Starbucks' new move is aimed at boosting
the digital part of its business in China, one of its key markets. Starbucks
has collaborated with the venture capital firm Sequoia Capital China to
co-invest in development firms in the second largest economy in the world.
According to Belinda Wong, chairman and
chief executive officer at Starbucks China, The partnership enables Starbucks
to tap into the most dynamic Chinese technology entrepreneurs in order to
delight their customers with meaningful innovations created in China, for
China,.
Starbucks will be able to get early
exposure to "ideas in the retail industry, providing innovative investment
opportunities," the company said. Enterprises in which it invests will
exploit Starbucks' marketing experience, size and infrastructure.
Starbucks' latest push seeks to improve the
digital dimension of its business in China, one of the most important markets.
Starbucks entered into a deal with e-commerce company Alibaba in 2018 to launch
delivery of their goods.
According to the company, it will
"explore possibilities for embedding emerging technology in all aspects of
its retail market," and using data to assist in making decisions.
Starbucks will also look at technology that could better handle its growing
Chinese retail operations and improve its supply chain and inventory management.