What is Late Majority in Retail? Explained

The Late Majority represents a segment of consumers in the retail industry who adopt a new product or technology after the initial enthusiastic groups, known as the "Innovators" and "Early Adopters," have embraced it. This group is more cautious and risk-averse, waiting until a product or technology has become mainstream and widely accepted before making a purchase. In retail, understanding the behavior and preferences of the Late Majority is crucial for marketing and sales strategies, as this group often considers the experiences and feedback of earlier adopters before committing to a new product or technology.