A study result can be statistically significant and still be too small to matter in practice. Effect size helps answer the question “how big is the difference?”
Statistical significance mainly tells you whether a result is unlikely to be due to chance alone
Effect size describes the magnitude of the difference
Common conventions describe effects as small, medium or large, but context matters
In elite sport, even small effects can be meaningful, while in health contexts larger effects may be needed
A worked example: a supplement improves time-trial performance by 0.5% on average with a small effect size. For a recreational runner, that may be barely noticeable. For an elite athlete in a close race, it could matter.