Coffee giant Starbucks is hosting an investor day next month at which it is expected to unveil its Web3 loyalty program, which will include a series of coffee-themed NFTS.
The goal is to build a digital community to increase user engagement and increase business sources.
Starbucks announced its idea for a digital community in May this year. Starbucks plans to create a collection of branded NFT collectibles that will serve as a credential for community membership, giving members access to exclusive benefits and experiences.
At the time, Starbucks did not disclose what the NFT would look like or what it would do, but it said the NFT would help create loyalty models, build communities, engage customers and increase the source of business.
At the same time, a new type of digital ecosystem will be created to further enhance Starbucks’ current digital product capabilities.
According to TechCrunch, Starbucks founder Howard Schultz spoke about his Web3 plan during a conference call with investors this week, saying:
We’ve been developing a very exciting new digital initiative that will be innovative around coffee and, most importantly, loyalty, and built on our industry-leading digital platform.
The plan will be announced at the investor day.
Howard Schultz also said the plan would build on the current Starbucks rewards engagement model, in which purchases earn stars in exchange for free items, in order to expand the community and offer more diverse rewards.
“This will create a whole new set of digital network effects that will attract new users to our core retail storefronts while delivering more value to existing users.”
Howard Schultz said.
In addition, Howard Schultz also mentioned the importance of young consumer groups. Generation Z (1997-2012) can not only drive the demand for Starbucks cold drinks and iced shake coffee, but also serve as another way to attract young consumers to contact the brand based on web3 loyalty program.
“To me, this group is pretty strong, and we’re building attachment and loyalty with them.”
Howard Schultz said.