Duplicate content is when the same text is reachable at several addresses or repeated across pages. The search engine sees copies and does not know which to show, so it may rank all of them lower.
Google does not want ten identical pages in its results. When it finds duplicates, it picks one and hides the rest - and not necessarily the one you wanted. Link weight and rankings get split across copies instead of building one strong page.
Technical: one address with and without www, with and without a trailing slash, with ?utm parameters. Content: identical product descriptions, copied text, template pages for different cities with the same wording. Often the owner has no idea the duplicates exist.
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