According to Gartner, more than 50% of the users worldwide will make use of multiple superapps by 2027. In fact, as per one of the recent reports, 72% of consumers have already shown interest in superapps.
In essence, superapps combine many other apps into one. They’ve been included in Gartner’s list of top tech trends for 2023 and are certainly expected to deeply influence multiple segments of the tech industry going forward.
What Are Superapps?
Superapps are mobile applications that provide users with a wide range of services and features, such as messaging, social media, eCommerce, and online payments. These apps are designed to be all-in-one platforms that can be used for various tasks and activities. Some examples of Superapps include:
- Venmo:This app allows users to transfer money, pay bills, and make purchases. It also has a social aspect where users can see their friends’ transactions and add comments.
- Uber:This app allows users to hail a ride, order food, and schedule a ride in advance. It also provides a convenient way for users to pay for their trips and track their driver’s location.
3 Key Elements of a Superapp
- Inclusiveness:Superapps are designed to be inclusive and cater to the needs of a wide range of users. People of all ages and backgrounds can use them to avail of a wide range of services and conduct transactions of various types.
- Data privacy:As superapps collect a vast amount of data from their users, they must have robust data privacy policies in place to protect users’ information. They must ensure that user data is secure and protected from unauthorized access or misuse.
- Social Responsibility:This has become key in the age when enterprises are expected to be more socially conscious and responsible. Superapps have a large reach, and they are in a position to contribute positively to society. They should be designed with a sense of social responsibility in mind. They should aim to create a positive impact on society.
What’s So Different About the Superapp?
Increase Customer Acquisition and Retention
Superapps are designed to be all-in-one platforms, making them more convenient to use and much easier to get hooked to. They engender loyalty as the user has less reason to go elsewhere.
Improve Customer Stickiness
Superapps are designed in such a way that they can keep users on the platform for longer periods. This contributes to making customers more loyal to the platform. Enabling “stickiness” is at the heart of the superapp strategy.
Because users don’t need to install multiple apps to access different services and features, the storage space requirement for superapps is relatively lower.
Gather Consumer Data
Superapps can gather a vast amount of data from their users, which can be used to improve marketing efforts, personalize content and services, and create more targeted and effective advertising campaigns.
Reasons for Superapps’ Success
As per Deloitte, “Transitioning from a stand-alone app to a super-app may help financial institutions maintain or even grow their share of the client relationship.” As it stands, superapps are able to help businesses extend their reach and create a more holistic experience for consumers. While the core remains intact, additional services can be embedded to monetize consumer engagement and scale as the market evolves — precisely what financial institutions and utilities (or industries in general) need to stand out in today’s highly competitive environment.
And, of course, there’s the opportunity of reaching a new audience. For instance, financial services companies could reach the unbanked population. Often, traditional banking services aren’t available or perhaps aren’t as convenient, affordable or relevant. By combining multiple services into one, the unbanked population has access to financial services that were previously unavailable.
Key Considerations for Superapp Development
Following a Modular Approach
Often, superapps are not built in one go. Rather, they are built using a modular approach, wherein services or offerings are rolled out consistently. This reduces the pressure on businesses to get it right the first time. In addition, it enables them to test the market and evolve accordingly.
Encouraging Third-Party Integration
Not everything has to be built in-house. Superapps should be able to integrate with third-party services and platforms to offer more value to users. Third-party plug-ins can extend the reach of superapps and help businesses create more comprehensive and personalized offerings.
Implementing Strong Security Policies
Superapps process a lot of data, which makes them particularly susceptible to security threats. Therefore, superapps must have strong security policies in place to protect sensitive user information from being mishandled or compromised.
Measuring Aggregate Value
It’s highly possible that social or community channel doesn’t directly benefit businesses in terms of revenue. However, it can contribute to increasing customer engagement and channelizing consumers toward the company’s profitable offerings. Therefore, businesses must be able to capture the aggregate value created by their superapp – while also comprehending the value of each individual service within the superapp.
Creating a Mobile User Experience that Delivers on Expectations
UX is super-important for superapps. At the end of the day, businesses should be able to deliver a clean, seamless, and intuitive user experience as promised. When equipped with a more immersive experience, they can drive higher usage, retention, and engagement. This can translate into increased revenues, reduced costs, and increased brand loyalty.
The Way Forward
In 2023, people will have more options than ever regarding what they want from their digital experience. They will also expect companies to be able to meet those needs – fast. Superapps are designed with this future in mind. They are designed to be flexible and customizable so that they can accommodate the evolving market.
However, implementing a successful superapp is a challenging endeavor. They’re complex, exhibit a steep learning curve, and entail a swift response to consumer demands. That’s why it’s essential to partner with a technology expert that can not only help you develop a successful superapp but also ensure its longevity.
Fascinated by the potential of superapps? Contact us today to learn more about how they can help you build a successful and sustainable customer acquisition strategy.