Definition of 'Long Tail'
In business, long tail is a phrase coined by Chris Anderson, in 2004. Anderson argued that products that are in low demand or have low sales volume can collectively make up a market share that rivals or exceeds the relatively few current bestsellers and blockbusters, but only if the store or distribution channel is large enough.
Investopedia explains 'Long Tail'
The tail of a distribution represents a period in time when sales for less common products return a profit due to reduced marketing and distribution costs. Long tail is when sales are made for goods not commonly sold. These goods can return a profit through reduced marketing and distribution costs.
The long tail also serves as a statistical property that states a larger share of population rests within the tail of a probability distribution, especially when it comes to buying patterns.