Starbucks are set to partner with the investment company Sequoia Capital to invest in new technologies that will accelerate the company’s digital innovation in Mainland China.
The two companies plan to focus on next-generation food and retail technology companies whose products will help Starbucks grow the coffee and retail industry in China, which is currently one of its fastest-growing markets globally.
An early focus will be opportunities to embed digital technologies across Starbucks’ retail business, making the most of data-driven analytics, modeling, and decision making.
“These may entail adopting creative solutions to enhance front- and back-of-house operations, such as the use of machine learning and predictive intelligence tools in managing Starbucks growing retail operations in China, or the optimization of Starbucks supply chain through precise, real-time inventory management,” the company said in a statement.
“China’s vibrant environment is a rich ground for entrepreneurship that has seen the emergence of many local innovators that we hugely admire,” said Starbucks China CEO and chairman Belinda Wong.
“The partnership enables Starbucks to tap into the most dynamic Chinese technology entrepreneurs in order to delight our customers with meaningful innovations created in China, for China.”
“We are excited to tap the tremendous energy of technology entrepreneurs from two of the world’s largest and most dynamic markets, to pioneer innovative solutions that could reimagine the global retail landscape,” said Kevin Johnson, president, and CEO of Starbucks.
