Starbucks success due to investment in Tech

Coffee chain Starbucks owes the majority of its recent success to technology, according to CEO Howard Schultz.

Shultz has openly said that the main reason why the company is still managing to thrive in today’s competitive market is down to investment in the Tech sector. Schultz claims he anticipated a "seismic shift in consumer behaviour," which he predicted would "significantly impact traditional bricks and mortar retailers," when speaking at a conference earlier this month.

By implementing advancing technologies, such as Starbucks new payment app which handles all sales through mobile devices, the coffee giant has tapped in to the digitally-obsessed consumer public. 20% of all sales are now processed remotely in US stores - a figure which has doubled in just two years. This culminates in a staggering nine million transactions every week.

"Many traditional retailers and consumer brands have responded simply by substantially increasing their digital advertising budgets," continued Shultz, "significantly driving up their cost of customer acquisition."