Investopedia has decent write up about it. It become popular with the growth of the internet. It really allows companies to focus upon the range outside the top products.
It is like Amazon. Everyone knows it is the online champ yet it "only" has 35% of the online sales. That means 65% is done elsewhere.
The long tail here is all the Etsy shops and goods sold on individual websites. That is where a lot of the transactions come from.
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