Well-known for its great branding rather than its core product, Starbucks, has been spotted dabbling in web3. And now, an “exciting new digital initiative” will be unveiled at Starbucks Investor Day on September 13 as part of some changes to its iconic rewards program.
During the company’s Q3 2022 earnings call, interim CEO Howard Schultz stated that a “new Web 3 enabled initiative” will give Starbucks new ways to engage with customers and expand the “digital third place community.”
“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, that we will reveal at Investor Day.”
The company previously announced plans to launch a Starbucks Digital Community Web3 platform based on ‘fast and inexpensive’ blockchain technologies.
Speaking of the new rewards updates, Schultz said the “one-of-a-kind experiences” and Starbucks-branded digital collectibles with a community-building element will attract new customers and keep current customers coming back.