Starbucks becomes the latest food and beverage company to enter the Metaverse with the launch of the Starbucks Odessy experience.
Betting on NFTs is pretty risky, no matter how successful your business is. Even though the NFT market is still healthy, many people don’t consider launching one as good for business.
As a matter of fact, there’s a long list of companies that canceled NFT releases or had to apologize for them. However, some companies are still willing to give it a try. The latest one is Starbucks, which is banking on the fact that its customers are willing to engage in digital experiences.
What is Starbucks Odyssey
While Starbucks’ revenue increased nearly 9% this year, just like other businesses, it has suffered greatly during the pandemic. The coffee company is now looking for different ways to engage with its customers and it believes that blockchain technology is the way to go.
The Starbucks Odyssey experience is an interactive platform that allows users to connect with other Starbucks fans and collect digital rewards. The journey begins when users unlock their first “stamp” by completing an interactive game.
How the Customers Can Benefit
Besides connecting with each other how do the customers benefit? Well, as users complete more journeys, they’ll be able to collect more stamps. These stamps can be used to get exclusive benefits and rewards.
For example, users who collect enough stamps will be able to get exclusive merchandise or access a martini-mixing course in the Metaverse. But rewards aren’t just small. There are some big rewards on the platform.
With enough stamps, a user can even score a trip to one of the coffee bean farms in Costa Rica, owned by Starbucks.
The Starbucks Approach
Starbucks’ approach is quite different from other companies that have tried to enter the Metaverse. While most companies require users to create crypto wallets and use cryptocurrency, Starbucks allows them to get “limited edition stamps” with their credit cards.
This means that customers don’t need a crypto wallet or any knowledge of cryptocurrency to take part in the experience. And that’s a big advantage. The fact that Starbucks is willing to experiment with new technologies shows that the company is open to change.
Why Web3 in the First Place?
Now, you might be wondering why Starbucks is entering the Metaverse in the first place. After all, the company already has a very successful loyalty program.
The Metaverse helps companies both build loyalty and get access to consumer data they can use to improve their products. As the company continues to evolve, it’ll be able to use the data they collect to better understand its customers.
The Starbucks Odyssey is still a bet. But it’s a smart one that just might pay off. If they manage to pull it off, they’ll be able to stay ahead of the competition and keep their customers engaged.
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