Is Starbucks the biggest QSR brand?
In 2022, Starbucks' net revenue reached 26.58 billion U.S. dollars. Much like with its units, there was year-over-year growth in revenue over the past 10 years up until 2019. Like many food and drink service companies, Starbucks saw a decline in revenue in 2020 due to the coronavirus (COVID-19) pandemic. Not only did Starbucks record high revenues in 2022, but the company also had the second largest quick-service restaurant brand value worldwide that year. Accounting for a brand value of approximately 61.7 billion U.S. dollars, Starbucks came second only to QSR behemoth McDonald's which had a brand value of nearly 200 billion U.S. dollars in 2022.
What products does Starbucks sell?
While Starbucks has stores located all over the world, the products offered usually remain the same. The chain primarily sells coffee; however, it also offers consumers the opportunity to purchase other products. These include beverages such as teas, hot chocolates, smoothies, iced drinks, and a selection of food products. Starbucks’ revenue breakdown revealed that the sale of beverages was the number one source of revenue for the chain over the last decade. Meanwhile, food sales have tended to contribute less to Starbucks’ revenue in recent years. To promote their products, Starbucks’ global advertising spending reached a record high of 416.7 million U.S. dollars in 2022.
Starbucks: online ordering and delivery
Consumers nowadays do not just want to go in-store to enjoy their favorite Starbucks products, they also want them delivered to their doorsteps. With the global revenue of the online meal delivery market being estimated at 300 billion U.S. dollars in 2022, Starbucks along with many other companies has begun cultivating its online ordering and delivery systems. It launched a pilot partnership with Uber Eats in late 2018, allowing them to deliver items from a selected delivery menu to consumers’ homes. The coffee chain also developed the Starbucks app where consumers can pre-order and pay for items before pick-up. This online market became especially important during the coronavirus (COVID-19) pandemic, where lockdown and social distancing measures meant people were unable to order in-store.
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