Starbucks’s New Strategy Plan
Starbucks has unveiled a reinvention plan, meant to promote efficiency as well as address the way consumers behave in Starbucks cafes post-COVID. Starbucks, founded in 1971, set out on a mission to create quality coffee and later on, a “third place” where people could escape to from both their work and home lives as a place to relax.
Starbucks will not be compromising on these values. In May of 2022, Chief Marketing Officer Brady Brewer announced that the company was on a mission to create a digital third space. Brewer stated that this is a new way for consumers to be connected to Starbucks. Starbucks cafes prominently display art from each cafe's locale; Starbucks aims to use non-fungible tokens (NFTs) as a new art form in the digital world connecting consumers to the brand, regardless of whether or not they step foot into the store (via the use of drive-throughs or food ordering services).
NFT owners would be allowed extra perks and they would be used to bring Starbucks to life in the digital world. Starbucks has also done an overhaul on its app, creating a more reliable experience.
This digital third space falls in line with Starbucks’ plan to modernize the company and make it more efficient as people have started using the drive-throughs as opposed to going in-store to buy their drinks due to COVID-19. Some plans going forward include building new drive-through capabilities at most Starbucks locations, as well as modernizing equipment that will allow employees to handle complex orders quickly.
The faster Starbucks drinks are prepared, the more customers the store can accommodate, which will drive up profit margins as people will no longer have to wait as long to receive their drinks. New machinery will allow Starbucks to meet its consumers' demands now and in the future.
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Photo Caption: Club fairs were held late October
Photo Credit: The Commentator