Starbucks teases Web3 rewards program to attract new customers
Global coffee store franchise giant Starbucks is looking to launch a new Web3 rewards program to attract and retain customers, according to its interim CEO Howard Schultz.
Speaking during the firm’s fiscal Q3 earnings call on Aug. 2, Schultz noted that Starbucks will soon reveal a new Web3 “digital initiative” that will expand upon the company’s loyalty program:
The CEO kept his cards close to his chest, but briefly mentioned during the call that the firm is looking at “integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.” The full reveal is set to occur during Starbucks’ Investor Day on Sept. 13.
“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 said.
So @Starbucks wants to come into web3 well I just hit every popular drink and Starbucksmenu.eth pic.twitter.com/1c2wRbl02U
The company’s quarterly results reportedly beat analyst estimates, with a 9% quarter-over-quarter bump in global revenue to a record $8.2 billion.
During the call, Schultz also said that the Web3 move is part of a push to attract and retain the younger side of Starbucks' customer base.
“We don’t want to be in a business where our customer base is aging and we have a less relevant situation with younger people,” he said, adding that the company has “never been, in our history, more relevant than we are today to Gen Z.”
do yₐ ₜᵢₙₖ wₑₙ @Starbucks gᵢₜ ₜₐ gₒbₗₑₙₜₒwₙ @molly_mccutch wᵢₗₗ cᵤₘ giₜ ₘₐₜcₕₐ wᵢₜ @goblintherapiss ? pic.twitter.com/KSIQvgjql0
Starbucks initially announced plans to jump on the NFT bandwagon back in April, as Schultz noted that
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