Starbucks becomes Web3

It’s not just luxury boutiques or sports clubs that launch themselves on web3! In a general movement of cryptocurrency adoption globally, the American coffee chain Starbucks announces that it is also embarking on this innovative adventure. Like the others, this is a marketing strategy designed to attract and retain new customers. A clear objective assumed by the global giant.

Founded in 1971 by Zev Siegl, Jerry Baldwing and Gordon Bowker, Starbucks Corporation is an American coffee chain. Based on the franchise model, it has established itself in more than 78 countries. With an impressive total of 32,180 factories around the world. In this, the brand has become the most important of its kind internationally. And while he’s mostly recognized for his coffees, he’s also known for his marketing stunts (and yes, they’re wrong on your name …). This does not prevent it from being the subject of multiple criticisms for various reasons (ecological, tax fraud and evasion, human resources practices, etc.).

Whatever, Starbucks is now taking the next step by joining Web3 directly. Recall that the company had already announced its intention to develop non-fungible tokens (NFT) by the end of 2022.

Starbucks launches rewards program

The information comes from the conference on the results of the third quarter of the group’s fiscal year. Asked about the figures and future prospects, Interim CEO Howard Schultz says he is looking to launch a new Web3 rewards program. This is to attract new customers. According to his forecasts, this “digital initiative” should be promptly communicated to the public. The goal is therefore expand the company’s loyalty program.

“This new Web 3-based digital initiative will build on Starbucks Rewards’ current engagement model with its powerful Spend-to-Earn Stars approach, while introducing new ways to emotionally engage customers.” “

Howard Schultz, interim CEO of Starbucks.

For the time being, the Starbucks company refuses to give more details. The only information brought to our knowledge is that this new system should allow the integration of the digital ecosystem Starbucks Awards “With Starbucks brand digital collectibles, both as a reward and as part of community development. “

Starbucks caters to younger people with Web3

With this strategy, Starbucks intends to develop its customers, especially the younger ones (mainly Generation Z). The CEO, in fact, explains that he does not want an aging clientele. This inevitably pushes the chain to innovate. And the most “relevant” idea to capture this age group was, according to them, to enter the web3. The only drawback, the rewards system will not be available everywhere but only in the main points of sale of the brand. At least in the beginning.

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“This will create an entirely new set of digital network effects that will attract new customers and benefit existing customers in our major retail stores. This will allow us to build on Starbucks Rewards’ existing engagement model with its powerful “spend-to-earn stars” approach, while introducing new ways to emotionally engage customers. “

Howard Schultz, interim CEO of Starbucks.

More details should be disclosed on next September 13th investor day.

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