Nobel laureate Daniel Kahneman proposed the concept of two competing thinking systems in his 2011 book,
Thinking, Fast and Slow, each important to human performance but each capable of being employed at the incorrect moment.
For example, when we need to look at a problem with skepticism and depth, we may make a hasty decision based on too shallow knowledge.
Kahneman also introduced us to the ‘planning fallacy,’ which is a tendency for corporate executives to fall victim to.
As a result, we may be too optimistic and base our judgments on this rather than a reasonable balancing of benefits, losses, and probabilities.
In e-Commerce, the easy availability of data may frequently lead to rash and ultimately futile behaviour, using valuable resources.
The data appears to be powerful, but if not properly analyzed and viewed in context, it may lead to incorrect judgments.
Since 2011, our work at Good Growth has emphasized the necessity of ensuring that ‘slow data’ plays a role in e-commerce.
What is ‘slow data’?
Fast data enables quick and flexible answers within the context of a predetermined path – it is not the type of data to utilize for a substantial shift in direction, strategy, or proposal.
Slow data, on the other hand, comes at intervals that allow you to discover and analyze trends,
compare them to similar periods not just of time but also of activity (yours or a competitor’s), and assess performance “in the round.”
This is the strategic component of e-commerce, the vision that may create an effective medium-term reform program that will promote long-term growth.
In our experience, e-commerce teams are too often influenced by what Kahneman referred to as “system 1” thinking.
They live on a diet of rapid data and adrenaline-fueled decision-making, which fuels a significant amount of activity and resources.
This, in turn, brings about a lot of change, but it may have little impact on the commercial outcome.
This is a world of ‘experts,’ where evidence is grabbed on to validate a certain worldview, rather than questioned to discover new and perhaps opposing world views that, if properly understood, may create considerably more income and profit.
Both methods are used by effective e-commerce teams.
They utilize quick data and agile processes to improve existing offerings and customer experiences,
and slow data to uncover deeper insights and possibilities that may alter their optimization emphasis or recommend larger, more important changes.
Find out more about presenting slow data
While fast data is quantitative and available on separate platforms and may be created to measure success,
slow data is a mix of quantitative important indicators that, when analyzed and reviewed collectively, can assist e-Commerce executives in seeing trends and connections.
These are links that would otherwise go unnoticed in the deluge of data reports that come in their inboxes from all directions.
one method for making slow data readily created and provided to e-commerce
leaders in a simple subscription service so that the time you have to slow down and ponder can be spent on the problem rather
than on obtaining and qualifying the data
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