Global coffee franchise giant Starbucks intends to launch its latest Web3 rewards program to attract regular customers according to a statement by Interim CEO Howard Schultz.
Schultz also stated that this latest digital Web3 initiative will further develop the existing Starbucks Rewards with the spend-t0-earn Stars reward approach and introduce new methods to interact more emotionally with customers.
In addition, the company will also look for opportunities to strengthen the Starbucks Rewards ecosystem through digital collections of Starbucks brands. Its purpose is as a reward and community building element.
Full disclosure will be announced on Starbucks Investor Day, September 13. This will be a new digital network created to attract new and existing customers.
The Starbucks company's quarterly report beat analysts' forecasts with a 9% quarter-over-quarter increase in global revenue to a record $8.2 billion.
In that regard, the role of Web3 is also part of attracting and retaining young customers at Starbucks.
Last April, Starbucks announced its plan to switch to a nonfungible token (NFT) business to keep up with other F&B companies. Schultz also said they will be active in the NFT business before the end of the year.
