As the sector of communication and technology is constantly evolving and the customers are getting more demanding, it is no surprise to witness the phenomenon of the Super app taking over the world.
What are Super apps?
Super apps are an all-in-one marketplace offering services in one single platform. They are made to simplify customer’s lives. Instead of having severals apps on your phone you would only have one to satisfy all your needs.
From this platform you can chat, order food, order a ride, pay your bills, pay for goods and much more. It is now estimated to offer more than one million services through mini programmes!
This phenomenon started in Asia, more specificially China with a Super App called WeChat. WeChat first started in 2011 as a simple messaging app and it has since grown into offering millions of services. It now counts over 1 billion monthly active users.
Since then, this Super App trend is spreading beyond China. We’ve seen it arriving in Singapore with Grab, in South America with Rapi and in Dubai with Careem. The truth is that the demand is real. All over the world, people are obsessed with saving time and finding the latest the technology to do so.
As Mike Lazaradis (founder of Blackberry) said “A Super app is a closed ecosystem of many apps that people would use everyday because they offer such a seamless integrated, contextualised, and efficient experience.”
What are the benefits?
From a business point of view, it reduces re-acquisition cost because it retains customers by offering other services. Not only this, but companies have the opportunity to engage with their customers in multiple ways and thanks to partnerships it helps acquiring new customers.
With this model, options seem endless which explains why it attracts large amount of investments. Secondly, it offers a new challenge for ambitious companies on the technology, data storing and communication level. Lastly, it applies to all targets because let’s be honest, who is not interested in saving time when needing a service?
From a customer point of view, apart from being a time saving solution, it also helps saving phone memory and the overall user experience is genuinely better.
Stop for a minute and think of how many apps do you currently have on your phone…
Studies shows that the average person has 40 apps installed on the phone. Out of that 40 apps, 89% of the time is split between 18 apps.
This means, more than half of those apps remain unused. Now imagine having all of these apps in one single place. You would probably be using their services much more.
Often, the key to a better user experience is technology and by easying the access to all the apps you are much more likely to increase revenue.
Although this innovative trend has been settled in Asia for a while, it is interesting to see how it gradually conquers the west part of the world. Thus, in this respect we have to keep it mind that different regions mean different needs.
Knowing that 88% of mobile time is spent on apps, the potential for brands is huge and should be explored in order to be relevant for customers.
This marks a turning point for all businesses in general and more especifically for the finance sector. Who has ever dreamt of an easier way to pay their bills, pay for goods, deal with insurances in one singleplace? Everyone, right?
This is the reason why Moneytrans joins the unstoppable boom of “superapps” around the world, offering a complete answer to the needs of millions of expatriates in Europe. Thanks to this multi-service personal finance application, they will save time and money by concentrating everything they need on one multilingual platform – a real revolution that is changing the lives of thousands of foreign residents in Europe!