For an online business, the most important thing is to generate traffic and develop a user base. This can be hard considering the massive amount of competition out there no matter what your business model is. There is always someone out there doing the same. In such a competitive environment, it is important to be able to stand out of the crowd, or at least not get trampled by it.
The biggest self-sabotage that an online business can do is to have slow web speed. According to studies, a user expects a webpage to load within 2 seconds of opening it. 40% of people will not wait any longer than that. This is especially damaging for websites which are not high-key such as amazon because you cannot afford to lose a lot of visitors and 40% is a pretty large number. The more traffic you have on your page, the more customers you get, but if you are losing that traffic due to your web speed, you are also losing a large number of potential customers. This inkhive.com blog post highlights the importance of web speed for businesses.
This only amplifies in the long term. Over time you will lose more and more of your user base and become irrelevant because people will slowly start to lose interest in your brand. All because your web page does not load fast enough to keep its visitors engaged. This is why it is importance to invest in something as seemingly insignificant as web speed. It is the first impression that people get of your brand, and in order to establish and maintain a consumer base, you need to assure that they approve of the experience.