Changing the way we use phones - Superapps
By28 Oct 2022
You may have already heard about Superapps; if not, you surely will very soon. So what does this word mean? Formally, Superapps are defined as intermediary mobile applications that can consolidate and replace multiple apps for customer or employee use. In other words, there is one app, one sign-in, and one user experience — for virtually any product or service a customer may want or need.
How it all started
The term was first coined by Blackberry CEO Mike Lazaridis. And although Blackberry itself was not successful at developing a Superapp, the idea proved innovative. Nowadays, many companies work on their versions of Superapps. From Tata Group in India to Kaspi Bank in Kazakhstan, Superapps constitute an emerging trend and help users and brands to unify everyday services under one roof.
People do more things with their mobile phones than ten or even five years ago. Millennials spend 6.7 hours on their phones, while Gen-Zs spend over 7.3 hours daily. However, people spend the most time on only a handful of key apps, which are increasingly concentrated. Users, willing to narrow their focus, strive for a friendlier, more personalized, easier experience.
Superapps effectively address this demand as they often unify financial services, payments, transportation, delivery, booking, e-commerce, messaging and audio-video communication. According to a study, 67% of US consumers are interested in using a single Superapp for multiple digital services. This is why Elon Musk, the richest man on the planet, is considering creating the first-ever “western” Superapp - X. Currently, Superapps dominate mostly Asian markets.
WeChat: China’s App for Everything
The largest Superapp in the world is WeChat, a Chinese instant messaging, social media, and mobile payment app developed by Tencent. First released in 2011, it became the world's largest standalone mobile app in 2018, with over 1 billion monthly active users. WeChat has been described as China's "app for everything." Besides using WeChat as a social media platform, people use it to make payments and money transfers. Businesses benefit from its enterprise solutions.