Over the previous few years, the Asian avenue meals model Wow Bao has advanced from a mix fast-casual/ghost kitchen model that delivers dumplings throughout the U.S. to a frontrunner in omnichannel and digital innovation. On the finish of 2022, Wow Bao entered the metaverse after which this 12 months upgraded its rewards program to an NFT-based loyalty program the place prospects should purchase one-of-a-kind “CollectaBaos” in alternate for all types of loyalty perks.
Then, this summer time, Wow Bao quadrupled its modest retail presence to 4,000 shops promoting 5-7 flavors of the model’s bao dumplings, thanks largely to the corporate’s partnership with Walmart. That is all a part of Wow Bao’s plan for its bao dumpling to be “as ubiquitous because the Rooster McNugget,” whether or not by way of a takeout bag, airport, freezer aisle, and even merchandising machine — the model had launched a partnership with Automated Retail Applied sciences to serve heat bao buns in merchandising machines throughout the nation final 12 months.
“I feel it is essential that you simply’re at all times evolving [as a restaurant brand] and at all times discovering methods to be higher,” mentioned Geoff Alexander, Wow Bao president and CEO. “For me, being higher is about rising the model, heightening the expertise for the visitor, and making life simpler to your worker. … As a small model, we by no means had lots of entry to funds. So it was as much as us to have to search out methods to develop our model and income, and that’s what led us to CPG and getting inside airports.”
The stylistic ‘CollectaBao’ is modeled after an NFT, and might be bought in alternate for loyalty perks.
Alexander mentioned that though Wow Bao had beforehand been in just a few hundred regional grocery shops within the Chicago space, the corporate “didn’t actually take its retail presence critically” till this 12 months, when Wow Bao introduced its partnership with Walmart. Alexander mentioned the model is fortunate that its product — the steamed bao dumpling — is so versatile, versatile and straightforward to make, ship, and ship, as a result of it opens up extra avenues of income than an idea like a steakhouse may need.
“You must at all times preserve taking a look at what’s subsequent,” Alexander mentioned. “Now CPG is changing into a full-fledged enterprise for us. … We most likely have one other 1,000 grocery shops made up of 9 or 10 totally different manufacturers and grocery shops throughout the nation additionally launching within the coming month, so there’s an enormous runway right here for us to go. You then take the darkish kitchens, airport, school campuses, merchandising machines, and CPG all collectively as one model. We’re making ourselves often called actually accessible all over the place. By being in all these totally different autos, all of them play off each other.”
However it isn’t sufficient for a model to be ubiquitous with a craveable product — it additionally has to have a robust digital presence and expertise. For Wow Bao, that avenue is the metaverse and (rebranded) NFT loyalty packages. Final November, the corporate introduced its first foray into the metaverse with a brand new tiered NFT membership program as an extension of its present Bao Bucks rewards program.
Then, this Might, the digital rewards program was prolonged even additional by launching the minting of digital one-of-a-kind “CollectaBaos” (like NFTs) that permit homeowners to be a part of the Scorching Buns Membership tiered loyalty program. With the $99 annual membership from the primary minting, prospects will get perks like unique reductions, merchandise, double Bao Bucks, and different extra inventive prizes that Wow Bao is experimenting with, together with in a single day delivery new bao flavors to members.
“We have a look at this as a rewards program, not a loyalty program, as a result of within the age of supply, nobody is loyal,” Alexander mentioned. “We’re simply making an attempt to reward folks for coming again to Wow Bao. … As soon as we acquired the rewards program up and working, we needed to reinforce it one other stage.”
Though the metaverse exploded in reputation in 2021 and 2022, the pattern appears to have quieted down a bit this 12 months. For Alexander, that simply implies that Wow Bao has the chance to remain within the sport whereas the know-how is perfected and keep one step forward of its friends.
“NFTs acquired damaging press and dangerous connotations, however I don’t assume they’re ever going to go away — individuals are preventing for them and pushing [them] ahead,” Alexander mentioned. “We at all times need to be on the forefront of know-how, not behind. Quick-forward 12-18 months, when different folks get again into taking part in within the sandbox, we will be on to the following factor. … We imagine NFTs could have extra advantages over time, so if we are able to perceive the way it’s been utilized immediately, we could be a greater a part of the dialog.”
Contact Joanna Fantozzi at [email protected]
Hear from Geoff Alexander and different CREATORS honorees at CREATE: The Expertise, Oct. 1-3 in Palm Springs, in a panel sponsored by Keurig Dr Pepper.