Starbucks unveils Web3 rewards program to attract new customers

Global coffee giant Starbucks has announced that it is launching a new Web3 rewards program to attract and retain customers. The firm intends to launch branded digital collectibles as both a reward and a community-building initiative. The entire launch will be disclosed during Starbucks investor day on Sep 13.

Howard Schultz, CEO of Starbucks, while addressing the firm’s fiscal Q3 earnings call, said: "We believe this new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers, expanding our digital third place community and offering a broader set of rewards, including one-of-a-kind experiences that you can't get anywhere else, integrating our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element."

He further added that with this program, they intend to revamp their brand. "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," he stated.

Previously, in April, Howard Schultz had announced the company’s plans to enter the NFT space and informed that the firm was looking to file trademark applications for NFT. In March, other global brands, including Kentucky Fried Chicken (KFC), Hooters, and Dunkin Donuts, filed trademark applications to launch their NFT collections.

Other global fast food giants, including McDonald’s, Burger King, Taco Bell, Pizza Hut, Papa John’s, and Quiznos, are discovering new ways to integrate NFTs into their marketing strategies.