During the Starbucks Q3 Fiscal Year 2022 Earnings Conference Call, Howard D. Schultz, Starbucks CEO, mentioned the company has been working on digital initiatives to ensure customers have new, more enjoyable experiences and to improve loyalty. Plans will be revealed at Investor Day.
Schultz believes that the new Web3-based initiative will enable Starbucks to further enhance its current rewards engagement model, adding new ways to emotionally engage customers, expanding its digital third-place community, and offering a broader range of rewards including one-of-a-kind experiences that are difficult to replicate.
In order to accomplish this, the Starbucks Rewards digital ecosystem will be integrated with Starbucks-branded digital collectibles as a rewards program and community-building strategy.
As a result, it will generate entirely new digital network effects that will attract new customers to its core retail stores while improving its existing customer base.