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"China's market comprises many rapidly growing businesses that are less encumbered by legacy IT systems than is typical in more developed markets, which means they can more easily adopt new IT models," said Kevin Meehan, a partner at Bain.

"Company leaders need to focus more on using data for accurate analysis, which can enhance the whole process, ranging from product design and target groups, to marketing tools and after-sale services," Li said at the 2018 iPinYou Artificial Intelligence Conference.

"China should also establish an early warning system, which is expected to send warnings regularly, so that companies can prevent their trademarks being registered by others," he added.

"Coffee at convenience stores has grown well in China, boosted by their competitive prices compared with those of traditional coffee chains," said Jason Yu, general manager of Kantar Worldpanel China.

"China's audiovisual market is growing rapidly. But now many video platforms are becoming more and more similar to one another which makes them more challenging to user numbers and advertising revenue," said Wei Pengju, director of the Institute of Cultural Economics at the Central University of Finance and Economics in Beijing. Companies in the audiovisual sector are certainly aware of the challenges and are actively seeking solutions. The Xigua video app now targets the new mid-sized video sector to win more users.