What is Super App Technology, and How Does it Affect Business Models?
A lot of people use smartphones—in the U.S. alone, 85 percent1 of the population owns one—and they all use apps tailored to their interests and needs. In fact, according to one study, users have, on average, 40 apps installed on their phones. These applications include utilities, entertainment, shopping, and travel, among other things.
To meet user needs, companies are investing in mobile apps to stay connected with their customers. Mobile apps can be accessed on smartphones and tablets, which means businesses have the potential to reach billions of users through a single app. Technology firms are urged to embrace super apps to centralize all of their services in a single application and optimize the user experience.
What is a super app?
Chances are, you've already come across a super app and didn't even know it. Super apps are mobile apps that aim to provide a one-stop shop for everything a user might need. Mike Lazaridis, one of BlackBerry's founders, is credited with coining the term in 2010.
He remarked that in the future, apps would strive to maintain users within their ecosystems. He referred to super apps as "a closed ecosystem of various apps individuals would use since it is easy to navigate and gives users a fantastic experience."
A super app today goes beyond offering users a variety of features and functions. Instead, it may provide an in-app currency for users to purchase items, book transportation, or make reservations. Users could also send gifts to other super app users.
Super apps are becoming increasingly popular, growing from simple apps with few features to all-encompassing platforms that cover almost every aspect of users' lives. The super app includes a closed but ever-growing ecosystem where users can access bill payment, banking, investment, and entertainment services.
The growth of application programming interfaces and current applications' ability to exchange data have brought businesses thus far. All signs point to even more progress between separate apps working together in the future.
Super apps are undeniably useful to users and make everyday tasks more convenient. This is why companies are unifying many services into a single application for the digital ecosystem since it benefits customers and businesses in the long run.
What are the benefits of super apps?
Some of the advantages of super apps include:
- Businesses or organizations may use them as marketing tools.
- Super apps keep users engaged and entertained for longer, so they keep returning for more. In addition, most super apps also serve as social media platforms, allowing users to interact with one another.
- Super apps provide convenience and efficiency by allowing users to accomplish tasks more quickly and easily. This frees up time for app users to focus on other personal tasks.
- Super apps allow users to work more efficiently by using multiple applications at once without needing to frequently switch between them.
- They're generally created by developers who have a deep grasp of the market's requirements, making them more likely to produce something that has a major influence on the app industry.
The rise of super apps: How are they shaping the future of business?
Multipurpose apps are becoming increasingly popular as consumers are weary of downloading and using numerous applications. Super apps are gaining popularity because they provide users with one platform that is easy to use and eliminates the need for numerous app downloads.
Customers are also likely to perform more activities on the app to receive optimal benefits. For example, clients' financial management activities are completed in minutes with integrated wallet offers and open banking.
Follow the simple tech strategy.
Alipay, a well-known super app from China, was valued at an impressive $200 billion in 2021. The company has acknowledged that its success is based on five cutting-edge technologies: blockchain, artificial intelligence, machine learning, Internet of Things, and cloud computing.
Alipay has embraced these technologies to offer its users a wide range of services, including shopping, service order, wealth management, and insurance services. With Alipay, users can avoid using multiple applications and websites to complete different tasks.
For technology companies, blockchain technology promises to drastically reduce operational expenses while securely maintaining huge quantities of data.
In essence, a super app is an innovative approach to providing banking services that differ from traditional bank offerings. With a super app, users don’t have to search for a different app whenever they want to use a new banking service. The super app provides users with a convenient way to access all their banking services in one place, reducing the clutter on their phones and delivering a seamless user experience.
How can a super app help you grow your business?
Businesses may benefit from super apps since they provide various services to users. Therefore, developing a superb app is essential in today's digital world—especially for entrepreneurs who want to branch out and expand their services to a larger customer base.
The major concern for businesses is learning how to evolve rapidly enough to satiate customers' demands before a competitor does. Zomato, for example, is a well-known food delivery company that rapidly incorporated grocery delivery during the COVID-19 pandemic.
To learn more about super apps, reach out to KOBIL, technology provider of the Istanbul Senin city application.