Since December 2022, the espresso colossus has been venturing into uncharted territory with its Starbucks Odyssey extension of the Starbucks Rewards program. The query on the coronary heart of this odyssey: Will espresso drinkers commerce of their beloved brews for NFTs?
—
To embark on this caffeine-infused journey, Starbucks Rewards members are invited to take part in a sequence of on-line video games, quizzes, and actions. In return, they earn distinctive “Journey Stamps” in NFT format and Odyssey Factors, providing entry to unique espresso experiences. These experiences are stated to be not like something obtainable elsewhere, making a tantalizing proposition for espresso lovers.
The fantastic thing about Starbucks Odyssey lies in its interconnected digital group.
Members can share their journey experiences and the NFTs they’ve earned, fostering a way of camaraderie amongst espresso aficionados with a penchant for the digital realm.
The Odyssey take a look at part, initially rolled out to waitlisted members and workers in levels, goals to discern simply how many individuals are prepared to commerce a cup of their favourite Joe for a coveted NFT. And evidently sure segments of the take a look at group have embraced this journey extra fervently than others.
In the event you guessed that crypto lovers are main the cost, you are spot on. NFTs are sometimes related to the cryptocurrency blockchain, however Starbucks is using Polygon (MATIC) for its stamps. This crypto twist has piqued the curiosity of the crypto group.
For example, when Starbucks Odyssey supplied the chance to buy stamps for $100 every within the spring, 2,000 of them flew off the digital cabinets inside minutes, as reported by Time. Patrons had been banking on the NFTs’ potential worth appreciation, they usually had been proper.
Many Starbucks stamps have since been resold on the secondary market, some fetching practically $2,000 every.
Nevertheless, the query stays: Is Starbucks Odyssey efficiently attractive Starbucks Rewards members into the world of NFTs, or is it merely attracting extra NFT and cryptocurrency lovers to affix the Starbucks Rewards program?
Starbucks Odyssey: A Blueprint for Subsequent-Gen Loyalty Applications?
With a staggering 31.4 million energetic U.S. members, Starbucks Rewards has the sheer scale to revolutionize loyalty applications. Let’s delve into the important thing components of Odyssey to raised perceive the journey it presents.
Enhanced Member Perception: Odyssey’s actions are designed to interact members for an prolonged length, permitting Starbucks to assemble useful insights into member preferences. Challenges might require multi-week or multi-month purchases, and all knowledge is seamlessly tracked through the loyalty app. These insights can probably enrich Starbucks’ present rewards construction, however their worth will depend on sustained member engagement.
Distinctive Rewards: The Odyssey NFTs are undeniably distinctive, and collectors might even flip a revenue on the secondary market. Nevertheless, convincing on a regular basis espresso lovers to take part is usually a problem. Some have discovered Odyssey’s necessities, equivalent to watching movies, taking quizzes, and finishing extra duties, considerably cumbersome. They argue that every one they need is discounted or free espresso.
Diminished Legal responsibility: Every Odyssey stamp comes with a bonus level. If one level could be earned by means of a journey somewhat than a number of factors by means of the acquisition of a Venti Frappuccino, Starbucks might probably situation fewer factors total. This would cut back the variety of excellent factors on their stability sheet, a good final result for Starbucks since unused factors are recorded as a legal responsibility. Starbucks additionally entices Odyssey members to redeem factors for different advantages and experiences, making certain a gradual circulate off the stability sheet.
Different Stamp Acquisition: Starbucks presents the choice to buy stamps straight with a bank card, eliminating the necessity for cryptocurrency. This strategy caters to NFT followers and buyers who search faster entry to their coveted collectibles. Nevertheless, it would cut back engagement with Starbucks’ gamified experiences. It is attainable that Starbucks goals to stimulate extra exercise in Odyssey’s digital group by making stamps extra accessible, thereby producing useful peer-to-peer insights.
A Grande Threat for Starbucks
Starbucks Odyssey continues to be unfolding, and the suggestions from the continued take a look at part stays unsure. Nonetheless, one factor is clear: Starbucks Odyssey represents a groundbreaking effort within the realm of nationwide rewards applications. For taking this daring threat, Starbucks deserves the applause of loyalty program operators worldwide.
