In recent years, Thailand has witnessed the rapid rise of the Superapp economy. Superapps are mobile applications that provide a wide range of services and solutions to their users under a single platform or ecosystem, which have gained immense popularity among Thai consumers.
The digital economy in Thailand is steadily moving forward, owning nearly 1/5th of the overall SEA digital economy with a projected value of US$53 billion by 2025, and a CAGR of 15%. Boasting high internet penetration of 90% as well as having nearly 90% of users transacting through mobile applications, the high level of digital adoption and a growing demand for mobile-first services is placing Thailand in a place of strategic advantage to capitalize on the superapp opportunity to immensely enhance the customer experience for businesses, and to drive greater efficiency.
Tyler Munoz, Senior Partner ASEAN, Publicis Sapient says, “The superapp proposition is a key opportunity for enterprises and organizations to reduce the cost-to-serve for the end customer through integration of multiple services into a single platform, which has the potential to introduce new revenue streams beyond their core services. Publicis Sapient is very optimistic at the growth opportunities that superapps bring to the table, especially as Thailand is placed to capture new growth in the shift towards an increasingly digital economy.”
Here are three key growth imperatives that can help organizations define their approach to successful superapps.
1.Identifying a winning proposition with strong product-market fit and a viable business model
The first step lies in establish the commercial objectives that will drive the superapp project, whether growth or the need to protect market share. At the same time, factors such as target client segments, target partner landscape and partnership approach, economic model, as well as regulatory approach need to be nailed down. The product development model should recognize and accommodate the needs of different stakeholders: Customers, partners, and the company itself.
From a technology standpoint, considerations for platform capability and architecture are necessary to define key components and decide what to build, buy or reuse. This will shape the underlying technology stack that must be put in place.
2.Define the path to create an MVP through internal expertise and collaborative partnerships, and swiftly testing it in the market
Adopt a holistic, customer-centric approach that focuses on connecting different touchpoints across the entire customer journey, by proactively identifying pain points and friction through data-driven insights while delivering maximum value.
Embrace an iterative approach to minimum viable product (MVP) development, rapidly prototyping and testing ideas to gather feedback and make improvements. At the same time, partner and customer feedback should be incorporated early in the process to ensure the proposition remains relevant while it is being developed and tested
3.Craft an AI and ML-driven experience tailored to user preferences
To create a successful superapp, organizations must understand customers’ behavior and preferences to create better personalized recommendations and services. This helps to increase customer engagement and loyalty. This can be done through analysis of data including customer purchase history, browsing behavior, search queries, and other metrics, to gain valuable information about customer needs and preferences. From this, organizations can be better prepared to build hyper-personalized recommendation systems by predicting customer consumption patterns and analyzing customer activity.
As consumers are increasingly demanding more personalized and hyper-convenient experiences that meet their needs, the superapp framework is an ideal solution towards transforming the user experience via mobile and digital, enabling access to an assortment of tools for specific tasks or services.
Learn more about the Thailand superapp opportunity for growth at
https://info.publicissapient.com/l/136951/2023-10-30/6hkb9y
