Starbucks, the world’s largest chain of coffee shop franchises, has revealed more details regarding its plan to introduce a new Web3 rewards program. The Web 3 foray is in an effort to broaden its consumer base and keep existing ones. Investor Day, which will take place on September 13th, will see the company present its Web3 strategy, which includes NFTs centred around coffee.
Starbucks revealed earlier this year that it intends to penetrate the Web3 using NFTs. At the time, the company stated that NFTs would be more than simply digital treasures for the corporation. They would also grant their owners access to unique content and other benefits.
Web 3 and why Starbucks is keen on it
During the earnings call for the third quarter of 2022, the company’s interim CEO, Howard Schultz, disclosed the company’s plans for Web3. According to Schultz, Starbucks will have new ways to interact with customers and grow its digital community, thanks to the new Web 3-enabled project. New clients and returning customers alike will benefit from the unique experiences and digital treasures with a social component, according to Schultz.
As a result of the new digital Web3-enabled effort, Starbucks will be able to build on the present model of engagement for Starbucks Rewards. New emotional engagement strategies will be introduced as part of the company’s spend to earn stars strategy. Incorporating Starbucks Rewards into digital collectables is a way to give back while also fostering a sense of belonging.
The Starbucks rewards program is one of the most popular in the fast food industry. As of the end of the last quarter, the program had 27.4 million members. In addition, rewards members accounted for more than half of Starbucks’ revenue in the most recent quarter. As a result, giving it a Web3 makeover may result in even greater interest.
More individuals would likely join the web3 ecosystem if they could “earn” the collectables through their regular purchases. If the benefits and so-called “one-of-a-kind” experiences offered by NFTs are in fact, worthwhile, it may incentivize more customers to pay attention to NFTs as an industry.