How much do you lose by not investing in accessibility?
Did you know that inaccessible e-commerce platforms are losing almost 7 billion dollars in annual revenue due to a lack of accessibility? Did you imagine that this number would be so high? This information might surprise you, but it is only part of the economic impact that the lack of accessibility can have on businesses.
As we often mention here, digital accessibility is much more than a matter of legal compliance or corporate social responsibility. While it is indeed very important for these reasons, it is also a smart business strategy that can determine the success or failure of a company nowadays.
What is the economic impact of the lack of accessibility for companies?
According to a study by Nucleus Research, blind people, on average, abandon two-thirds of their online transactions due to a lack of accessibility. More importantly than that, is the information that these transactions are not entirely abandoned; users complete them elsewhere on websites that are accessible.
Another interesting fact is that more than 50% of users have experienced a regression in accessibility on websites. This happens when a website initially designed to be accessible becomes inaccessible due to eventual changes and updates.
Although the research focused on the behavior of users with visual disabilities, this is a common attitude among people with disabilities in general. With this in mind, it is easy to understand how not investing in accessibility can have serious financial consequences for your business, right?
What are the consequences of not investing in accessibility?
In addition to the potential loss of revenue we mentioned, there are multiple other consequences of being inaccessible that can harm you. Check them out below!
Excludes customers
The lack of accessibility excludes a significant portion of the population, depriving companies of potential customers. This not only results in revenue loss but also diminishes the reach and relevance of your brand in the market.
Generates fines
In many countries, just as in the United States, non-compliance with accessibility laws can result in fines and legal sanctions.
These financial penalties can end up heavily impacting a company’s cash flow, in addition to causing reputational damage.
Reduces hiring opportunities
Organizations that do not offer accessible work environments can lose valuable talent. Did you know that this not only limits diversity and inclusion in the workplace but also negatively affects productivity and innovation?
Causes loss of market potential
By not meeting the needs of people with disabilities, businesses can miss out on a significant and growing market.
For example, did you know that globally, people with disabilities have a disposable income of $8 trillion? This is considerable purchasing power for you to ignore, isn’t it?
Decreases competitiveness
Companies that do not invest in accessibility risk falling behind competitors who have this as one of their priorities.
In an increasingly competitive market, accessibility can be an important differentiator that influences consumer choice. After all, people are increasingly looking for brands they identify with and that fight for the same causes.
Negatively impacts your branding
A company’s reputation can be damaged if it is perceived as insensitive to the needs of people with disabilities. This can lead to a loss of customer trust and a decrease in brand loyalty over time.
The good news is that you can use accessibility to help build a strong and inclusive positioning, as long as you genuinely care about this cause.
Why don’t companies invest in accessibility?
There are many reasons why companies are still reluctant to invest in accessibility.
The most popular excuses revolve around the belief that it is too expensive. In fact, the difficulty in measuring the return on investment in accessible initiatives is a significant pain point for companies. Unfortunately, this harms the digital accessibility ecosystem as a whole.
However, it is worth noting that these are very misguided notions that ignore the very important economic and social benefits that accessibility provides!
How much does it cost to invest in accessibility?
The answer is: it depends. The amount you will invest depends on the size and complexity of your project.
Although there is no rule for how much to invest, there is a notion that is very true: the long-term benefits far outweigh the initial costs.
Besides, investing in accessibility can result in significant savings in the long run. This happens mainly by avoiding fines and legal proceedings and increasing customer loyalty.
How can I make my company more accessible?
There are several ways to make your company more accessible, check them out:
- Responsive design: ensure your website is compatible with a variety of devices and screen sizes;
- Use of alternative descriptions: include alternative descriptions for images and visual elements for people with visual disabilities;
- Screen reader compatibility: test your website to ensure it is compatible with screen readers used by blind or low-vision people;
- Keyboard navigation: ensure your website is navigable using only the keyboard, without relying on the mouse;
- Color contrast: use colors and contrasts that are readable for people with visual disabilities;
- Video accessibility: add subtitles, audio descriptions, and Sign Language translations to ensure your videos are accessible to everyone;
- Hand Talk Plugin: our digital accessibility plugin performs automatic translation to Brazilian Sign Language (Libras) and American Sign Language (ASL). It also includes several other assistive features for people with different disabilities.
Conclusion
Investing in accessibility is not just an ethical obligation but also a smart business strategy. Therefore, it is time to recognize the value of accessibility and take concrete action to make your company more inclusive and accessible to everyone!
Do you want to start this journey into the world of digital accessibility? Contact Hand Talk specialists to learn more about our accessibility plugin and embark on this accessible immersion!
