The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Starbucks Corp. (Starbucks) is a renowned coffee retailer primarily engaged in roasting, marketing, and retailing of specialty coffee. The company through its stores offers many varieties of coffee, tea and handcrafted beverages. Starbucks also offers roasted whole bean and ground coffee, ready to drink and single serve beverages, snacks and other food items, and merchandise. Its brands include Tazo, Teavana, Evolution Fresh, La Boulange, Seattle’s Best Coffee, and Ethos. Through its owned and licensed stores, Starbucks has presence in Europe, Asia-Pacific, Africa, the Americas, and the Middle East. The company operates manufacturing facilities, warehouse and distribution facilities and roasting facilities in Nevada, Tennessee, the Netherlands, California, Thailand , Georgia, Pennsylvania, Connecticut, and Washington in the US, South Carolina, and China.
Starbucks is connecting coffee with digital data and keenly tapping the power of data, and predictive analytics to support a range of activities including deciding store locations.
Starbucks is implementing data analytics to know consumer preferences and strategically place its product information on digital menu boards at stores.
Starbucks’ Mobile Loyalty Program rewards its loyal customers via various mobile app based service providers and its own digital platforms. This helps Starbucks to eliminate traditional methods of offering membership. The mobile app also makes it easier for customers to see how many points they have and redeem right away from their mobile phones.
Its team engages with customers, answer their queries, and connect with them through social media marketing campaigns such as “#UnicornFrappuccino”, “Pumpkin Spice Latte”, “Red cup art", “Leaf Rakers Society” and “#Extrashotofpride”. It collects data from multiple social media channels like Facebook, Snapchat, Instagram, and performs social data analytics for customizing marketing assessments and offering personalized solutions to its customers.
The report provides information and insights into Starbucks’s activities, including -
- Insights of its digital transformation strategies and digital innovation programs
- Overview of technology initiatives covering strategic partnerships, investments & acquisition
- Insights on each technology initiative including technology theme, objective, and benefits
- Details of estimated ICT budgets and major ICT contracts
- Starbucks is tapping the power of Artificial Intelligence, Cybersecurity, Blockchain, Mobile, Online & Mobile Payments, Digital Assistants, Internet of Things, Augmented Reality, Digitalization, Social Media, Behavioral Analytics, Digital Media, Robotics, 3D printing, and Cloud technologies for achieving operational efficiency and enhancing customer experience.
- Established in 2018, Starbucks Digital Ventures (SDV), an in- house incubator for digital initiatives, to expand its reach in digital space. The unit acts as an independent business, in order to accelerate the pace of project development to market. SDV has launched several initiatives and established partnerships with technology providers, in order to address problems faced by its customers.
- Starbucks established the Tryer Innovation Center, which acts as an incubator, allowing its internal employees to test new ideas and scale them into actionable prototype in less than 24-48 hours, to understand how the solutions might work in their business process.
- In 2019, Starbucks invested $100 million in Valor Siren Ventures (VSV), a venture fund arm of Valor Equity Partners. VSV will invest these funds in disruptive start-ups that are developing technologies, products, and solutions for food and retail sectors.
- Starbucks has been strengthening its digital talent by hiring skilled individuals and having a dedicated digital transformation team. In 2015, Starbucks appointed Gerri Martin-Flickinger as the chief technology officer responsible for building technology teams and digital strategies.
Reasons To Buy
- Gain insights into Starbucks’s operations.
- Gain insights into its digital strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into various partnerships of Starbucks.