It’s less than 12 months since Ruslan Kogan, the founder and chief executive of online retailer Kogan.com, was declaring that the pandemic represented a “once in a century” opportunity, as lockdowns around Australia broke the final resistance among online shopping laggards.

On Friday, a shock warning from the group had investors delivering their verdict on Kogan’s big prediction. The market says that “once in a century” moment lasted exactly a year.