Ángela de la Vieja
Data Storytelling involves presenting the results of data analysis with a narrative discourse supported by graphics. It allows you to go further than a mere automatic report. It allows you to convert the analysis generated by Big Data into accessible documents that optimise decision-making. The aim is to construct a story that shows how and why the figures change over a specific time period, clearly and simply. From Minderest, we explain the benefits and how to implement Data Storytelling in your e-commerce business.
Spotify boasts one of the best examples of Data Storytelling, with their annual year-end “Wrapped” campaign launch. In this campaign, through data analysis of millions of users, Spotify publishes different audio-visual materials with key data from the year that is about to end: the most listened to songs and artists, most popular genres, average listening time on the app, etc. All this with a common and open narrative personalised for each user. These key data or insights published by the campaign allow users to quickly understand the information they are receiving and identify emerging trends. These two aspects are essential in decision-making for an e-commerce business.
Keys to introducing Data Storytelling into your business
Three things are necessary to apply Data Storytelling to a company’s findings from reports and presentations: data, visual elements, and a narrative. Big Data already forms part of the daily routine of e-commerce businesses, which periodically collect and analyse thousands of data to optimise sales volume. You will need to apply a narrative discourse to this data. Like any story it will have a beginning, a middle, and an end. Therefore, when they reach the end, the audience will remember the most important aspects.
For effective Data Storytelling, you need to remember to:
- Be specific. Build a story that does not skew the focus of results obtained.
- Highlight important information or insights. These should be the story’s focus.
- Design a format that is easy to share. Use an original format and make it easy to share, inside or outside your business, depending on your aims.
Data Storytelling about pricing
Within Big Data tools or data analysis, we find pricing software, one of the advanced tools that can contribute most to the smooth running of an online store. Like data analysis tools, you can also use Data Storytelling on the results to publish key data about your prices, present relevant information to the company’s board and for internal communication, about the e-commerce operation. It will be easier for the workforce to receive and understand the information.
For successful Data Storytelling, you need pricing tools with the capacity to process a large volume of data. These days, pricing-focused Big Data software helps brands and retailers to have up-to-date information about their prices and catalogues, and those of the competition. It allows data tracking from e-commerce business to B2B portals, price comparison websites and marketplaces. Combining a powerful pricing suite with clear and efficient reporting will help you increase your profitability.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
Related Articles
.jpg)
What is the Omnibus Directive? How can you integrate it into your pricing strategy?
The Omnibus Directive has made waves within eCommerce and marketplaces, establishing new standards for displaying prices on sales websites. Despite its importance, many eCommerce owners do not...
Minderest and GFk join forces at the Pricing Strategy World Summit in Munich
Minderest and Gfk will participate together as Online Price Monitoring Global Partners, in the prestigious Pricing Strategy World Summit from April 16 to 18 in Munich.The Pricing Strategy World Summit....jpg)