According to Publicis Sapient, a digital transformation consulting company, the Philippines has seen a surge in the superapp economy, gaining popularity among consumers for various services like payments, lending, and investments.
Publicis Sapient said that the Philippines is one of the countries that utilizes super apps, which offer a range of services under one platform.
The country’s digital economy is on a growth trajectory, set to reach a value of $35 billion by 2025 with a projected CAGR of 209%. Internet penetration stands at 69%, expanding into smaller cities, amplifying social media usage, and fostering a reliance on mobile e-commerce, embraced by 63% of users. E-commerce, streaming, and food delivery are poised for substantial growth, especially with an expected 17% CAGR in e-commerce from 2022 to 2025.
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“With 63% of the population in the Philippines being unbanked, and with mobile users spending an average of over five hours daily on their smartphones, banking is set to be the largest superapp opportunity in the Philippines,” said Andrew Male, client partner, ASEAN, Publicis Sapient.
Building strategy in developing superapps
Developing a successful superapp requires a well-defined strategy: aligning commercial goals, understanding target segments, partner landscape, economic models, and regulatory considerations. The technology backbone, including platform capabilities and architecture, is crucial in deciding what to build, buy, or reuse.
Creating a Minimum Viable Product (MVP) needs leveraging internal expertise and partnerships, testing it swiftly in the market, and adopting a customer-centric approach. Iterative development through rapid prototyping and feedback incorporation from partners and customers ensures relevancy and functionality.
Personalization is key to a successful superapp — understanding customer behavior and preferences aids in tailored recommendations and services. Analyzing customer data like purchase history and browsing behavior helps in building hyper-personalized recommendation systems.
Publicis Sapient believes that superapps are the future for meeting consumer demands for personalized and convenient experiences. They transform user experiences through mobile access to a range of services, fitting specific needs or tasks seamlessly.