Starbucks, which is trying to revive the customer experience at its nearly 34,000 brick-and-mortar stores, is also about to enter the ethereal world of blockchain technology.
The coffee chain is making its Starbucks Rewards app part of its Starbucks Odyssey program. Customers will be able to use their Rewards app login credentials to access the new Odyssey platform and purchase limited-edition Starbucks Non-Fungible Tokens (NFTs), earning points for access to events, immersive digital experiences, and merchandise.
The company also plans to offer “journey stamps” earned by completing interactive game missions. This type of marketing could appeal to Starbucks mug collectors who have developed a habit of exploring the brand’s stores around the world in search of new items.
Web3 is part of Starbucks Startup Business Plan
Project Odyssey is outgoing CEO Howard Schultz Part of a “reinvention” plan announced in July. The efficacy of the NFT project will be the first test for incoming CEO Laxman Narasimhan as he takes over in October.
Despite a strong recovery from the 2021 pandemic lockdown, Starbucks stock has fallen 20% over the past year , in part due to concerns about customer reaction to the chain’s higher prices and ongoing unrest related to interactions with newly unionized workers at more than 200 stores.
This may be the first of many NFT-based loyalty programs
We have previously The idea of gamifying customer loyalty programs using blockchain technology has been debated. This is a potentially effective way to retain customers in the future. But ease of use is important.
Coffee chains seem to realize this. Starbucks Odyssey will allow users to buy NFTs with a credit card instead of going through the sometimes onerous process — especially for blockchain newbies — of setting up a crypto wallet.
The waitlist to join the Starbucks Odyssey opens this week. However, the process of letting customers “own” NFTs without having to keep them in a crypto wallet has not been detailed.