Elon Musk's ambition to turn X into a WeChat-like everything app is doomed, predicts the man building his own "theme-based" super app, called Super.com.
Musk has long boasted about his plans to move X (formerly Twitter) beyond its microblogging beginnings into an app that does everything, including an array of financial services.
Asia witnesses rise of theme-based super apps that offer a host of services that could be provided separately but are tied together through a unifying theme.
The concept of a theme-based super app refers to a mobile application that offers a wide range of services and features centered around a specific theme or niche.
Super apps, in general, have gained popularity in recent years, especially in regions like Asia, and they typically aim to provide users with an all-in-one platform for various everyday needs. Here are some key aspects of the rise of theme-based super apps:
- Diversification of Services: Theme-based super apps diversify their services and features around a particular theme. For example, a food-themed super app might offer food delivery, restaurant reservations, recipe recommendations, and cooking tips all within the same application.
- Convenience: These apps aim to simplify users' lives by providing a convenient one-stop solution for their specific needs. Users don't have to switch between multiple apps to perform related tasks.
- Market Specificity: Theme-based super apps often cater to specific markets or niches. This approach allows them to target a particular audience with tailored services and content. For example, a healthcare-themed super app might focus on providing telemedicine, health tracking, and fitness-related services.
- Ecosystem Building: Super apps often aim to build an entire ecosystem around their theme. This can include partnerships with other businesses, integration of third-party services, and the development of complementary products or features.
- User Engagement: Super apps prioritize user engagement and retention. They achieve this through loyalty programs, rewards, gamification, and personalized content recommendations.
- Monetization: These apps typically employ various monetization strategies, such as advertising, subscription models, in-app purchases, and commissions from services booked or products sold through the app.
- Expansion: Once a theme-based super app establishes a strong presence in its niche, it may consider expanding its offerings to cover related themes or services. For example, a travel-themed super app might initially focus on flight and hotel bookings but later expand to offer car rentals, tours, and restaurant recommendations.
- Competition: The super app space can be highly competitive, with established players and startups vying for market share. To succeed, theme-based super apps need to differentiate themselves through unique features, exceptional user experience, and effective marketing.
- Regional Variations: The popularity of theme-based super apps can vary by region and culture. While super apps have gained significant traction in Asia, other regions may have different preferences and usage patterns.
- Regulatory Challenges: As super apps continue to grow and expand their services, they may encounter regulatory challenges related to data privacy, competition, and financial regulations. Navigating these issues is crucial for their long-term sustainability.
Examples of theme-based super apps include Grab (originally a ride-hailing app that expanded into services like food delivery and financial services), Meituan-Dianping (a Chinese super app that started as a group-buying platform and expanded into various service categories), and Gojek (an Indonesian super app initially focused on ride-hailing and later diversified into a wide range of services).
In America, Uber building a Super App around mobility (“Go Anywhere, Get Anything”), Google Maps where location is the core theme, Paypal that is building around financial tools, Robinhood around investing, Coinbase around crypto, and of course with what we are building at Super.com with savings being the core theme.
The rise of theme-based super apps reflects the evolving landscape of mobile applications, where users increasingly expect convenient, multifunctional solutions for their daily needs. These apps will likely continue to evolve and adapt to changing user preferences and market dynamics.
