Google Core Web Vitals: What Does The Update Mean for Your Website?

Just when you think you know what Google wants from your website, they go and change the game. Recently, they announced that a massive ranking algorithm update will take effect in May 2021.
While we must admit these changes make web designers like us groan a little, we also recognize that their constantly rising bar makes for a better internet.
So what does, “Core web vitals” actually mean? And more importantly, what does it mean for your website?