Starbucks has plans to launch into Web3 with its loyalty program, Starbucks Rewards, which will focus on NFTs. His goal ? Attract new customers passionate about this universe and preserve its position as world leader in fast food and a reference in the field of coffee shops.
Strabucks is one of the world’s leading coffee and fast food retailers. The group, founded in 1971 in Seattle, now has more than 32,000 coffee shops in nearly 80 countries, with more than 18,000 of them in the United States. The company is the leader in its segment, far ahead of its competitors: Dunkin’, Costa Coffee, etc. The company achieved a turnover of more than $24.61 billion in 2021results that have been rising steadily since the early 2000s, except during the coronavirus pandemic in 2020 and 2021.
Starbucks is best known for developing the famous “third places”: those hybrid places between work and home that are becoming increasingly popular around the world. The coffee shop stands out with its business model based on gift cards and the loyalty program that attracts more customers and sustains its cash flow. To remain competitive, the company innovates: “ We’ve 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, which we will unveil during the Investor Day explains Howard Schultz, Interim CEO.
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Starbucks Rewards is getting into the world of NFTs
The fast food giant has made an announcement of the utmost importance. The company’s CEO, Howard Schultz, would like to include Web3-related rewards in his loyalty program named Starbucks Rewards. The latter allows customers to obtain a number of rewards in exchange for their purchases. For one euro spent, three stars are taken away by the customer. For example, thanks to a total of 150 stars, he will be able to benefit from a free drink.
Starbucks plans to include a series of collections of NFTs (non-fungible tokens) at its upcoming investor conference. The boss of Starbucks explains on this subject: This new Web3-based initiative will allow us to build on the existing Starbucks Rewards engagement model with its powerful star-based approach to spend to earn rewards, while introducing new methods of emotional customer engagement. . »
The coffee chain has indicated that its new collection will be based on a concept of storytelling who will tell his story. These NFTs will offer exclusive benefits and experiences to customers. The goal ? Reinforce the feeling belonging to the community “. On a technical level, they will probably be supported by multi-chain or independent infrastructures. However, the decisive choice will be announced on the occasion of Investor Day, which will be held on September 13 in Seattle.