Starbucks finally uncovers its plans to enter Web3 as the cafe company will introduce a Web3-based rewards program along with coffee-themed NFTs.
Back in April, Starbucks announced its plans to enter Web3.
There will be an Investor Day event next month where Starbucks will unveil the details about this program. As of now, we know that the NFTs won’t be just digital collectibles but will come with exclusive content and access to other valuable perks.
When they first announced their plans to join the NFT business, they didn’t share many details about what was coming.
On Tuesday, CEO Howard Schultz stated that it is an attempt to enter the virtual world and attract more customers.
“This new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers.”
Schultz spoke during the firm’s fiscal Q3 earnings call, where he hinted that the company would reveal a new “digital initiative.”
Schultz also mentioned that the firm is looking forward to “expanding our digital third place community and offering a broader set of rewards, including one-of-a-kind experiences that you can’t get anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.”
The Investor Day will be on September 13 – expect Starbucks to fully head into the virtual on this date.
The company reported some good numbers generated in terms of revenue. As of matter of fact, the numbers beat what analysts had estimated, with a 9% quarter-over-quarter bump in global revenue to a record $8.2 billion.
Starbucks Wants To Attract Gen Z
The CEO clearly mentioned that the firm is looking to attract more customers, especially Gen Z.
“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,” said Schultz. He also added that the company has “never been, in our history, more relevant than we are today to Gen Z.”