Did you know that the ASEAN Super App market is estimated at $4 billion in revenue and will have a projected increase to $23 billion in 2025? Well, in most Super Apps, the four usual services included would be ridesharing, food delivery, online banking, and e-commerce through FinTech.
Let’s look at the structure of the Super Apps, its value prepositions, and dig in deeper to have a greater understanding and probe the question: Why are Super Apps a hit in Asia?
Some examples of Asian dominance in the Super App space include China’s WeChat and AliPay, India’s Paytm, Singapore’s Grab, Indonesia’s GoTo, Vietnam’s Zalo, and South Korea’s Kakao. Further in this chapter, get some answers on how Super Apps have been successful in the East and not so much in the West.
Structure of Super Apps and its Value Proposition
- Super apps are the phone’s ultimate go-to app
Because these apps are handy and save time, end consumers value the convenience of use and search of products and services in an all-in-one app. Consider it a clone of your home screen where you can access all of the services you need to organize your everyday life in one app!
- Has a high open-rate for at least one service or function
Gojek, which is based in Indonesia, and Grab, for example based in Singapore, began as a ride-sharing app and then added features such as instant messaging and an e-wallet. GCash in the Philippines began as a mobile wallet for payments, branchless banking service, and a payment centre but has now expanded to include multiple verticals within the app. Whatever purpose a Super App was created for, it excelled at it, allowing it to evolve into an ecosystem of services.
- End customers’ wallets are easily accessible
Why should your customers keep their money in a different app when you have direct access to their wallets? Many apps with aspirations to be Super Apps provide this vital function, e-commerce platforms such as Lazada and Shoppe introducing their own e-wallet feature to make payments easier for their customers.
- Partnerships with other platforms are encouraged and welcomed
Super Apps are similar to shopping malls, how are they similar to shopping malls? Well, they feature a variety of stores offering a variety of services. Their ability to be open to collaborations and partnerships is the exact reason they are who they are. Other platforms can be smoothly incorporated into the ecosystem they’ve created thanks to their app framework. Goama, a gamification platform, has relationships in over twenty-four countries and offers a carefully curated library of addictive games.
Super App’s value proposition is to cover every online and offline demand of an internet user by replacing Amazon, Instagram, TripAdvisor, Booking.com, Venmo, Tinder, and PayPal with a single app.
One Stop, written by Neha Mehta, talks about the appeal of convenience and efficiency in the hustle and bustle of today’s world. Get a copy to learn more about the digital revolution caused by Super Apps.
