Starbucks' actually a bank🏦
Apart from making you post on Instagram with #coffeeaddict, since 2015, their app has made a remarkable 30% of the company’s total sales.
Their masterstroke was the launch of loyalty card. It enabled their loyal consumers to deposit money into store card in advance to order coffee in future.
What sucks is that your mom couldn't convince you to create an FD, but Starbucks got you to make one (for them😑). With the Starbucks card, people made a fixed deposit in their Starbucks account without asking for a single penny of interest.
Today, the Starbucks Reward program has ~30.4 million active members in the US. This means one-in-eight American adults are into this loyalty group *Slow Claps* 👏🏼
In 2019, it was estimated to be $1.5 billion. With this giant figure, Starbucks have left behind 3,900 banks in the US, ‘cause even they’d less than $1 billion in total assets.
Starbucks vs India
Starbucks did in India what Netflix and Amazon could not. It became successful.
They opened their first store in India (Mumbai) in 2012 by joining hands with Tata Global Beverages Today, they’re spread in 271 locations in 55 cities and 20 states and territories.
It got massive success from 2017-19, where the registration for the same doubled from 250,000 to 500,000 😱. People were able to avail Starbucks card at a minimum top-up of ₹200 in exchange of free birthday beverages, star points, etc. These were enough to bind Indian consumers loyalty and money.
Starbucks knows how to make its way to its target audience’s heart (let's just say stomach). We know this because India ranks in the top-five fastest growing markets for Starbucks shared Sushant Dash, CEO Starbucks India.
P.S Starbucks will soon launch Olive Oil Coffee. Kill me before I see it on the menu. TBH, Just visit your local coffee shop. Their coffee would be better and cheaper. If you agree (or disagree), hit reply💌