Starbucks Web3 project to launch in September! Focused on coffee and loyalty, creating a digital community to enhance user engagement

The coffee giant Starbucks is set to host an investor day event on the 13th of next month, where it is expected to unveil its Web3 loyalty program, including a series of coffee-themed NFTs. The aim is to build a digital community to enhance user engagement and boost revenue streams.

Starbucks Web3 Project

Starbucks announced its idea of creating a digital community back in May this year, planning to create a series of branded NFT collectibles as proof of membership for the community, where members will have access to exclusive benefits and experiences.

At that time, Starbucks did not disclose the appearance and functionality of the NFTs, but believes that NFTs will help in creating loyalty models, building communities, engaging customers, and increasing business sources. It also aims to create a new type of digital ecosystem to further enhance Starbucks' current digital product offerings.

Latest Details Revealed

According to a report by TechCrunch, Starbucks founder Howard Schultz mentioned his Web3 project in a phone call with investors this week, stating:

"We have been developing a very exciting new digital initiative that will revolve around coffee and, most importantly, loyalty in an innovative way, based on our industry-leading digital platform. The details of the project will be announced on Investor Day."

Howard Schultz also mentioned that the project will be built on Starbucks' current rewards engagement model, where customers earn stars through purchases to redeem for free items, aiming to expand the community and provide more diverse rewards.

"This will create an entirely new digital network effect, attracting new users to our core retail stores while bringing more value to existing users," said Howard Schultz.

Furthermore, Howard Schultz emphasized the importance of the younger consumer demographic, stating that Generation Z born between 1997-2012 not only drives the demand for Starbucks' cold beverages and iced coffees but also sees the web3 loyalty program as another way to attract young consumers to engage with the brand.

"To me, this group is quite powerful, and we are building their attachment and loyalty," Howard Schultz expressed.