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Starbucks CEO Teases Plans to Launch Web3 Reward Program

Starbucks CEO Teases Plans to Launch Web3 Reward Program

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CEO Howard Schultz has briefly announced Starbucks’ Web3 plans.

Starbucks, an American coffee chain founded in 1971, designs launches a Web3-based reward program.

Starbucks CEO Howard Schult used the third quarter result call Thu teasing the launch of Web3’s “digital initiative”.whose purpose is to encourage customer loyalty and attract new customers.

“We’ve 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,” noted Schultz.

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According to the CEO, the company will present the initiative in its entirety on September 13 annual investor day event in Seattle.

It has been established that Starbucks does build this reward program on already existing reward commitment programs, which enables the stimulation of emotional customer engagement. The program includes unique experiences and coffee-themed non-fungible tokens (NFT).

What’s interesting about this program is that it not only serves as a digital collectible, but also opens doors for owners access exclusive content and other Starbucks benefits.

During the call, Schultz revealed that as well The Web3 integration is partly dedicated to attracting and retaining a younger customer basewhich states:

We don’t want to be in a company where our customer base is getting older and we have a less relevant situation with young people. Never in our history have we been more relevant to Gen Z than we are today.

In April, Starbucks revealed plans to join the NFT world, with Schultz claiming that the company will reveal the non-exchangeable tokens before the end of the year.

Overall, Starbucks the result has been higher than expected. Despite the financial challenges, the company’s revenue has reached $8.15 billion, while WallStreet analysts estimated revenue of $8.11 billion for the second quarter.

In recent days, numerous news articles have been circulating about companies integrating NFTs or cryptocurrencies to develop their brands. Just the other day, luxury brand Gucci announced Integration of ApeCoin as a payment method.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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