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"Chinese companies need to make essential moves now including deciding where to play, developing a road map to access the tech stack and deciding the right alliance and ecosystem strategy," Thomas said.

"China still has the potential to mobilize resources to support the economy. For example, we could continue to lower the RRR, lower interest rates and inject more liquidity into the economy," he said.

"Consumers' curiosity and sense of immersion have helped increase the frequency of interactions with celebrities and thus the possibility of buying things that the latter promote," Yang said.

"Consumers in China are very demanding, and the generation gap of consumers is becoming smaller. More people are willing to pay for premium, ultra-premium and innovative dairy products," said Colaco.

"Consumers may think UnionPay was too slow and trailing Alipay and WeChat Pay. But, UnionPay launched QR code-based payments only after the authorities officially approved such mobile payment systems," said Liu Fei, a retail sector researcher with Shanghai Mingshan Consulting.