A super app is a platform developed by a company offering various services under one umbrella. For example, China’s WeChat, which started out as a messaging app, expanded into payments, cabs, shopping, food ordering, and cab services to become a super app. A physical world comparison of a super app would be a mall, which allows retail space for various brands and shops across businesses and verticals.
The whole concept could be compared to a huge shopping mall that rents its space to interested retailers. When using a super app, you don’t leave the building, you just move around its premises. The “mall” saves your preferences or payment details, so each retailer knows how you want to pay and where they should deliver your purchase. Once introduced, all the details are there. That also means fewer registrations, as only one sign-in is required.
What does SuperApps offer?
A super app is a self-contained platform that includes a variety of services that integrate with its users’ daily lives. All of its services can be managed without leaving the app. The main features of the world’s most established super apps include:
Payments and financial services-
This fintech brand was founded in 2010 and is now looking to expand by integrating multiple businesses. PayTM super app now includes bill payment, shopping, online booking, and much more. By incorporating these services into its ecosystem, the brand has been able to reduce market competition. PayTM’s merchant base has grown rapidly as a result of this strategic move.
In India, a brand that began as a telecom company is now offering over 100 services in a single mobile application. Customers can use their in-app payment services to access services such as food ordering and online bill payment on this platform.
It is an on-demand ecosystem and the fastest growing brand in Southeast Asia. It can be used for hyper-local delivery, online food ordering, taxi-sharing, commuting, and many other things. What began as a bike ride service app is now a one-stop shop for the majority of on-demand services.
The newest member of the Tata Group recently introduced the world to its own super app called Tata Nue- an extraordinary platform that combines various brands into one powerful application. Tata super app allows customers to shop across multiple categories by offering a suite of financial services such as UPI payments, bill payments, online shopping, insurance, and so on.
Alipay super app, founded in February 2004 in Hangzhou, China, is a third-party mobile and payment platform operated by Alibaba Group. Alipay, founded by Jack Ma, provides its users with access to digital payments and other financial solutions. It is a mobile wallet-based payment method that allows users to store their debit and credit card information in order to make digital and in-store payments.
Grab is a South Asian technology company founded in 2012, with headquarters in Indonesia and Singapore. What began as a taxi-hailing app called MyTeksi has evolved into the Grab super app, offering digital payments as well as online grocery, package, and food delivery.
WeChat, which was founded in 2011, offers a variety of services such as social media, instant messaging, digital payments, and so on. With over one billion monthly active users, the app became the world’s largest standalone application in 2018.
The Tata Neu app is a gateway to all services provided by the company. It also offers brands such as BigBasket, Air India, AirAsia India, Tata CliQ, Starbucks, Croma, IHCL, Westside, 1mg, and more.
Users will be rewarded for their purchases with Neu Coins, which can be redeemed the next time they shop. The value of a Neu coin is Rs 1 and can be used within one year.
The concept first emerged in China and Southeast Asia, where internet companies like WeChat, GoJek, and Grab leveraged the opportunity of customer traffic on their platforms that originally came for social media and communication needs by offering these customers additional services, leading to increased revenue realizations.
The Tatas have also introduced a UPI payment service called Tata Pay on the app. “Find everything from groceries, to gadgets, to getaways on Tata Neu. Pay instantly for any of your online and in-store purchases, utility bills, and more, using Tata Pay,” the company said in the Google Play Store listing.
Among all others, Reliance Jio’s upcoming super app is to watch out for. The company intends to offer a suite of services within its app and has been on an acquisition spree to meet its target. The app will have groceries, medicine, content, fashion, and so on. The competition is going to intensify as Jio Platforms, RIL’s digital business subsidiary, has big tech heavyweights, including Google, Microsoft, and Facebook, backing the company.
Apart from this, Flipkart’s PhonePe too has been partnering with several other companies like Ola, Swiggy, MakeMyTrip, and IRCTC, to name a few, to enable services across categories through the PhonePe switch platform.
What Will the Future of Super Apps Look Like?
The number of mobile users will only increase as the world becomes more digitalized and new technologies reach more and more remote regions. Simultaneously, people strive to simplify everything and, as a result, are looking for solutions that will allow them to perform routine tasks quickly and easily. Furthermore, statistics show that an increasing number of mobile app users are interested in combining multiple digital experiences into a single comprehensive super app. As a result, users are very loyal to apps that provide a multifaceted experience.
What Does It Cost To Create A Super App?
Because of the saturated market, a mobile app can now be obtained for a low cost. However, if you want to generate revenue or effectively streamline your operations with an app, you must invest not only money but also your time and efforts. And this could cost you anywhere from thousands to millions of dollars.
If someone hires Hashtrust for super app development, we split a cost that benefits the entire process.
We dedicate a dedicated team of analysts, developers, designers, and project managers to an MVP, which takes 3 to 5 months. The cost of developing an MVP can range between $40,000 and $100,000.
The development of the full product takes longer than the development of an MVP because it has ongoing costs for maintenance and growth. It can never be completed all at once because it always requires enhancement, additional features, and optimization based on market analysis and user feedback. The cost of developing a product can range from $50,000 to $500,000.
We assign a dedicated team of analysts, designers, developers, and project managers for MVP or full product development.
The super app quickly went mainstream in Asian countries. With a mobile-first population, homogeneous markets, blocked competition, and huge government support, the evolution of a multi-purpose ecosystem seemed only natural.
Most likely, the super app trend will continue to grow in and out of Asia. More and more companies worldwide see the potential of retaining their users within their all-in-one applications.
Building a super app can give you serious competitive advantages:
Hashtrust is always hungry for new challenges that allow us to leverage our vast expertise and ever-increasing passion for technology, drawing inspiration from the advancement of technologies and brand new solutions transforming the world we live in. So, if you believe that a super app is something you need to grow your business, we are here to assist you in making your ideas a reality.
Please contact Hashtrust if you have any further questions about super app development.