The new digital Web3-enabled initiative will allow Starbucks to introduce new methods of emotionally engaging customers within its loyalty program
Global coffee retail giant Starbucks is looking to launch a new Web3-based rewards program to attract and retain customers, the company’s interim CEO Howard Schultz revealed during the fiscal Q3 earnings call.
The initiative will combine the current spend-to-earn Stars approach with innovative branded digital collectibles and one-of-a-kind experiences. Therefore, the move should attract and retain young customers.
The company’s Rewards Membership is increasing steadily. It was up 13% in the US in Q3, reaching 27.4 million members. Besides, Starbucks’ global revenue surged 9% quarter-over-quarter to a record $8.2 billion.
Previously, Howard Schultz shared a vision for Starbucks’ future, promising digital innovation using NFTs. He said the company will get into the NFT business before the end of this calendar year. While integrating NFTs may seem like a progressive move, many critics backlashed at the decision as the one distracting people from the company’s actions against the formation of unions.