 ASOS PLC LSE:ASCs decision to cut its annual sales and profit guidance, on the back of rising consumer returns and associated supply chain costs, may be evidence that the e-commerce bubble since the start of the Covid-19 pandemic is fading, analysts say. It looks like e-commerce was in a bubble driven by a massive shift in spending from services to goods, Saxo Banks head of equity strategy Peter Garnry said in a statement today, noting that e-commerce stocks have fallen 66 over the past year and have lost ground gained during the first phase of the pandemic. 