Starbucks is famous for always staying ahead of the curve and orienting new technology such as phone payments and tap-off mobile payments. Now, the company is ready to up the level by introducing coffee-themed NFTs at next month’s Investor Day event. Earlier this year, Starbucks announced that they already have a plan to enter the Web3 space by the second half of 2022. Again, the company emphasized NFTs, which would serve as digital collectibles as well as provide owners access to exclusive content and perks.
The coffee giants are always ahead regarding being environmentally friendly and have promised to use an environmentally sustainable platform for this new project. Though the company has not revealed which blockchain technology they are planning to use, it seems like Starbucks is waiting for Ethereum to shift from PoW to PoS, which might contradict their decision to use an environmentally sustainable platform.
The Plan
NFT and Web 3.0 have significantly impacted almost every industry, and several businesses are trying to adapt to this new technology to achieve large financial gains without a game plan in place. On the other hand, Starbucks has been structuring and working on this project for a long time. Moreover, they define this reward program as an elongation of customer loyalty.
Starbucks also involved a unique team of blockchain technology experts in building a successful strategy. Previously, the company introduced the Mobile Order and Pay System and Digital Wallet, which turned out to be a huge success. The fascinating fact about Starbucks is that it was one of the first brands to introduce these technologies to the world even before Apple Pay gained popularity. Moreover, the organization is also testing out this program amongst civilians to gather input and build the best user experience. The tech industry and enthusiasts are excited to see how Starbucks integrates this new technology with its general strategy.
Another benefit of this NFT-based reward system is that it will surely attract new customers, especially tech enthusiasts. This one-of-a-kind experience will also allow tech folks to learn more about the endless possibilities of Web3 and NFTs. Moreover, the Digital Starbucks rewards and exclusive Starbucks branded digital collectibles will also work as a community-building element.
How will the Web3-based reward program work?
The entire process of how this program will work is still a mystery and should be revealed on Investor Day 2022. However, considering how Starbucks usually works on its loyalty programs, we can draw a potential theory. Currently, Starbucks is following the popular strategy where customers earn stars after purchasing through or at Starbucks stores which can potentially translate into tangible rewards such as a free drink or snack. It seems like the new NFTs will somehow now be incorporated into this loyalty program.
Presently, the biggest challenge that stops people from collecting NFTs is the high cost and fees. However, this new reward program could be game-changing because if Starbucks decides to reward a chance to collect exclusive NFTs by merely buying a coffee, it might attract more people to the Web3 ecosystem. Moreover, this digital program could give customers a reason to care about NFTs and the so-called one-of-a-kind experience as now it might be worth earning.
According to the Starbucks CEO and founder Howard Schultz, the company is now relevant to Gen-Z more than ever. Therefore, adapting to the culture and trends is essential to maintain a strong attachment rate and build loyalty.
It is safe to say that Web3, NFTs, and blockchain technology are revolutionizing, and it is essential to have the relevant skills if you want to build a successful career as a web developer in 2022. So, if you are an aspiring web developer, enroll in AlmaBetter’s Full Stack Web Development program in collaboration with Polygon, where you get robust training to become a job-ready Web2+Web3 Developer in 30 weeks.
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