Starbucks will showcase its Web3 initiative at an investor day event next month.
This was first suggested as early as 2022.
During the Budget Q2 2022 earnings call, he said NFTs will help extend the concept of the “third place,” meaning that between home and work, people can feel more than just coffee.
The.company brought in Adam Brotman, engineer of the mobile ordering and payment system and Starbucks app, to serve as a special consultant on the project.
And founder and current interim CEO Howard Schultz, who returned to the fray in April, teased an announcement during an earnings call with investors this week.
“We’ve been working on a very exciting new digital initiative that builds on our current industry leading digital platform in new ways, all centered around coffee and, above all, integrity, which we’ll reveal at Investor Day,” Schultz said.
He added, “We believe this new digital Web3-enabled initiative will allow us to build on the existing Starbucks Rewards engagement model with its powerful spend while introducing new ways to emotionally engage customers.”
“It expands our digital third-party communities, and offers a broader set of rewards, including one-of-a-kind experiences you can’t find anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectors as both rewards and rewards. Community building.”
“This will create a completely new digital network effect that will attract new customers and recognize existing customers in our flagship retail stores.”
Also during the earnings call, Schultz said, “We don’t want to be in a business where our customers are getting older and we’re less relevant to young people.”
The company argues that “never in our history has it been more relevant than Gen Z is today.”
“To me, that group is very powerful, and our bond and loyalty with them is still building.”
