Starbucks
Starbucks is tech company that sells coffee and operates like a bank.
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Same Store Sales
Starbucks has managed to grow its same-store sales through a combination of:
- Digital Engagement: Starbucks has invested heavily in its mobile app, which features a popular mobile order and pay system, personalized offers, a loyalty program, and more. This has boosted customer engagement, speed of service, and sales.
- Menu Innovation: Starbucks frequently introduces new products and seasonal offerings to keep customers excited and coming back for more. Their pumpkin spice latte, for example, has become a yearly autumn event eagerly awaited by many customers.
- Customer Loyalty Program: Starbucks' rewards program encourages repeat purchases by offering free drinks and other rewards based on the amount spent. This not only incentivizes repeat visits but also builds a strong customer-brand relationship.
- Store Experience: Starbucks focuses on creating a welcoming, comfortable "third place" (a place between home and work) where customers can relax, work, or meet others. The aesthetic, music, service, and overall atmosphere add to this experience, encouraging customers to spend more time (and money) in the store.
- Expanding Store Hours: Starbucks has experimented with extended hours at some locations, offering late-night snacks and even alcohol in some markets. This increases the utility of the store space and can attract a different customer base.
- Sustainable Practices: Starbucks' commitment to ethical sourcing, sustainability, and social responsibility has resonated with many consumers, especially younger ones, who are more likely to support brands that align with their values.
- Training and Development: Starbucks invests heavily in training and developing its staff, ensuring a high level of customer service that encourages repeat business.