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Starbucks launches into Web3!
Starbucks should soon launch features related to Web 3 within its loyalty program. A way to attract new customers and maintain its status as a world leader in the field of coffee shops and a juggernaut of fast food.The coffee shop giant embarks on a Web3 adventure.
This is an important announcement made by Howard Schultz, CEO of the Seattle-based company. Starbucks is considering integrating a dimension and rewards related to Web3 into its loyalty program called Starbucks Rewards.
This program allows its customers to obtain various rewards in exchange for their loyalty . For this, customers must collect stars, which are distributed according to their spending . 3 stars are distributed for every €1 spent. For example, with 150 stars, the customer is offered a drink. With 450 stars, customers can enjoy extra shots (an extra shot of espresso) or extra syrups and whipped cream for free.
How to get a job in the Metaverse and Web3
The boss of Starbucks says about it:
"This new Web3-based initiative will allow us to build on the existing Starbucks Rewards engagement model with its powerful star-based approach to spending to earn rewards while introducing new methods of emotional customer engagement."
Starbucks should also dive into the world of NFTs this year, as announced earlier by Howard Schultz. No specific element has yet filtered in on this integration of the Web, and we should have more information during the “ Starbucks Investor Day" on September 13th.
Starbucks a restaurant pioneer and juggernaut.
Strabucks is one of the behemoths in the world of coffee and fast food. The company, founded in 1971 in Seattle, has no less than 32,000 coffee shops in more than 78 countries , with more than 18,000 of them in the Americas.
Starbucks is the leader in its segment far ahead of competitors such as Dunkin (formerly Dunkin Donuts) and Costa Coffee. The company generated over $24.61 billion in revenue in 2021 . This has been growing steadily since the early 2000s with the exception of 2020 and 2021, due in particular to the COVID-19 pandemic.
The company's results for the quarter are more than positive. Indeed, Starbucks achieved a record turnover of 8.2 billion dollars in the quarter, an increase of 9% from one quarter to the next. These figures testify to the excellent health of the American company. As a result, Starbucks stock has risen nearly 5% over the past 5 days.
Starbucks is considered a pioneer in the development of the famous “third places." These hybrid places between work and home have become popular over the past 20 years all over the world. In addition to its loyalty program, which attracts customers to its stores, Starbucks has also built an economic model where gift cards are essential . These can be offered for a birthday or a retirement, and they allow the brand to generate a substantial income and ensure a generous cash flow.
The brand was also one of the first to take the step of the mobile application, especially for payment and its loyalty program in 2011, so it is not surprising to find it among the first to take the turn of the Web. 3.
Starbucks isn't the only company interested in the promises of Web 3. Gucci recently announced that it is enabling payment at select stores via a selection of cryptocurrencies.
Last month, blockchain startup Hang raised nearly $16 million in a fundraising round led by Paradigm , one of the investment giants in the crypto industry. Hang has already established contacts with large companies such as the beer giant Budweiser , or the sports media group Bleacher Report . A sign of the interest of these large companies for the world of blockchain and Web 3.
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