Starbucks, the global coffee giant, announced that they will unveil their new web3 initiatives, including coffee-themed non-fungible tokens (NFT), by next month.
Although the actual appearance and other details of the Starbucks NFT are still not fully revealed, the coffee shop enterprise disclosed last May that their digital collectibles will provide their holders access to exclusive content experiences and other benefits. Starbucks also revealed that their NFTs will likely be chain-agnostic and will come with perks tied to its physical branches. (Read more: Starbucks NFT? Firm Prepares NFT Launch Around Coffee)
Further, the web3 venture of the company takes a different approach than other firms that priorly integrated the technology–most of them just putting NFTs in their platforms– for Starbucks, their collectibles seems to be an extension of customer loyalty. Accordingly, the company revealed that they employed Adam Brotman, the architect of its Mobile Order & Pay system and the Starbucks app, to help serve as a special advisor on the project. (Read more: Global Companies Building in the Metaverse)
Like their current rewards process—customers earn Stars with purchases in the app or at Starbucks stores that can be converted into tangible rewards such as free drinks— the new NFTs might soon also be incorporated into the loyalty program.
“We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform in innovative new ways all centered around coffee and most importantly, loyalty, that we will reveal at Investor Day,” said Starbucks founder and interim CEO Howard Schultz.
Starbucks is set to host the Investor Day 2022, a public meeting for businesses to raise management visibility and credibility.
According to Schultz, the company believe “this new digital web3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend to earn stars approach while also introducing new methods of emotionally engaging customers, expanding our digital third place community, and offering a broader set of rewards, including one-of-a-kind experiences that you can’t get anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.”
“This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores,” he added.
Moreover, he addressed the value of catering to the younger consumer and stressed that Starbucks “don’t want to be in a business where our customer base is aging and we have a less relevant situation with younger people.”
“(Starbucks) has never been, in our history, more relevant than we are today to Gen Z. To me, that cohort is so powerful, and the attachment rate that we have with them and the loyalty is just building,” he stated.
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