Data, as most people are given to understand, are of two kinds: fast data and slow data. Fast data is the one most talked about. It is the form of data most consumed by people when they rush their way into making a decision. The availability of fast data has highly compromised the decision-making abilities of people in general. Slow data ensures the functioning and prioritizing of the analytical skills of the people. Since data is slow, they take their own sweet time to understand, analyze and then come to a decision regarding the market. The market statistics are quick to change. Since slow data does not keep up with the pace of the market, people who rely on this kind of data make informed choices.
The developers of successful eCommerce websites use slow data to sit back and analyze the general trends and patterns of their business. Daniel Kahneman, the Nobel-winning psychologist, in his book Thinking, Fast and Slow explained the use of two different thinking systems that were in total contrast to each other, yet complimentary for the working of the human brain. Similarly, fast data and slow data work in sync.
Ecommerce leaders run a risk of falling prey to the fallacy of the unlimited availability of data in such a short amount of time. One wrong decision and the entire business comes toppling down. When data is slow, the accumulation of it takes some time. This gives the leaders of the eCommerce businesses some time to analyze the trends of the market, and decide the course of their journey.
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They check the data received from their eCommerce websites once a month so that they are allowed the time to think and re-think their decisions and approaches. They take a fast decision based on the fast data they receive. However, they slow down and take time to wait for the slow data which they then analyze at the end of a month or the beginning of a new month and decide their business strategies. It is through slow data that a new business opportunity comes into sight.
It is capable of giving great insights into the business which one may have overlooked while feeding themselves the fast data. Slow data provides the entrepreneurs to come up with a long-term plan for their Ecommerce and set a vision for themselves. Fast data helps them to take immediate actions which are necessary on a day-to-day basis. But slow data gives them time for a more methodical approach to a long-standing problem or a decision that could change the entire fate of the Ecommerce business.
Thus, it is safe to say that slow data affects Ecommerce every step of the way.