The Restaurant Report 237. Starbuck's and Nike Showing The Path For Growth in Web3 - Connects with Next-Gen Consumers
Jul 14, 2023
17:58
Starbucks is one of the most well-known and beloved brands in the world. The coffee giant has a loyal customer base that is estimated to be worth over $1 trillion. In recent years, Starbucks has been making a number of moves to embrace Web3 technology. In December 2022, the company launched Starbucks Odyssey, a Web3 loyalty program that allows members to earn and purchase digital collectible assets that unlock access to new benefits and immersive coffee experiences.
Starbucks' Web3 strategy is based on the belief that Web3 technology can help the company to create more engaging and rewarding customer experiences. Using blockchain technology, Starbucks can create a more transparent and secure loyalty program that gives customers more control over their data. Additionally, Web3 technology can create new and innovative ways for customers to interact with the Starbucks brand.
Some of the unique offerings in the digital marketplace have already shown massive popularity and are starting to perform like high-performing digital assets and NFTs.
Nike Leads the Race
Nike and RTFKT's NFT and Phygital program has been a huge success. The first drop of sneakers, CryptoKicks, sold out in minutes, and the second drop, Clone X, was even more successful. The Clone X collection sold out in just 7 minutes, and the average price of a Clone X NFT was over $10,000.
The success of Nike and RTFKT's NFT and Phygital program is a testament to the growing popularity of NFTs and the potential of this technology to revolutionize the way we interact with brands. NFTs offer a unique way for brands to connect with consumers and create a more immersive and engaging experience.
In addition to the program's financial success, Nike and RTFKT have also seen a significant increase in brand awareness and engagement. The program has been covered by major media outlets worldwide, generating a lot of excitement among sneakerheads and NFT collectors.
HOW FAR CAN STARBUCKS GO IN WEB3
So far, the sentiment for the Web3 push has been off the charts, where Starbuck's overall Brand Sentiment is 81.26 - The consumer sentiment on the Oddysee program has had one of the highest marks in foodservice recorded at 88.75 and a significant lift in overall sentiment.
If Starbucks rolled out its Web3 loyalty program across all stores and customers, it would likely positively impact loyalty.
Starbucks' Web3 strategy is based on the belief that Web3 technology can help the company to create more engaging and rewarding customer experiences. Using blockchain technology, Starbucks can create a more transparent and secure loyalty program that gives customers more control over their data. Additionally, Web3 technology can create new and innovative ways for customers to interact with the Starbucks brand.
Some of the unique offerings in the digital marketplace have already shown massive popularity and are starting to perform like high-performing digital assets and NFTs.
Nike Leads the Race
Nike and RTFKT's NFT and Phygital program has been a huge success. The first drop of sneakers, CryptoKicks, sold out in minutes, and the second drop, Clone X, was even more successful. The Clone X collection sold out in just 7 minutes, and the average price of a Clone X NFT was over $10,000.
The success of Nike and RTFKT's NFT and Phygital program is a testament to the growing popularity of NFTs and the potential of this technology to revolutionize the way we interact with brands. NFTs offer a unique way for brands to connect with consumers and create a more immersive and engaging experience.
In addition to the program's financial success, Nike and RTFKT have also seen a significant increase in brand awareness and engagement. The program has been covered by major media outlets worldwide, generating a lot of excitement among sneakerheads and NFT collectors.
HOW FAR CAN STARBUCKS GO IN WEB3
So far, the sentiment for the Web3 push has been off the charts, where Starbuck's overall Brand Sentiment is 81.26 - The consumer sentiment on the Oddysee program has had one of the highest marks in foodservice recorded at 88.75 and a significant lift in overall sentiment.
If Starbucks rolled out its Web3 loyalty program across all stores and customers, it would likely positively impact loyalty.
- Increased engagement: Web3 technology can make loyalty programs more engaging. Customers can earn rewards for participating in social media activities, playing games, or completing other tasks. This would likely increase engagement with the Starbucks brand and its loyalty program.
- Improved customer satisfaction: Web3 technology can make loyalty programs more transparent and secure. Customers can see exactly how their data is used and how they earn rewards. This likely leads to improved customer satisfaction with the Starbucks loyalty program.
- Increased customer lifetime value: Web3 loyalty programs can offer unique digital assets, such as NFTs, that can be used to redeem for exclusive rewards or experiences. This leads to increased customer lifetime value, as customers are more likely to continue to spend money at Starbucks to earn these rewards.
- New revenue streams: Web3 loyalty programs can create new revenue streams for businesses. For example, Starbucks could sell limited-edition NFTs that unlock access to exclusive rewards or experiences. This would likely generate new revenue for Starbucks and help to grow the business further.