To better engage customers, the global coffee firm is looking to digital collectibles
Starbucks CEO Howard Schultz stated that Web3 will play a role in the future of the famous rewards programme.
During the company's third-quarter 2022 earnings call on Tuesday, Schultz stated, "We've been working on a really fascinating new digital effort that extends on our existing industry-leading digital platform in inventive new ways, all focused on coffee and—most importantly—loyalty."
According to Schultz, the new digital project will be unveiled on September 13 during the company's annual Investor Day event in Seattle.
Starbucks will be able to expand on its present rewards engagement model while also introducing new techniques of emotionally connecting customers, according to Schultz, While giving a wider variety of awards and strengthening its "digital third place community" strategy.
The term 'third place' refers to a community space located between home and work.
According to the CEO, these prizes include one-of-a-kind experiences and Starbucks-branded digital artefacts that serve as both a reward and a community-building tool.
"This will generate an entirely new set of digital network effects that will both attract new customers and be accretive to existing customers in our core retail venues," he stated.
Employees have not been enthusiastic about Starbucks' involvement with Web3 efforts. During a presentation in May that included a section on NFTs—unique blockchain tokens that represent ownership over an asset—an employee who only gave the first name "Mark" and described himself as a technologist expressed his dissatisfaction with the company's plans, citing the environmental impact of NFTs.
He continued, "I don't want to feel this way about Starbucks. Blockchain, whether proof of stake or proof of work, is not planet positive. It is going to kill the world. And it makes me, as a technologist, and I'm not the only one, really concerned that this firm would move in that path.
Mark also claimed that NFTs are exclusionary rather than inclusive.
Several NFT collections, most notably the Bored Ape Yacht Club NFT collection, have become high-value or "blue chip" collectibles. "I was hellbent on having an Ape and pretty particular about what I wanted: the Ape with a leather motorcycle cap on and colourful teeth," pop queen Madonna stated last month.
The ape in question, Bored Ape #3756, was listed on OpenSea for 800.69 ETH, which was approximately $1.27 million at the time.
Starbucks originally dabbled in blockchain waters over four years ago with a "bean-to-cup" traceability effort to aid smallholder farmers.
It remains to be seen whether customers, employees, or investors would accept this latest Web3 venture. However, Schultz sees it as part of a wider change of the corporate behemoth.
"We are excited to fully demonstrate the power and opportunity of our reinvention plan," he said.
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