On September 16, 1930, Piggly Wiggly opened its doors to its first customers in Memphis, Tennessee, and at the same time revolutionized the way of shopping. Piggly Wiggly thus became the very first supermarket. One hundred and five years later, we find a supermarket on every street corner in every large and medium-sized city in the world. It is thanks to this that most of us choose to group our purchases rather than going to the butcher, the baker, the fishmonger or the grocer, one after the other.
The world, and especially Europe, seems ready to choose centralization again
A study by KPMG reports that users seem inclined to move towards convenience and simplicity. This is just as true when it comes to digital applications. Indeed, the Swedish payment platform Klarna was the very last to venture into the world of Super Apps, while multifunction applications, such as WeChat or Rappi, concentrating a complete range of services in a single application, are already attracting billions of users.
Banks and other financial service providers such as PayPal and Revolut are also expanding their service offering, allowing users to centralize a range of tasks such as buying clothes, pharmaceuticals, flights or phone calls. cabs. The range of services offered, like the vast amount of data that flows through banks and FinTechs, provides a solid foundation for creating a personalized and frictionless ecosystem that meets the needs of specific users.
For this, we propose to examine the potential benefits of a Super App, a financial application that centralizes banking services and a market place for B2B goods and services for business creators and the self-employed.
A flawless user experience
Super Apps are in many ways part of a larger trend, that of an ultra-fluid ecosystem driven by the changing needs of customers, eager for personalized and less fragmented solutions. The latest fintech apps on the market can integrate third-party APIs to offer a whole host of user-focused solutions and features, from simple mobile payment to bill and expense management – a comprehensive and convenient dashboard to manage your finances. A Super App can further amplify and diversify the range of services offered, such as buying a new laptop for an employee, booking flights for a business trip or finding new premises.
By consolidating this extensive range of services into a single application, users do not have to navigate between multiple interfaces and can search, purchase and pay for any service or property in one place, saving them valuable time. when deadlines draw near. Additionally, these apps can provide a more streamlined and personalized experience through the power of user-entered data.
Products and services can thus be further tailored to the individual needs and wishes of the business owner or the self-employed person. For example, data analytics and artificial intelligence can be used to examine the company’s recent purchases, account data, and cash flow to make strategic recommendations for the purchase of hardware or equipment. office equipment.
Save time and money
Time, or rather the lack of time, is a constant for any entrepreneur, having to juggle a multitude of tasks ranging from sales and marketing, to accounting and recruiting new employees. If we add to this the need to log in to several interfaces (each with a different password) and the learning phase of using each tool, it is easy to see why entrepreneurs end up working entire hours surrounded by post-its scribbled on with username and password combinations.
It would be different with a Super App. Instead of agonizing over the functionality of yet another new app or tool, creators and business owners can rely on a familiar interface from their awesome app. Of course, additional services might be added to it from time to time, but the single interface means that no onboarding process is necessary. The single sign-on and familiar interface can allow small business owners and freelancers to focus on their core business, such as customer acquisition and retention. Plus, additional apps and platforms usually mean higher costs and fees, which new businesses and start-ups want to avoid.
Cash control
Keeping an eye on the budget and knowing exactly where and when the money is being spent is essential to avoid ending up in the red at the end of each month. Flipping through online bank statements and scrutinizing each exit is not only time-consuming, but doesn’t always communicate a complete picture of the situation. Expenses can often spiral out of control when setting up a new business, and by the time you finally get them under control, it may already be too late. And for good reason, 80% of companies go bankrupt in the first three years.
Performing all purchases through a single application allows you to create a repository and record of your expenses and outgoings. Thus, entrepreneurs and micro-entrepreneurs could analyze spending patterns in real time, adapt and intervene if necessary. Through data analytics, Super Apps can provide detailed financial and transaction reports, as well as instant notifications on urgent financial activities that need attention.
The challenge of running a business that doesn’t just survive, but thrives, means there will always be a demand for convenient, mobile experiences and services that save time and support people. business leaders at every stage of the process. Ninety years after Piggly Wiggly opened its doors, it’s hard to imagine a world without a supermarket. Ninety years from now, business executives and freelancers might be saying the same thing about Financial Super Apps.