What's the best bear cast against web3 loyalty programs like Starbucks Odyssey?
Their actual products suck. If they were any good. They wouldn't need a loyalty program in the first place. Loyalty was designed to offer consumers with value orientation a reason to be brand loyal. When they give zero Fs around Brand Loyalty, if a comparable product came along that was cheaper and as good. Commodity.
Bear case would be too many brands just show up, drop some art and think prev earned brand equity carries the day. Consumers smell the money grab, the drops suffer and brands never come back.
Bear case is that they “realize” through bad implementation or internal politics that the truly web3 version of loyalty isn’t worth the trouble of lost control so they stop investing in it and then everyone else follows suit
Loyalty program feels antithetical almost to web3. A huge use case for web3 is portability of data…isn’t that the opposite of loyalty program lock-in? also just not convinced people are motivated by “journey” experiences…they are Starbucks Rewards members for the VIP feeling, not for the love of coffee
Too much work to make it interoperable and actually unlock value of web3 means they just become standalone boring ass databases that happen to be publicly visible but no one cares
the stamps they sell out so fast so only the true degen profit (floor up 3x) don’t see this building brand loyalty their journeys are kinda odd and make me feel dumb so doubt that’s good for brand too i’m a fan of starbucks but this has left a negative taste in my mouth despite being in crypto
There’s no flagship use case for normies in crypto to export their loyalty assets to without involving the parent brand (ie, Starbucks), so the data is useless until a use case comes up relevant to the brand.