Starbucks to unveil branded digital collectibles as part of Web3 initiative
Starbucks is planning to roll out its Web3 initiative that will include a new set of branded digital collectibles as rewards to attract and retain customers.
The coffee store franchise’s chief executive Howard Schultz said on August 3 that the new digital initiative would be revealed on September 13 and it would expand upon the firm’s loyalty program.
“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 centred around coffee and — most importantly — loyalty,” Schultz said during the company’s Q3 earnings call.
The initiative will allow the company to build on the current Starbucks Rewards engagement model while introducing new methods of emotionally engaging customers and offering a broader set of rewards, Schultz said.
The rewards will include Starbucks-branded digital collectibles as both a reward and a community building element, he said.
In April, Starbucks had announced its plan to get into NFT businesses as part of its new business strategy.
Starbucks is ahead of many other services when it comes to introducing an electronic payment. Amid the Covid-19 pandemic, the percentage of sales from mobile orders has reached an all-time high. Adam Brotman, the architect of its Mobile Order & Pay system and the Starbucks app, will be a special advisor on the new initiative.
The company will announce further details of the Web3 initiative during its Investor Day to be held in Seattle on September 13.