Starbucks Odyssey Lets Customers Collect NFTs
Michael Hemsworth — September 13, 2022 — Business
References: stories.starbucks & engadget
Starbucks Odyssey has been announced as an extension of the brands rewards program to offer consumers with the opportunity to collect NFTs. The announcement includes digital collectible stamps that customers can collect, while journey stamps can be collected by completing journeys. Each one of the NFTs will have a points value attached to it based on its rarity; the points can be used for unlocking experiential rewards. This includes invites to Starbucks Reserve Roasteries, virtual espresso martini making classes or even a trip to Costa Rica to visit one of the brand's coffee suppliers.
EVP and CMO Brady Brewer commented on Starbucks Odyssey saying, "Our vision is to create a place where our digital community can come together over coffee, engage in immersive experiences, and celebrate the heritage and future of Starbucks."
Image Credit: Starbucks
EVP and CMO Brady Brewer commented on Starbucks Odyssey saying, "Our vision is to create a place where our digital community can come together over coffee, engage in immersive experiences, and celebrate the heritage and future of Starbucks."
Image Credit: Starbucks
Trend Themes
1. NFT Loyalty Programs - Providing digital collectibles as part of a loyalty rewards program is a new trend in customer engagement that could offer unique and enticing rewards for loyal customers.
2. Blockchain-based Loyalty Programs - Utilizing blockchain technology to create secure and trusted loyalty programs could be a disruptive innovation opportunity for companies looking to improve customer engagement and retention.
3. Experiential Rewards - Offering unique and memorable experiential rewards, such as trips or classes, could be a differentiating factor for loyalty programs and a way for companies to stand out in a crowded market.
Industry Implications
1. Food and Beverage - Incorporating loyalty programs that utilize NFTs and blockchain technology could be an opportunity for companies in the food and beverage industry to increase customer loyalty and engagement.
2. Retail - Implementing blockchain-based loyalty programs that utilize NFTs to provide unique rewards could be a potential disruptive innovation opportunity for companies in the retail industry looking to increase customer retention.
3. Travel and Hospitality - Utilizing experiential rewards such as trips or tours as part of a loyalty program could be a way for travel and hospitality companies to differentiate themselves and reward loyal customers.
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