In the coming months, those intending to shop at Costco will need a membership card as the store is set to prioritize member-only in-store shopping. Scanners are being installed at the entrance of every Costco location for customers to gain entrance into the wholesale paradise.
This will also mean less work for the employees that were in charge of checking cards, and faster shopping for customers. Shoppers can opt for either digital or physical membership cards, while those visiting need to be accompanied by a store member.
Exclusive benefits
Costco members will now enjoy exclusive access to discounted purchases, such as the $1.50 wiener and soda meal at its food court, and a 2% reward on purchases. The basic membership fee will see a $5 increase on the previous $60 charge from September, which is the first since 2017.
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Premium membership will also go for $130 instead of the normal $120, while executive membership has added $250 on the usual $1000 price. The hikes do not come without reward though, as member customers will be prioritized at its 882 warehouses across the globe.
Costco seeks to control card sharing
The company’s chief financial officer, Richard Galanti, noted that food courts have become so crowded due to membership problems, hence the need to control the issue with the new policy. The new entry system will need a valid photo ID to prevent impersonation and fraud.
Costco reportedly made $4.6 million from membership fees in the past year, with 128 million cardholders at a 90% renewal rate. The revenue was an 8% increase from 2022; however, the new rules leave questions for the company’s performance this year.
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