Despite a slowing economic growth, Singles Day 2024 is anticipated to be a highly competitive and innovative event, with premium global brands engaging in price wars, brands touting earlier and bigger promotions than ever, AI smarts, and new and unusual entrants making their debut to the one-day retail event.

In a post ahead of this year's event on 11 November, Forrester Principal Analyst, Xiaofeng Wang Major noted players such as Alibaba, JD.com, and Pinduoduo have already initiated their promotions, with Alibaba launching a 1-billion-yuan (US$142 million) promotion on October 14, 2024. The company has waived delivery fees for Taobao orders over 99 yuan in Hong Kong, enhanced its 88 VIP membership program, and distributed RMB 2 billion in red packets via Taobao Live.

JD.com is hosting 'Super Days' with flash sales, free delivery on orders over RMB 9.9, and exclusive discounts for JD PLUS members. Pinduoduo is offering dynamic pricing and personalised discounts, extending offers to international customers through its cross-border Global Sales service. New entrants, including Apple, are offering significant discounts on their products to compete with Huawei and Xiaomi on Singles Day.

In addition, luxury beauty brands such as Estée Lauder, La Mer, and SK-II are offering deep discounts and extravagant gifts to stay competitive

Xiaofend also noted plenty of Gen AI in the mix to improve ecommerce platform performance. Alibaba's AI-driven tool, Quanzhantu, supports over 250,000 merchants and 1.3 million products, leading to a 66% increase in GMV on the first day.

JD.com is enhancing customer service with AI-powered chatbots providing real-time assistance and personalised recommendations. Pinduoduo uses AI to analyse market trends and consumer preferences, offering dynamic pricing and personalised discounts.

Wang recommended brands and marketers to start early and leverage membership programs in order to better navigate around Singles Day 2024.

"Launch promotions early and utilise membership programs to offer exclusive benefits. This can help build anticipation and loyalty among your most dedicated customers," she advised. "Innovate with limited editions and collaborations. Introduce limited-edition products and collaborate with influencers or celebrities to create buzz. This can drive sales without eroding brand value. Utilise generative AI for personalisation and efficiency."