Speed is at the heart of every business. In this hyper-connected modern world, the thing that fascinates the majority of people is speed; be it the fastest car, fastest computer processor, or even the fastest website. Website performance has become the highest priority of each and every business. User's expectations are higher than ever. If your website doesn't respond instantly, there are high chances that your users will switch to your competitors.
A study by Walmart (https://www.slideshare.net/devonauerswald/walmart-pagespeedslide) found that for every 1 second of page performance improvement, there's a 2% increase in conversions.
A study by Akamai (https://www.akamai.com/us/en/about/news/) found that: