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Starbucks to unveil its web3-based rewards program next month

 5 months ago
source link: https://finance.yahoo.com/news/starbucks-unveil-web3-based-rewards-223321498.html
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Starbucks to unveil its web3-based rewards program next month

Sarah Perez
Thu, August 4, 2022, 7:33 AM·5 min read
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Starbucks will unveil its web3 initiative, which includes coffee-themed NFTs, at next month's Investor Day event. The company earlier this year announced its plans to enter the web3 space, noting its NFTs wouldn't just serve as digital collectibles, but would provide their owners with access to exclusive content and other perks.

At the time, Starbucks was light on details as to what its debut set of NFTs would look like, specific features they'd provide or even what blockchain it was building on. It said the plan was likely to be multichain or chain-agnostic, hinting at plans that weren't yet finalized.

Overall, the coffee retailer kept its web3 news fairly high level, explaining simply that it believed digital collectibles could create an accretive business adjust to its stores and that more would be revealed later in 2022.

While some companies jumped on the NFT bandwagon without much thought as to how their investments would fit in with their larger business goals, Starbucks seems to be attempting a different approach. It sees the collectibles as an extension of customer loyalty. The company brought in Adam Brotman, the architect of its Mobile Order & Pay system and the Starbucks app, to help serve as a special advisor on the project.

Mobile Order & Pay has been one of Starbucks' biggest successes, in terms of tech innovations. The company was one of the first to introduce the concept of a digital wallet, even before Apple Pay became ubiquitous. And as broader mobile payment adoption has grown, Starbucks mobile ordering has, too. In the past quarter -- Starbucks' fiscal Q3 -- mobile orders, delivery and drive-through combined drove 72% of Starbucks' U.S. revenue. In addition, the mobile ordering sales mix grew to a record high of 47%, up 13% year-over-year, following COVID-driven changes in consumer behavior, the company said.


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