Long tail economics from "summary" of The Longer Long Tail by Chris Anderson
In a world where physical shelf space is limited, the traditional retail model is built on the idea of prioritizing the most popular products. However, the rise of digital platforms has changed the game by providing virtually unlimited space for an endless array of products to be showcased. This shift has given rise to what I have termed the "Long Tail" phenomenon. The Long Tail represents the vast and diverse selection of niche products that are available online, beyond what is typically found in brick-and-mortar stores. This extensive inventory of items may not individually sell as much as the top hits, but when taken together, they make up a significant portion of overall sales. This concept is based on the idea that there is value in catering to a wide range of niche interests, rather than solely focusing on mainstream products. The Long Tail economics can be seen as a more democratic approach to commerce, where smaller, less popular products have the opportunity to find their audience and thrive. By leveraging the power of digital platforms and algorithms, businesses can tap into the long tail of consumer demand, ...
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