Unveiling the Powerhouses: Will we see more SUPERAPPs like Grab, Gojek and Lazada in 2024?

As the digital ‘Swiss Army Knives’ of the tech world, Superapps have changed how we interact with technology to consume various services within a single app. Today, we will delve into the world of Superapps and uncover the secrets behind their success.

From ride-hailing and food delivery to financial transactions – Superapps function like an ecosystem – addressing multiple facets of daily life and streamlining various tasks. In pursuing seamless experiences, Superapps reduce the need for multiple apps, save device space and simplify user interaction through integration.

Its meteoric rise in Southeast Asia (SEA) can be attributed to the high smartphone penetration rates globally and a burgeoning digital economy. By offering tailored solutions for SEA’s tech-savvy, mobile-first consumers, Superapps have capitalised on the social and economic nuances of the region. Key examples include;

  • Grab: 70% penetration rate among Singapore’s citizens, showcasing their ubiquity and relevance.
  • Lazada: Current penetration rate of 53% in their home markets and is expected to reach 63% across SEA by 2025, demonstrating the potential for Superapps to become integral to digital lifestyles.

Banks and teleco's are uniquely positioned to capitalise on the Superapps wave. The Superapp business model allows companies to expand their digital footprint and engage with customers through integrated services. Superapps offer streamlined user experiences, enhanced engagement, and extensive monetization avenues through targeted advertising and cross-selling. Recognizing Superapps as evolving ecosystems and adopting a customer-centric approach enables banks to optimize their presence, address user needs, and thrive in the competitive financial landscape.

Leading SUPERAPPs in SEA

We created a 4-point framework for evaluating SUPERAPPs across the region which consists of the following factors:  

  • Number of business offerings
  • Partnerships
  • Customer support
  • User rewards

According to our research, Lazada, Grab, Gojek, Shopee and Air Asia are the top 5 SUPERAPPs across SEA. Among the top 5, Grab, and Gojek have diversified their service offerings and prioritised an exceptional user experience with integrated payment solutions. The high adoption of Superapps in the Asia-Pacific region, home to 60% of the world’s population, is a testament to their ability to meet the complex needs of a diverse user base.  

The superapp future in Southeast Asia points to more than 50% of the global population being active users by 2040. Superapps signal a shift towards more integrated, efficient, and user-centric digital services, signifying the potential to redefine the digital economy for businesses and consumers. The era of superapps is not just approaching — it is already here.