Multinational coffeehouse chain Starbucks Corporation is preparing to launch a Web 3.0 rewards program. Starbucks CEO Howard Schultz made the announcement about Web 3.0’s role in the company’s rewards evolving program during the company’s Q3, 2022 earnings call on Tuesday, 2 August 2022.
Few details are available currently, with the company keeping its plans under wraps for now. Starbucks plans to unveil its roadmap for the program during its annual Investor Day event in Seattle, on September 13.
During the earnings call, Schultz reportedly said, “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.” He added: “The initiative will allow Starbucks to build on its current rewards engagement model while also introducing new methods of emotionally engaging customers.”
This isn’t the first time that the company is banking on Web 3.0 to attract and retain a young customer base. Starbucks’ stint with blockchain tech in business processes started long ago with the “bean to coffee” traceability project to support the farmer community.
Earlier, in May 2022, Starbucks announced that it would also be launching of its first NFT collection based on the brand’s “coffee art and storytelling.” The company is also scheduled to roll out its “Starbucks Digital Community Web3” platform later this year.