Costco is rolling out new technology to make shopping faster and more efficient, CEO Ron Vachris announced during the company's first-quarter earnings call last month.
The big-box retailer has focused on streamlining the checkout process, allowing members to complete their purchases quickly and freeing up parking spaces for other shoppers.
"In the warehouse implementation of scanning memberships at entry, the Costco Digital Wallet and pre-scanning small- to medium-sized baskets is leading to better member experience and improved productivity," Vachris said.
"We aim to make the shopping at Costco easier, faster and more personal, no matter where or how our members choose to shop."
According to LGM Corp, the changes are designed to enhance the overall experience, not just to introduce technology for the sake of it.
Vachris emphasized that the updates strengthen the fundamentals that define Costco, ensuring that speed and convenience go hand in hand with quality and reliability.
Costco borrows tech upgrade from competitor to boost member experience https://t.co/yq9fAWvpmn
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Costco Plans 30 New Locations
In addition to technology upgrades, Costco is expanding its physical presence.
The company plans to open new warehouses both in the US and abroad, with half of its upcoming 30 new locations expected outside the US, particularly in Canada and Mexico.
"We've been about 50-50, half of the expansion in the US and half outside of the US And now we're seeing even more opportunities in Canada and North America and Mexico," Vachris said.
Costco also relocates five to six warehouses annually to better serve its members.
Vachris explained that these moves often involve transferring from buildings that no longer meet customer needs to larger facilities with more parking and added services like gas stations, FoxBusiness reported.
"We see 50%, 60% increases when you add a gas station and really add a lot of parking to a 20% uplift to a building that had everything and just got into a better facility," he noted.
Current warehouses are not left behind. Costco continues to invest in updating fresh food areas and incorporating new services each year, ensuring that existing locations stay modern and efficient.
"It's a process we go through every year of planning ahead, and we look out several years and a good combination of all three — new locations, relocation and taking care of the existing buildings," Vachris added.
Originally published on vcpost.com
