It’s common sense, no one likes to wait - the longer your website takes to load, the more customers you are missing out on.
Google places emphasis on web page speed for its search rankings.
Google has indicated site speed (and as a result, page speed) is one of the signals used by its algorithm to rank pages.
“A faster web is better for both users and businesses - faster pages lead to better user experience and improved conversions.” - Google
Even incredibly patient people can’t stand waiting in lines – Pages with a longer load time are more likely to have people give up and leave.
Longer load times have been shown to reduce conversions. Research shows that in peak traffic times, 75% of customers are willing to visit competitor sites instead of dealing with a slow loading page.