Howard Schultz, CEO of Starbucks, shared that Web3 will be involved in Starbucks’ popular rewards program in the future. On Tuesday, during the company’s Q3 2022 earnings call, Schultz revealed that the team is working on a very exciting digital initiative. The new initiative will build on the current digital platform in new ways with loyalty and coffee at its center. Schultz also shared the expected date on which the company is likely to release the latest digital initiative. It is Sep. 13, which is its annual Investor Day event in Seattle.
Through the initiative, Starbucks is likely to develop its current rewards engagement model. At the same time, it will also introduce new ways to emotionally engage customers, explained Schultz. The company aims to follow the “digital third place community” approach and provide an extensive set of rewards. To the unfamiliar, ‘Third place’ is generally used to describe a community space between work and space.
Furthermore, the CEO promises one-of-a-kind experiences through these rewards. Starbucks marketed digital collectibles as both a community-building element and a reward. He said that this will have a completely new set of digital network effects. These effects will help in luring fresh customers. And, at the same time will be assertive to the current customer base in their retail stores.
However, employees didn’t give a warm welcome to the Web3 initiatives. An employee Mark has come out and revealed that he showed his disagreement with the company’s plan during a presentation on NFTs in May. The environmental impact of NFTs is the reason behind his disagreement, he says. Mark believes NFTs are more inclusive than exclusive.
Further Mark believes Blockchains are not planet positive despite their consensus protocols. Mark says it is going to destroy the planet. He says he is worried about what direction the company will go and he does not want to feel this way about Starbucks.
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Source: https://www.thecoinrepublic.com/2022/08/04/starbucks-reveals-web3-involvement-in-its-popular-rewards-program/