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But demographics are actually a crude way of personalizing prices, the Brandeis economist Benjamin Shiller argued in a recent paper, “First-Degree Price Discrimination Using Big Data.” If Netflix were to use only demographic factors, such as people’s race, household income, and zip code, to personalize subscription prices, his model predicted, it could boost its profits by 0.3 percent. But if Netflix also used people’s web-browsing history—the percentage of web use on Tuesdays, the number of visits to RottenTomatoes.com, and some 5,000 other variables—it could boost its profits by 14.6 percent.

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Last year, while Inman’s online sales rose about 39%, its offline business, which is newer and smaller, grew 300%, to 330 million yuan ($52 million), and reached 35% of total revenue. Mr. Fang expects the online-offline breakdown to be 40%-60% in the future.

Soon after Donald Trump became president, he began running into a whole set of rules about how government works, like demands that he divest assets or put them in a blind trust, and rules about whether he could hire family members for top jobs. For Trump, who had just won the election while disregarding most of the rules of political campaigning, these rules seemed antiquated at best and punitive at worst.

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