Nowadays, people spend most of their time on their digital devices, primarily smartphones, to meet their daily jobs using mobile apps, like ticket booking, taking doctor appointments, etc. Moreover, the pandemic has also increased mobile app usage as people prefer online purchasing every item they need, even groceries. Besides, mobile apps helped the users with various entertaining stuff.
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The statistics report that by the end of 2023, smartphone apps will generate about $935 billion in revenue, which is twice that was recorded in 2019, about $461 billion.
Today, every smartphone user has numerous apps installed on their devices, solving their distinctive needs. That’s why the total app revenue is spread out among various labels. What if a giant company wants to secure a significant share out of the overall mobile app revenue.
Here comes a new concept: the Mega app that attracted multifaceted business giants and tech giants with deep pockets to set up a Mega app business model and acquire lion-share in growing digital revenue.
Today, in this post, we will learn what a Mega app is, why you should establish one, and the challenges you may encounter in your Mega App development journey.
So, first, let’s start with the concept of a Mega App.
What is mega app – the concept
A mobile app that provides a plethora of services on a single stage is a Mega app.
Let’s take an example to understand it better. Imagine a Mega app as a mall that offers retail space to various brands and shops across different businesses and verticals.
Next, we will go deeper to know the origin of the Mega app concept.
This concept originated in China and Southeast Asia. After that, WeChat, Paytm, GoJek, and Grab analyzed their customer base, needs, and preferences and added more offerings for their customers, making it a Mega app.
Let’s take another example.
In China, when most websites, like WhatsApp, Google got banned, WeChat appeared as the future of the Internet for China’s population.
In 2011, WeChat emerged with the functionality of a messenger app. After some time, it built a strong customer base. With a broad customer base and to meet almost every need of its customers, WeChat soon started offering various services within its single eCommerce platform.
- Within a year, WeChat crossed about100M registered users monthly and reached nearly 900M registered users within six years.
- As recorded in Q2 2021, WeChat held25 billion active users monthly.
Why It’s Easier For Big Brands To Develop A Mega App?
Well, to set up a Mega app, you need to have almost every essential, like required funds, a broad customer base, a vast infrastructure, a big team of professionals and experts, lots of effort, and time.
Generally, the organizations and brands usually hold everything that one needs to develop a Mega app.
On the contrary, the startups and small enterprises would need to start with ‘Zero,’ and that journey would never be easy.
Benefits Of Developing A Mega App
The business giants and organizations holding a Mega app would attain many benefits, like:
- Grasp a big market share
The big firms are already the winners of the app market as their customer base would be quite big. They can develop a Mega app by offering extra services to their users through their single platform. This way, they can meet almost every need of their broad customer base and stop their customers from leaving their app.
So, Mega app owners would achieve a significant opportunity to secure a big share of mobile app revenue.
- Valuable wealth of user data
Being a well-established brand, you would already hold numerous user data. Using many analytics, you can track your customers’ preferences and habits and build an effective market strategy to strengthen your customer base.
- Saves user time and effort
As a Mega app provides multiple services under one roof, it can save the time and effort of the users that they need to invest in installing separate shopping apps for different services.
- Marketing on the go
Every business needs to market to promote its services. So, instead of marketing for your separate apps, you just need to market only a single app, a Mega app. You can send emails, push notifications, text messages, and more about the sales you will launch for any of your services through a single app only. It would prove to be more manageable and reasonable also.
Top Players Of Mega Apps In The US And Indian Market
- Reliance Jio
Reliance has already started its Mega app journey. It also has fixed investment deals with Amazon and Facebook of about $20 billion and $5.7 billion, respectively.
An independent director at DBS told Business Insider, Mr. Vikram Sud, said, “In my mind, WhatsApp Pay and Jio Money will all hopefully get rolled into one.”
As per the stats, Reliance Jio’s Gross Subscriber Base was approximately 43.1 crore, and the active subscriber base was about 33.8 crore.
Paytm has got investment from Alibaba Group and brought many services together, like ticket booking and buying, recharge and bills pay, UPI Money Transfer, Paytm wallet, Paytm Insurance, Paytm Money, Personal Loan, etc.
- As per statistics, in Feb 2021, Paytm reached about150+ million active users monthly.
- Gojek App
By serving a vast customer base with 20+ products across business, food and shopping, news and entertainment, transport and logistics, payments, and routine needs, GoJek is ruling the market of mobile apps.
- Gojek’s GoPay service processes approximately$6.3 billion in annual Gross Transaction Value.
- Its GoFood service processes around$2 billion in annual Gross Transaction Value.
- Tata Mega App (Under Development)
For the Mega app development, an investment deal of about $25 billion between Tata Group and Walmart Inc is still underway.
Chairman of Tata Sons, Mr. Natarajan Chandrasekaran, said, “It will be a Mega app, a lot of apps in apps and so on . . . We have a huge opportunity.”
Additionally, he pointed out that a wide range of services would be available through Tata’s app, including fashion and lifestyle, travel, insurance, and financial services, bill payments, healthcare, food and grocery ordering, and more.
Challenges In Developing A Mega App
The businesses planning to set up a Mega app may face the below challenges on the way towards success.
Let’s check them out.
- Time Taking Development Process
Being a part of the mobile app development industry, you know that even a single app platform takes a considerable amount of time to develop. Now, you can imagine how much time a Mega app will demand.
- Mega Apps Are Mega Expensive
Obviously, if you want to develop something big, it will need a significant amount of investment. So, before you start developing a Mega app, you should begin with huge funds.
Required Mega Efficient IT Infrastructure & Skilled Development Team
To develop a mobile app, you usually need an infrastructure to kickstart your app development with your expert server team, development and designer team, testing team, customer support team, and more people. That’s why a Mega app development also needs a well-structured infra with a vast and well-experienced team.
- Large Size API integrations
As you know, a Mega app will include various services on a single platform. So, to seamlessly embed and share data between multiple systems and your offerings, you will need to integrate multiple large-sized APIs.
- Need Robust User Authentication
You need to include robust ways of user authentication in your app as if you are building something big, your responsibility for authenticating your users also doubles.
Legal Compilations with Gov. Regulation Body
Every country holds different eCommerce rules. So, as you are about to sell worldwide, you need to follow every law and regulation associated. It will always keep you away from all types of legal issues.
User Privacy & Data Security
For running an app, you would need to accumulate your user’s confidential details. Be sure that your Mega app should hold the caliber to maintain user privacy and secure their data from every vulnerability.
How Much Does It Cost To Develop A Mega Mobile App?
Like every mobile app development, the Mega app development cost is also not fixed. It depends on various factors, like features you need to include, services you offer, resources that help in the app development, the design you want to incorporate, maintenance cost, marketing, and more.
Future Of Mega Mobile App
Mega App’s future is exceptionally bright as every new thing attracts. This concept is unique; that’s why it will attract more and more people. But, only well-established brands with the required resources, infrastructures, teams, and more can quickly achieve this. So, the market is quite broad right now; we can even count the Mega apps on our fingertips available worldwide.