Starbucks will reveal its Web3 Rewards Program Next Month

Earlier this year, Starbucks announced that it was planning to enter the Web3 space with the launch of its own NFT collection where the digital collectibles would also equip users with access to exclusive content experiences and other perks.

Staying true to its word, the coffee giant has finally announced its new digital initiative and will officially launch it on September 13 this year during the company’s annual Investor Day event in Seattle.

Starbucks Rewards Program

starbucks-nft-collection

Starbucks CEO Howard Schultz affirmed during a fiscal Q3 earnings call that the Web3 initiative will expand upon the company’s loyalty program. Starbucks offers a tiered loyalty scheme structure that rewards customers based on each buy, enabling them to earn free products.

Schultz remarked:

“This new digital Web3-enabled initiative will LET us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging WITH customers”.

In general, the firm is looking to integrate its loyalty program with Starbucks-branded digital collectibles as both a reward and a community-building endeavor. The overarching intent is to create an entirely new set of digital network effects that could lure new customers and will also appeal to existing buyers in the company’s core retail stores.

During the earnings call, Schultz also noted that the Web3 push is focused on luring and retaining a younger demographic into the company’s customer base.

Also read, thecafedao becomes the first DAO-run Coffee Shop

Web3 Strides from the Coffee Giant

Starbucks first made strides in the Web3 space four years ago when it ventured into a bean-to-cup project which uses blockchain technology to share traceability data with customers. Not only does the project authorize customers to help smallholder farmers, but a reverse code is also provided to farmers so that they can track their own produce.

Further Starbucks also partnered with the digital asset platform Bakkt last year to facilitate the conversion of Bitcoin (BTC) into the U.S. dollar for customers in order to load the funds onto Starbucks cards.

This means that customers can operate Bakkt as a payment method to reload Starbucks cards through the coffee chain’s app. What is interesting here is that the company does not directly accept Bitcoin as a payment method in-store.


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