Starbucks is set to unveil its new web3-based rewards system next month. The system, which will be based on non-fungible tokens (NFTs), will allow customers to earn rewards for their loyalty. Most companies that have jumped on the NFT bandwagon have done so without much thought as to how their investments would fit in with their larger business goals. Starbucks, however, seems to be taking a different approach. The coffee giant sees the collectibles as an extension of customer loyalty, and has brought in Adam Brotman – the architect of its Mobile Order & Pay system and the Starbucks app – to serve as a special advisor on the project. While other companies may be wondering how to make their NFTs work for them, Starbucks appears to already have a solid plan in place. And if anyone knows how to create a successful loyalty program, it’s Adam Brotman.
Schultz said that the company has been working on a new digital initiative that builds on its existing digital platform. The new initiative is centered around coffee and loyalty. Schultz said that the company will reveal the new initiative at Investor Day. Schultz did not provide any details about the new initiative. Investor Day is a day when companies provide information to investors about their businesses. It is typically held once a year. Schultz’s comments suggest that the new digital initiative will be announced at Starbucks’ next Investor Day.
The news comes as Starbucks continues to experiment with blockchain technology. Last year, the company launched a pilot program that allowed customers to pay for their coffee using bitcoin. It is not yet clear if or when this program will be expanded to more locations.
With its new rewards system, Starbucks is once again showing its commitment to innovation and its willingness to experiment with emerging technologies. This could help to make NFTs more mainstream and encourage other businesses to explore their potential.