Starbucks Odyssey: Star Wars Movie or NFT Project?
In a previous article, we talked about Starbucks launching a Web3 project. At the time, nothing much was known about their plans. But now, we have more juicy info. In an announcement dated December 8th, 2022, the company revealed its Web3 plans, named Starbucks Odyssey, which is now in the beta stage. The initiative is currently only open to select waitlist members, including customers and employees in the US.
One thing to note is that the Odyssey project is nothing like the average NFT launch we see daily/weekly/monthly. With this project coming from such a powerhouse brand, there’s much to learn from this customer-focused strategy.
So, if you’re a brand looking to see how to use Web3 to boost your customer relationship, this read is for you. Here’s all you need to know about the Odyssey project, what Starbucks is trying to achieve, and the idea behind every decision.
Table of Content
#1 - WTF is Starbucks Odyssey?
#2 - So, Why Launch a Web3 Version?
#3 - What Starbucks is Doing Differently?
#4 - Will Starbucks Odyssey be a Hit? Our Thoughts
WTF is Starbucks Odyssey?
Before we continue, here’s an overview of what the Odyssey project is all about. The Starbucks Odyssey is a new Web3-powered experience that combines the company’s successful loyalty program with an NFT collection. This lets its customers earn and buy digital assets that give them access to special rewards and experiences.
Yes, I know this all sounds like another random NFT project’s plans—but it's more than that. Starbucks already has a largely successful Web2 customer loyalty program that constitutes a huge part of its revenue stream. The loyalty program subscribers already receive several benefits like free coffee, discounts, and more.
So, Why Launch a Web3 Version?
Your guess is as good as ours—every successful business knows its greatest assets are the customers. So with the Odyssey project, Starbucks is taking customer experience and satisfaction to another level.
But let’s hear it from Adam Brotman himself, the brain behind the initiative.
It is part of Starbucks' DNA to innovate and not rest on its laurels
The consumer is changing, consumers want; control, to participate, to own their data, and be part of a community.
What Starbucks is Doing Differently?
So, the Starbucks Odyssey project isn’t meant to replace their current Web2 loyalty program. See it as another layer of value. This layer comes with additional benefits and experiences that are targeted at bringing in a new type of customer.
For one, Odyssey members can play games and complete challenges like creating and trying new and unique coffee recipes, learning how coffee is made, and the company’s rich history. These experiences are called ‘Journeys.’ In return, they earn Journey Stamps for every challenge completed.
Now, if you noticed, we used the word “stamp.” This is Starbucks’ code name for NFTs and its similar to how Reddit used “digital collectibles” to explain their NFT collection. What this change in turn does is lower the barrier of entry for people who aren’t crypto savvy, making it more appealing.
Now, that’s not all, owning these stamps grants access to different benefits—holders can win complimentary coffee and confectioneries in-store or win a trip to visit the Starbucks coffee farm in Costa Rica.
Or, they could simply trade these stamps with other members, thanks to the Odyssey’s secondary marketplace powered by Polygon. This creates another ecosystem for customers to get more value than just enjoying a freshly brewed cup of coffee, thanks to NFTs.
Will Starbucks Odyssey be a Hit? Our Thoughts
We’re bullish on traditional companies leveraging Web3 to improve their business models and Starbucks’ initiative is one we’ve been excited about. NotAnotherNFT believes this move will attract more customer sign-ups into both Starbucks Web2 & now Web3 loyalty programs.
Starbucks can turn them into loyal customers because Web3 makes customer interaction more seamless—it will give them the feeling of being part of the company’s journey, further strengthening their brand loyalty.
But more than that, it’ll entice a whole new set of consumers, particularly the Gen Z population who are more digital savvy, to the Web3 space - which is ultimately what the wider Web3 space needs, in order to survive.
We can’t wait to see how well the project will succeed once it's released to the general public.
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