British online fashion retailer ASOS saw its annual profits more than quadruple despite the ongoing coronavirus pandemic. The company's pre-tax profits increased by 329% to £142.1m ($185.1).

More:

• Total sales in the UK rose by 18%, while it went by up more than 20% in both the US and the European Union. Sales of sportswear increased by 50%
• The company was able to add 3 million new customers in the past year. ASOS currently has 23.4 million customers with 7 million based in the UK. 
• ASOS managed to cut marketing costs and the increased automation in its European warehouse helped it become more efficient. The company revealed it's investing £5m ($6.9) into safety measures at its warehouse after being criticized in March.
• CEO Nick Beighton warned that the economic effects of the pandemic on 20-29 years olds could negatively impact profits going forward. 20-29-year-olds are the company's main demographic, and Beighton warned unemployment and uncertainty about the future could result in less spending.
• Beighton also warned that a Brexit deal with tariffs would increase the company's operating costs and reduce profits. These comments resulted in share prices falling by 10%.

Walmart will restructure how it hosts its Black Friday event to encourage more online shopping during the coronavirus pandemic. Black Friday sales will be split into three different events throughout November, which each sale starting online before transitioning to in-store a few days later.

More:

• Walmart's first Black Friday event will start online on Nov. 4 and in-store on Nov. 7. The second will begin online on Nov. 11 and in-store on Nov. 14. The third will begin online on Nov. 25 and in-store on Nov. 27. 
• Walmart announced in July that it will remain closed on Thanksgiving for the first time since the late 1980s.
• Due to the pandemic, Walmart is offering customers the option of contact-free curbside pickup for the first time in it's history. Customers will be able to pick up their order three to seven days after they purchase it online.
• A recent survey showed that 60% of consumers plan to shop in-person this holiday season, down from 87% in 2019. The same survey revealed that consumers will spend an average of $654 on online shopping up from $558 in 2019.

Zoom launched its online event marketplace OnZoom to users in the U.S. Using the service, paid users can host events throughout the marketplace, with a capacity for up to 1,000 attendees based on the host’s subscription license.

More:

• The company is not taking a revenue cut from paid events as of this year.
• With OnZoom, Zoom is expanding its competing territory from communications platforms such as Google Meet and Microsoft’s Teams to event marketplaces such as Eventbrite and Live Nation. Eventbrite’s stock price has decreased by more than 50% since the beginning of this year and has a current market cap of $900m.
• The company also announced the integration of 35 third-party apps - Zapps, in its Zoom platform, which includes Asana, Atlassian, Dropbox, Hubspot, Slack, and SurveyMonkey.
• Facebook launched a similar Paid Online events feature in August, allowing users to conduct paid online events through the platform. 
• Amazon launched Amazon Explore last month to enable businesses to host paid virtual experience events ranging from tours to DIY skills.

Afterpay is launching its ‘Buy Now Pay Later’ (BNPL) feature in physical stores within the U.S. Shoppers can use the payment option inside of the likes of Forever 21, Finish Line, J.D. Sports, Levi’s, Skechers, Fresh, and APL.

More:

• Afterpay said that its customers who shop online and in-stores spend 15-20% more in every transaction and shop more frequently. 
• The company added that its customers report a 300% increase in the average order value and a 200% increase in the number of units per transaction. 
• On Oct. 6, Afterpay announced a collaboration with Simon Malls to use its payment product to buy now and pay later in four installments without additional fees.
• Recently, retailer Macy’s announced a partnership with Klarna to offer the BNPL feature in its online stores. 

Quick Hits

• Textbook publisher Pearson announced its total sales fell by 10% in Q3, despite its digital sales increasing by 32%.
• Amazon has created 2,000 jobs in Poland so far in 2020, increasing its total workforce in the country to 18,000 permanent employees.
• H&M Canada and Instacart agreed to a strategic partnership that will allow the retailer to provide same-day delivery.
• As Apple device adoption grows in the enterprise, organizations are looking for ways to seamlessly manage and secure devices while extending the world-class Apple experience users expect.*

*This is sponsored content.