Starbucks Teases Web3 Updates to Its Popular Rewards Program
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.
Starbucks founder and interim CEO Howard Schultz, who returned to the company in April, teased its forthcoming web3 initiative during this week’s earnings call with investors.
"We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform in innovative new ways, all centered around coffee and—most importantly—loyalty," Schultz said during the company’s Q3 2022 earnings call on Tuesday.
According to the CEO Howard Schultz, the company will unveil the new digital initiative on Sept. 13, during its annual Investor Day event in Seattle.
Schultz continued, “we believe this new digital web3-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.
“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 added.
“We are looking forward to fully showcasing the power and the opportunity of our reinvention plan,” he said.
