Storyblok, the content management system (CMS) category leader that empowers both developers and content teams to create better content experiences across all digital channels, has announced research which reveals US companies are losing a considerable sum of money each year due to poor website experience despite spending a substantial amount on marketing technology.

500 business leaders at mid-sized e-commerce companies in the US and Europe were asked a range of questions about their company’s website performance and associated costs. Surprisingly, 45% said their website had recently embarrassed them in front of a key stakeholder or customer, however, 88% said their website met all or most of their expectations.

Nearly every business (92%) thinks their website’s poor user experience is costing them sales, with 30% estimating this sum exceeds $100,000 per year. Storyblok’s recent survey of 6,000 consumers in the US and Europe echoed these findings, with 60% of consumers stating they abandon an average of 5 purchases a year due to poor user experience on websites.

Despite these findings, spending on marketing technology and satisfaction with the results remains very high – businesses invested, on average, nearly half a million over the past five years, with 14% spending more than one million. Only 3% of businesses think they receive a poor ROI on their marketing technology spend.

Storyblok’s research also revealed that in addition to lost sales, companies are spending a significant amount of time on maintenance and fixing errors on their websites. Each week, on average, 4.4 hours is lost to these tasks.