Super Apps: Understanding their Functionality and Revenue Streams

In this competitive market, constant evolutions are made in every business sector. There are many innovative platforms available on users’ devices. Among the various categories of solutions present, super apps are utilized by most people from all over. The users receive a vast range of services within an app and get their needs fulfilled under a single roof.

The usage of these applications has accelerated since the outbreak of the COVID-19 pandemic. People from all over preferred to stay isolated in their homes and were avoiding making contact to prevent virus infections. So, at that time, multi-service solutions came as an escape for users, as they could remotely seek any facility at their doorsteps. 

According to 2023 statistics, the super app vertical is estimated to grow at a CAGR of 23.8% till 2026. Witnessing such bright scopes of marketplace platforms, many organizations launched their applications in the multi-service vertical. It includes Rappi, Gojek, Snapp, Careem, etc. All of them achieved a tremendous rise in the specific sector.

The local ventures are influenced by them and serve numerous services online, along with receiving significant progress. So for that, there is a big hand of key functionalities and revenue models followed inside, due to which they gain certain benefits discussed in this post. Read each section to know them carefully.

Key functionalities of Super Apps

As a robust super app consists of various functionalities inside and is based on the all-in-one mobile commerce core, it is evident that enterprises receive an upward push. If you are keen to know, then here are some of them mentioned below:

Numerous services

The platform users get access to different services within a solution, as numerous market segments are integrated inside it. Hence, people prefer to utilize them for fulfilling their requirements from super apps, as they can access various facilities through them.

Flawless consumer experience (CX)

Using these applications, people receive a seamless user experience as it is composed of many elements contributing to it. It includes appealing UI/UX, distinct features useful for meeting their needs, and payment by accessing various gateways/methods they are convenient with. Thus, providing such facilities will offer them the convenience of using a solution and also help businesses gain customer loyalty for utilizing a platform iteratively.

Customizable attributes

Alongside receiving an application with fascinating features, entrepreneurs can also modify them according to the customer’s requirements, as they are provided with a source code. It helps their venture meet the expectations set by them about running a business online and earning massive conversions soon. 

Thus, due to such functionality embedded as mentioned above, it is evident that a market would witness a rise of super apps among people worldwide. Gaining a lift means it would also assist in making the enterprises much more profitable in many ways described in the next section.

How can marketplace platforms help in earning more revenue?

The question might arise of how entrepreneurs running multi-service ventures online through such applications earn a massive income. An answer is that following the various revenue channels stated below contributes to making colossal money.

Commissions from each stakeholder

Every user category is provided with some or the other benefits of utilizing a solution. In return, every stakeholder is charged a fixed proportion amount. Thus, receiving commissions from different kinds of platform users will help entrepreneurs earn considerably, and it gets counted as an essential source of income for enterprises.

Advertisements

The merchants who have registered their ventures in an application and want to market their business through advertisements need to pay a certain amount. Moreover, ad spending globally hit $602.25 billion in 2022, and the number is further expected to rise by $876.1 billion till 2026. It says that startup owners would earn more from advertisements on their solutions, and it serves to be a huge income source.

Premium subscriptions

The business admin can earn a significant income by enabling subscription fees for allowing their customers to access premium features within a platform by paying a certain amount. It will help entrepreneurs to earn money from subscription charges paid by users, and it becomes a vital source of income for them. 

Thus, entrepreneurs could make considerable money through the multi-service application by the above-stated revenue streams. Now, by which several aspects the enterprises would get assisted in securing a reputed position are discussed in the following section.

Benefits of Super Apps to business

There might be some perks that entrepreneurs receive by operating a venture through the multi-service solution. So which advantages they get are mentioned below:

Streamlined management

Running an enterprise through super apps would allow startup owners to accomplish various tasks rapidly. It is because it simplifies many business operations by automating them, including analyzing profits, generating employee salary reports, etc. Performing all such activities seems to be a hassle for them, and they get wiped off through such platforms.

Also Read: 6 Issues of Fintech and How Software Can Overcome Them?

Enhanced scalability

The ventures become more scalable than ever, as compared to running them through a conventional approach. Enterprises can handle more user traffic and execute any operations fluently, no matter the size of the audience present on a solution.

Diversified streams of revenue

The report says that businesses offering numerous services online would make huge money compared to the ones providing single facilities. Furthermore, their multi-service platforms are equipped with various revenue channels, which helps the venture generate considerable income.

Enterprises catering different services would gain the pluses mentioned above. Hence, local vendors thinking of stepping into a multi-service segment might get motivated to create super apps for their businesses. They would also gain massive traction among users due to the tremendous demand for such solutions.

Bottom line:

By observing the figures stated earlier, you might have known that there are immense future requirements for the marketplace platforms being generated among users worldwide. So, entrepreneurs planning to build their super apps should be aware of a few functionalities, revenue streams, and certain perks of such solutions for their ventures mentioned in this post. Referring to them will give them a clear vision of whether to develop a multi-service application or not.