Starbucks Envisions Caffeine-Based Currency
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Airlines have long given out miles to customers for credit-card purchases made at other stores. Now Starbucks Corp. is trying a similar feat with its loyalty program.
The coffee chain has forged deals with music service Spotify, the New York Times and ride-sharing company Lyft — all of which will let customers earn points toward free drinks and food at their local Starbucks. The program doles out “Stars” when users make purchases, creating a form of currency that works with Starbucks’ mobile app or loyalty cards. The company credited the effort with helping drive a 4% gain in customer traffic last quarter.
The challenge now is building out the Stars network beyond the first few partners. Chief Executive Officer Howard Schultz says the company is seeking out businesses in a range of industries that could work with the program, aiming to prod customers into visiting Starbucks more often.
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