There may have been some pessimism about the future of Starbucks (NASDAQ: SBUX) once it was announced that CEO Howard Schultz, the man who made the chain into what it is today, would be turning the reins over to a hand-picked successor. However, Schultz himself just made it clear at the most recent investors day conference a few days ago, that he expects the company’s double digit growth to continue for years into the future.
There seems to be ample reason to believe him, too.
It’s all about innovation. If a company just rests on its laurels, continuing to do the same thing year after year, then it is only a matter of time before some new young upstart comes along to surpass it. On the other hand, when a company makes it clear that they are keeping up with what customers are interested in, chances for future success increase greatly.
Starbucks is obviously not afraid to try new things, here are a just a few signs of their current innovations.
Not only has Starbucks started selling a Pokemon Go Frappuccino, the company announced this week that almost 8,000 stores will now be PokeStops and Gyms. It’s true that Starbucks came a little late to this party, the game is certainly not the rage it once was. However, Pokemon Go is still in the top 30 list of mobile games in Apple’s App Store.
Using technology in its favor once again, Starbucks will start offering unique incentives to buyers that are tailored to their personal preferences. The company will get this information from users who order with mobile apps. The company already allows users to place and pay for their orders with apps, then just stop into a store to pick them up.
But the company released a statement indicating how it will proceed further for greater profits:
“By early 2017, the company expects to complete the rollout of suggested selling and recommendations (suggesting items for pairing or additions to a customer’s order) during Mobile Order and Pay checkout, which the company believes will further fuel engagement and growth.”