Popular burger chain Shake Shack has launched a new Bitcoin-based rewards program in an effort to appeal to younger consumers and test the potential for long-term adoption.
Crypto-based rewards programs are becoming increasingly popular in the restaurant industry as brands look for new and innovative ways to engage with consumers and build their technology credibility. Cryptocurrency offers fast food and fast food chains new ways to reward and attract consumers.
Shake Shack will begin offering rewards of up to 15% in the form of Bitcoin for all payments made through Cash Card, a debit card available through Cash App. Cash App is a blockchain-based payment system owned by Block, Inc (formerly Square).
The chain, which currently operates 280 locations across the United States, is launching its crypto rewards program in a bid to grab the attention of younger, more tech-savvy consumers. The promotional deal, which will be available until mid-March, is something of a trial run for Shake Shack — an attempt to gauge whether or not cryptocurrency might have a practical, long-term role to play in the brand’s business model.
The rise of cryptocurrency in recent years has caught the attention of the entire business community. Last year, Starbucks launched a program in partnership with digital wallet app Bakkt allowing customers to convert Bitcoin to dollars and then load those funds onto their Starbucks Cards, which are accessible through the Starbucks app.
Also in 2021, Burger King partnered with investing app Robinhood to launch a crypto-based loyalty program, rewarding customers with a deposit of cryptocurrency into their Robinhood accounts for every purchase over five dollars. . According to QSR Magazine, the Burger King/Robinhood promotional detail resulted in a 30% increase in downloads for Burger King’s app.
Cryptocurrency is a component of the web3, an umbrella term used to describe our society’s slow but gradual shift to decentralized communication networks (as opposed to the top-down structures that have prevailed in the age of the Internet as we know it). know. ). Web3 offers a host of other opportunities for businesses, including the much-talked-about non-fungible tokens (NFTs). Major retail brands such as Gucci, Adidas, and Balenciaga have quickly embraced NFTs as a digital product that could give consumers a deeper, more authentic, and more personal sense of connection to brands. Fast food brands such as Taco Bell, McDonald’s and Pizza Hut have also launched NFTs in an effort to cash in on the craze.
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