Global coffee store franchise heavyweight Starbucks is reportedly gearing towards the release of a new Web3 rewards program, aimed at reeling in and retaining customers. 

During his speech at the company’s fiscal Q3 earnings call, CEO Howard Schultz reportedly revealed that Starbucks is set to introduce a new Web3 – one of the most discussed aspects of crypto at the moment  –  “digital initiative”, which will carry out the expansion upon the foundation of the firm’s loyalty program. 

“This new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers.”

The CEO did not provide too many details, but did mention during the call that Starbucks is aiming for an “integration of our digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a reward and a community building element.” 

The entire disclosure is reportedly scheduled to take place during Starbucks’ Investor Day on Sept. 13.

“This will create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in our core retail stores”. 

The firm’s quarterly results reportedly exceeded the estimations suggested by analysts, with a 9% quarter-over-quarter surge in international revenue to a record $8.2 billion.

During the call, Schultz additionally claimed that the Web3 initiative is included in the scope of a push to reel in and retain the younger customer demographic of Starbucks.

“We don’t want to be in a business where our customer base is aging and we have a less relevant situation with younger people,” he said, adding that the company has “never been, in our history, more relevant than we are today to Gen Z.”