Starbucks hints at the WEB3 initiative, here’s what you need to know! On 2 August, Interim CEO Howard Schultz mentioned Starbucks’ plans for the WEB3 initiative.
TR3NDING: Starbucks is planning to unveil their web3 based rewards programs next month — including coffee-themed NFTS
— The Metaverse (@themetav3rse) August 4, 2022
What Is The Initiative?
During the earnings call on 2 August, Schultz mentioned the plan for the digital WEB3 initiative. It is still not detailed, as the team will talk further about this during Investor Day 2022 on 13 September 2022.
Schultz hinted, “We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform and innovative new ways, all centered around coffee and, most importantly, loyalty that we will reveal at Investor Day.”
He added the initiative “will allow us to build on the current Starbucks Rewards engagement model” while “introducing new methods of emotionally engaging customers.” The team will also expand the digital third place community and offer various rewards. What is more exciting is that Howard Schultz mentioned it would be a unique experience the customers will not get anywhere else.
The Interim CEO stated, “This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores.”
Previously on Starbucks and WEB3
In May 2022, Starbucks revealed they were creating a digital third place. People know a third place is a place between home and work, but Starbucks wants to bring something new here. In this one, they also posted their plans on NFTs collections for customers. However, this one received criticism from one of their employees.