WHAT IS LONG TAIL CONCEPT?
The long tail refers to the trend of increasing diversity and niche specialization in products and markets. The term was popularized by Chris Anderson in his book "The Long Tail: Why the Future of Business is Selling Less of More." Anderson argued that the rise of the Internet and online marketplaces has made it easier for businesses to reach and serve niche markets, which has led to a proliferation of specialized products and services.
In the traditional "short tail" model, businesses focus on producing and selling a few popular products in order to reach a mass market. However, in the long tail model, businesses can profit by offering a wide variety of specialized products that appeal to smaller, more targeted groups of customers. These products may not sell as many units as the mass-market products, but the aggregate demand for them can be significant.
The long tail model is often associated with the rise of online marketplaces such as Amazon and eBay, which have made it easier for small businesses and individual sellers to reach a global audience. It has also been cited as a factor in the growth of the gig economy, in which individuals offer specialized services on platforms such as Uber and Airbnb.
The long tail can have significant implications for businesses, as it challenges traditional marketing and distribution models and allows for new opportunities to emerge. However, it also means that businesses must be more agile and responsive in order to keep up with changing consumer preferences and stay competitive in a rapidly evolving market.