Sheldon Anthony IO

Superapps will become a dominant force in the digital economy, creating new opportunities and challenges for businesses. By 2027, Gartner estimates that 50% of the global population will use multiple superapps every day. As a platform, these superapps are designed to deliver a mini-app ecosystem that users can choose from to activate for highly customized and consistent user experiences. Superapps can replace multiple applications for customer and employee use and support enterprise-wide business ecosystems.^[1] They are reshaping how users interact with digital services and how businesses deliver value to their customers. As a business owner, you need to be aware of the potential of superapps and how you can leverage them to grow your business.

It's usually a freemium economy with the ultimate focus on customer loyalty and it is always stealing away a customer's attention from disconnected standalone applications. With the prevalence of these superapps, it can be assumed that there will be a decline in the use of standalone apps. It will be crucial to understand ultra-connected consumers' needs, preferences, and values to engage them. Besides having access to unparalleled amounts of customer data, these superapps know how to use that data to improve customer service. Taking advantage of their technological aptitude, consumers are far ahead of the curve in adopting these superapps that are offering them the greatest return on investment for their time. One superapp that has everything built-in and can be customized to suit their needs is preferred instead of having multiple apps for food orders, ride-sharing, and payments. These superapps are also disrupting the financial service industry by disintermediating them from their customers. They showcase high engagement rates and customer returns because of the value they provide and are definitely a threat to standalone applications with siloed customer data.

As a superapp, WeChat was developed by Tencent. After launching in 2011, it became the world's largest standalone mobile app in 2018. WeChat was initially a text messaging platform like WhatsApp. With rapid expansion, WeChat became one of the largest superapps in the world. The WeChat app is packed with dozens of mini-services. All you need is one app to chat, live stream, buy meals and groceries, book a ride, etc. Their users spend more than four hours a day on this single application. From communications to shopping, games, banking, appointments, and travel, it has become a vast ecosystem with a wide variety of functions and services. Approximately 60% of WeChat users open their app more than ten times a day. 21% of users use the app over 50 times per day. It also boasts an impressive 98.3% retention rate over the course of seven days.^[2]

Consumers are demanding more from their devices and apps, especially convenience, enjoyment, and effortless management of their daily lives. It is more convenient to use these superapps for ride-sharing, payments, and food ordering instead of several apps. Although consumers may not explicitly call for a super app, they certainly appreciate its ease and convenience. Rather than jumping between apps, they offer a satisfying experience. Consumers love them because they are convenient, smart, and provide more than they expect. Superapps will also be creating new opportunities for marketers to expand their reach on a global scale using the in-app channels. A superapp's ultimate goal is to make it ubiquitous. It is defined by Mike Lazaridis as a "closed ecosystem of apps that provide a seamless, integrated, contextualized, and efficient user experience".^[3] By providing convenient access to a wider range of services within these superapps, brands are unifying experiences within these apps and creating ecosystems that amplify value. Providing mini-programs businesses keep their users engaged for longer intervals of time without having to install another app for additional capabilities. The capabilities of these superapps can have a positive impact on growth and engagement. The number of time people spend on these apps will continue to rise and timeshare is a valuable commodity. In addition, an abundance of more engaging and convenient superapps will create more engaging user experiences and keep brand loyalty high.

Today's super apps thrive because they can share data across multiple service areas and lines of business to better understand their customers. To leverage a super app platform companies need to embrace an open architecture as they rethink their digital strategies. Superapps usually have an extensible architecture and you can plug and play your services without having to rewrite the architecture every time, which reduces both time to market and costs. Data security will also be a key component of creating trust for consumers as privacy is an urgent concern. Customers will be more likely to trust your brand if your superapp is convenient, engaging, and intuitive; they also require a range of personalized services and reward programs to gain their trust. Whether you are building or integrating into the superapp space the fight will always be about retaining and staying in control of your customer data. It is up to businesses to continue innovating and developing new features to maintain the consumer's interest and cater to their needs.