Costco makes major change in stores unveiling two major new services for members

Costco CFO, Gary Millerchip, has recently shed light on the company's strategy to enhance customer experience in both physical and online stores, while maintaining its successful business model .

In a recent earnings call, Millerchip addressed queries from analysts about Costco's plans to evolve its retail model with more technology integration and services, including online purchasing and in-store pickup .

He revealed that Costco is currently focusing on expanding options such as buy-online-pickup-in-warehouse, particularly for electronic products like televisions, which he sees as a significant opportunity for growth, as it raises membership fees in a big blow to customers.

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Millerchip stressed that technology will be a key focus moving forward, with the aim of strengthening member engagement across all platforms.

He underscored Costco's commitment to innovation in its member relationships, noting that technology provides a valuable opportunity to enhance these connections and drive business growth.

While reaffirming Costco's enduring strategy for big-box retail success, Millerchip hinted at ongoing innovation to meet member needs, suggesting that major changes are not anticipated as the company continues to adapt to member preferences.

Costco surpassed revenue expectations in the third quarter, reporting total revenue of $58.52 billion and a profit of $3.78 per share, above analysts' forecasts, according to Fox Business.