On average, users keep about 40 apps on their mobile devices; however, they spend about 89% of their time between just 18 apps. It is understandable that while users may access the other 22 apps occasionally, they have to deal with the inconvenience of always having so many different apps installed on their smartphones. This is the reason why most users choose to use a few consolidated apps with which they can manage the functions they perform through 40 apps. Consumers are generally interested in getting a one-stop solution for all their needs.
Fortunately, such consolidated apps exist now, and they’re known as superapps. Superapps are quite new in the market. However, with the rising number of mobile apps in the Google Play Store and Apple’s App Store, superapp development is expected to become more common in the near future.
Let’s understand what a superapp is and how it works
A superapp is essentially a mobile app that combines multiple apps. In 2010, Blackberry founder Mike Lazaridis introduced the term to describe a more seamless, efficient user experience. Rather than having separate apps for calling a ride, paying for your meal and buying a movie ticket, it is more convenient to have a superapp that combines all these jobs.
With superapps, users can access all their digital needs with one login by entering payment information and other personal data just once. The risk of a data breach is much lower since the user’s data is only entered into a handful of apps.
In addition, superapps enable mobile companies to expand into new verticals while maintaining the same customer base. In this way, the cost of acquiring a client stays the same, but each customer’s lifetime value rises exceptionally. Most superapps begin with just one feature, like payments or chat, before branching out into other sectors.
Currently, most countries using superapps are Asian nations where mobile is the main mode of digital communication and trade. Superapps are anticipated to grow in popularity in the US, though, since an estimated 173 million Americans are assumed to be interested in them.
What makes superapps super?
Superapps may appear complex, but the best ones focus on a small number of essential functions that address most of the problems. Users are drawn to, engaged with and retained by simplicity. Finding the key elements that have the most influence is frequently the wisest course of action, especially when working with constrained resources.
It is important for superapps to be inclusive, to have problem-solving capabilities and to be mobile-friendly to succeed in the market. It covers intangible topics such as customer pain points, shifting expectations and even social problems. Most importantly, they are functional.
The goal of building a successful superapp is to increase customer engagement and usage. The following five features make all the difference:
1. Social
The purpose of social platforms is to allow users to share and interact with each other. They can be digital groups centered on social circles or topics. You may create a virtual community within your superapp by integrating social features like calls, groups and social feeds. Having a high level of user engagement and loyalty within your app increases in-app communities.
Members of the community share knowledge, stories and entertainment. They develop relationships and expand their online networks over time.
2. E-commerce
E-commerce denotes commercial transactions and online purchasing and selling of goods. It works based on online listings, buyer-seller communication platforms, distribution monitoring and online payments. E-commerce services have taken the place of physical stores in the modern world. Users have access to a vast array of options and closing times are irrelevant.
Retail e-commerce sales are expected to grow by 8% through 2024. So, incorporating features that let users buy and sell online effectively will help your app meet users’ expectations for online shopping.
3. Transportation
Due to the availability of the transportation feature, consumers can go from place to place or order things to be delivered right away. Transport is made feasible by features that link users and service providers, provide one-to-one communication and enable GPS tracking. Sending packages from one location to another or selecting a taxi over a bus are both made simple by on-demand transportation. It makes life easier for online shoppers. By including transportation services in your superapp, you can meet customers’ demands for delivery and mobility.
4. Financial
Over the years, technology has changed the financial services sector. This is evident in the widespread use of internet services such as digital banking. You can gain the advantage you need with superapps. You can invest in features like chatbots, digital wallets, and fintech associations to increase value and engagement. These services help consumers transfer money, buy insurance, and apply for loans using their mobile phones, laptops, desktops and tablets.
5. Food delivery
Another service that has gained popularity in recent years is online meal ordering and delivery. People enjoy the convenience of ordering food via their phones and receiving it at their doorsteps. This is currently the preferred method for placing food orders. Add food delivery to your roster to capture another growing market and target key consumer demands.
Food delivery apps did indeed generate 26.5 billion USD in income in 2020, a sharp increase from 8.7 billion in 2015. By 2029, Business of Apps projects that the meal delivery app market would generate 320 billion USD with its consistent development.
Let’s look at a few successful superapps
Here are a few examples of the most successful superapps to help you visualize how superapps work and how they help you achieve extraordinary success.
Paytm
Paytm started as a prepaid mobile and DTH recharge platform in August 2010 in India. It gives user an access to the largest selection of payment options with the Paytm Super App, including mobile and DTH recharges, utility and rent payments, money transfers, merchant payments, ticket purchase for events and movies, credit card bills and education fees payments and travel bookings.
Grab
Grab was launched in Malaysia as a ride-hailing service in 2012. It started providing bike services by the name -GrabBike, in 2014. It also started providing logistics delivery in 2015 and payments in 2016. By providing ride-hailing, payments, food delivery and other services, this superapp currently rules Southeast Asia.
AliPay
Alipay was first developed as a payment software for its online shoppers by the Chinese e-commerce company Alibaba to safeguard customers from fake vendors. It quickly grew by providing a public utility payment service, allowing consumers to pay their phone, water and power bills online. AliPay evolved into a superapp that supports much more than payments.
Benefits of superapps for businesses
A well-implemented superapp is a company’s passport to market dominance. Here are a few advantages that superapps can provide:
Enhance customer loyalty and retention
Before superapps, users would return to an app to access a particular service only. For instance, if a customer uses your app only a few times a month, they will not use it very often and may even remove it from their phone.
However, there are more chances for a customer to retain your app if they regularly use it for multiple purposes. Since they are familiar with your brand, they are likely to use it if you add a ride-sharing option later. So, consumers will also try your other services, which will strengthen their bond with your brand.
Collects more user data
Superapps also gather insightful consumer information and make it easier to understand the types of goods and services your clients use. You can customize cross-promotional offers using this data to boost conversion rates and increase lifetime value. Your marketing team can also use the data to improve messaging, discover the best marketing channels and optimize campaigns.
Attracts a larger target market
The entire addressable markets for food delivery, ride sharing and digital wallets are as follows:
If these markets, individually hold such potential, imagine the combinational value that they can generate. Superapps provide a special opportunity by offering multiple services through a single app. A consumer utilizing one of these services will probably use the other services – within minutes.
Moreover, customers do not want to open distinct apps and enter their payment information several times. Having a single, integrated app also helps you retain clients. The fact that you are providing an integrated solution, which reduces friction in the user experience, gives you an advantage over competing businesses.
Scale revenue exponentially while minimizing customer acquisition cost (CAC)
The prime benefit of superapps is they scale user value instead of user count. Superapps make this possible as they unite several services in one place and attract a user to avail those services without exiting the app.
Instead of marketing to more people only, you show existing users that you can cater to their other needs as well.
Your conversion rates for related products will be quite high because they are already devoted customers. As a result, the cost of obtaining a customer will decrease as your capacity to scale profits increases significantly.
Strengthen your business with superpowers – create a superapp!
The use of superapps is expanding everywhere. Users and investors are drawn toward the use of multi-purpose platforms. The flexibility and ease of services help users in addition to improving value propositions for investors.
Superapps appear to be the way of the future. It appears that high-quality, versatile apps are just around the corner as app development technology advances; and it is only reasonable.
The main problem is to figure out how to create a great app that will benefit users without becoming overbearing. But taking help from a superapp development company like ours, solves this problem as well.
Are you curious to find out more about superapps? Our team of experts can assist you in creating an app for your company that will draw more clients and boost sales. Talk to our experts and get started now!
