Whether shopping for clothes or electronics, books or microwave food, consumers have many more options than ever before. The variety of choices today gives us a much better chance of finding something that exactly suits our needs, our personalities, our activities and our bodies. However, those choices can be overwhelming. In his book “The Paradox of Choice: Why More Is Less,” Barry Schwartz emphasizes the downside of these huge assortments. According to him, as the number of choices grows further, consumers feel overloaded and, as a result, choice becomes a burden rather than a freedom.
However, since we (i.e. the consumers) have easier access to more and more information and alternatives, the chances that there is a product perfectly fitting our preferences exists out there. Traditionally, the rule of 80-20 was overruling all markets. The underlying idea is that 20% of the products make up 80% of the revenues.