Starbucks Launches NFT Customer Loyalty Program Starbucks Odyssey

Starbucks Announces New Employee Benefits and Web3 Loyalty Program Ahead of Investor Day

With Starbucks' Investor Day approaching, answers regarding the company's reinvention plan and unionization of U.S. stores will soon be revealed. Prior to the Investor Day event, Starbucks has released some information covering employee benefits and customer loyalty programs.

New Employee Benefits

Regarding employee benefits, Starbucks has announced two new initiatives. One is a student loan management benefit designed to help eligible partners manage and optimize their student loan repayment. The other is a personal savings account benefit, where Starbucks has partnered with Fidelity to launch a new savings plan called My Starbucks Savings, allowing all eligible U.S. partners to store a portion of their income in a personal account for unexpected expenses.

However, these two employee benefits are only available to Starbucks employees in the United States.

Starbucks Odyssey: A Web3 Loyalty Experience

Regarding the customer loyalty program, Starbucks has partnered with Polygon to launch Starbucks Odyssey, a Web3 platform. This platform combines Starbucks' loyalty program, Starbucks Rewards, with an NFT platform and is expected to launch later this year. It will allow members of the Starbucks Rewards loyalty program and Starbucks partners (employees) in the United States to earn and purchase digital collectible stamps in the form of NFTs, thereby unlocking exclusive experiences and rewards.

In Starbucks' current loyalty program reward model, consumers can earn "stars" and redeem them for benefits such as free beverages. However, according to Starbucks, Starbucks Odyssey will be industry-leading, enabling loyal customers to participate in a series of activities on the platform, accepting interactive and interesting challenges, and deepening their understanding of coffee and the Starbucks brand. When they complete these activities, members can receive these digital collectibles in NFT format in advance.

Additionally, members can purchase these NFT collectibles through the platform's built-in marketplace. Although hosted on the Polygon blockchain, these NFTs can be purchased using credit or debit cards without requiring a cryptocurrency wallet. The company believes this will make it easier for consumers to participate in Web3 experiences by lowering the barrier to entry.

Various NFT collectibles will have certain point values based on their rarity. Moreover, NFT collectibles can be bought and sold between Starbucks Odyssey members on the platform.

In this entirely new platform, the benefits offered will exceed those available through traditional Starbucks Rewards accounts and "stars." Points earned in Starbucks Odyssey will be transformed into unprecedented unique benefits and experiences.

These experiences might include a virtual espresso martini-making class, unique merchandise collaborations with artists, invitations to special events at Starbucks Reserve Roasteries, or even a journey to Hacienda Alsacia, Starbucks' coffee estate in Costa Rica.

Technology and Innovation

In recent years, Starbucks has used emerging technologies to bring consumers closer to this industry giant. They introduced Wi-Fi in stores to encourage customers to spend more time during their visits; promoted the concept of mobile payments before Apple Pay became ubiquitous; and made online ordering the norm before the COVID-19 pandemic arrived.

This time, Starbucks' use of emerging technology to reinvent the third space has attracted some negative comments. Of course, how this new Web3-based experience will benefit the company will require time to verify.

Currently, customers and Starbucks partners can join the waitlist through waitlist.starbucks.com for an opportunity to be among the first to experience Starbucks Odyssey, which will launch later this year.

Additional Information

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