making the martech stack not only more cost-effective, but also easier to use for the teams that work with it: developers and marketers. Business leaders no longer have to accept ‘web shaming’ as standard.”
Storyblok’s research also revealed that, in addition to lost sales, companies spend a significant amount of time maintaining and fixing bugs on their websites. Every week, on average, 3.5 hours are wasted on these tasks.
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