The many unknown factors surrounding COVID-19 make it difficult for any business to project exactly how it will affect their revenues. But Chicago Booth’s Steven J. Davis says business leaders surveyed in March predicted a severe drop in sales—a decline that only grew for those surveyed later in the month.

A big economic shock is one obvious product of COVID-19, but the virus will also change business in other ways, Davis suggests. The technologies and shopping platforms that have enabled social distancing will likely continue to play a newly significant role even after the outbreak has abated, while businesses that rely on travel and in-person interactions could be facing a prolonged dip in demand.

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