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"Currently companies have data but are lacking people with expertise to enable them to use it. So we use virtual data scientists to help them," said Sharif, who is in his final year studying data science at Shanghai New York University.

"Chinese consumers continue to desire high quality products, and consumers in lower tier cities remain critical to incremental growth."

"Cities are vying for talent because people don't frequently change cities and jobs. Slow movers will likely miss a great future if they don't make the most of the current opportunities," said Lian Tao, co-founder of Xiaozhu, a Chinese homesharing platform.

"Chinese providers are expected to differentiate themselves from apps in those emerging markets to succeed. Newcomers should also avoid countries and regions that are already dominated by others who reached there earlier."

"Companies can put the money saved into research and development or use it to tap into new markets," Xu said.