Starbucks' plans for Web3 have been briefly unveiled by CEO Howard Schultz.
Starbucks, an American coffeehouse chain established in 1971, is planning to launch a Web3-based reward program.
Howard Schult, the CEO of Starbucks, used the third-quarter earnings call to tease the release of Web3 “digital initiative”, which is set to encourage customer loyalty and attract new clients.
"We have 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,” Schultz noted.
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According to the CEO, the company will fully present the initiative on September 13th, during the annual Investors Day event in Seattle.
It has been noted that Starbucks will build this reward program onto already existing rewards engagement programs, which allows stimulating emotional customer engagement. The program will contain one-of-a-kind experiences and coffee-themed non-fungible tokens (NFTs).
What is interesting about this program is that it will serve not only as a digital collectible but it will also open the doors for owners to access exclusive content and other Starbucks perks.
During the call, Schultz also revealed that Web3 integration is partially dedicated to attracting and retaining a younger customer base, stating:
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. We have never been, in our history, more relevant than we are today to Gen Z.
Back in April, Starbucks revealed its plans to join the NFT world with Schultz claiming that the company will reveal its non-fungible tokens before the end of the year.
Overall, Starbucks earnings have been higher than expected. Despite the economic challenges, the company’s revenue has reached $8,15 billion, while WallStreet experts estimated $8,11 billion revenue for Q2.
Over the past few days, numerous news articles have spread around about companies integrating NFTs or cryptocurrencies into the development of their brands. Just the other day, luxury brand Gucci announced the integration of ApeCoin as a payment method.