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E-Commerce Also Taking a Hit in Era of Social Distancing
- Web retailers hit by shoppers’ sudden pivot to essential goods
- Outbreak ‘hits you like a freight train,’ one executive says
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Coming off his best sales month ever in December, Eric Powell, the founder of online retailer Ratio Clothing, was looking to keep the momentum alive with new spring and summer collections for his custom dress shirt business. The customary post-holiday hangover in January and February was winding down.
But instead of a rebound, Ratio’s sales plunged sharply after the first week of March as the coronavirus outbreak suddenly and drastically changed consumer spending.