Slow and steady wins the race, according to Costco. The membership-exclusive warehouse is trailing far behind its competitors, Sam’s Club and BJ’s Wholesale, when it comes to technology. But it looks like Costco is playing the long game, taking its time beta testing AI features and strategizing ways to lure new members in. Here are four major changes that Costco is putting into motion.
RELATED: 4 Major Walmart Changes Coming to Stores, and How They’ll Affect You.
1. Costco executive members are getting extended store hours.
I’m a Money-Saving Expert — Here are Costco Secrets Every Shopper Needs to KnowShutterstock
Starting June 30, certain Costco members can take advantage of early bird shopping hours. The perk is only available for executive club members (a $130 annual membership) and gives shoppers exclusive access to the warehouse before it opens to basic-tier members, according to a company email obtained by Costco Insider.
New executive member shopping hours are as follows:
- Monday–Friday: 9 a.m. – 10 a.m.
- Saturday: 9 a.m. – 9:30 a.m.
- Sunday: 9 a.m. – 10 a.m.
“The early access is designed to provide a more convenient shopping experience, allowing members to avoid peak crowds and navigate stores with greater ease. The move is expected to alleviate common pain points such as parking lot congestion and extended checkout wait times, particularly at high-traffic warehouses,” Costco Insider reports.
Costco locations that already open at 9:00 a.m. may reportedly push back their opening hours for regular members.
A second perk: Executive members will receive a $10 monthly credit on Instacart purchases exceeding $150.
2. Costco is beta testing scan-and-go checkout technology.
1 | Use Costco Shop Cards.
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It’s no secret that Costco has fallen behind when it comes to technology integration. And now, the warehouse is racing to catch up to its competitors.
On a third-quarter earnings call, company CEO Ron Vachrisconfirmed that Costco has “engaged in some ‘Scan & Go done by Costco’ kind of tests.”
The tech feature has “been extremely successful in moving people through the lines and expediting the transactions,” Vachris said on the call, as reported by Fox Business. “We’ve seen some very, very early results have been very positive and great adoption from our members, seeing that as well.”
It’s unclear when Scan & Go done by Costco will become available to all members, but Vachris told folks to be “on the lookout for several new technology pilots we are focusing on to help our members check out through our front end at a faster pace.”
RELATED: Costco Shoppers Are Abandoning These 10 Products: “It Was Like a Sweaty Sock.”
3. Costco has a new partnership with Affirm.
If you don’t want to shop in-store, Costco recommends shopping online.Shutterstock
Costco has teamed up with Affirm to offer online shoppers a buy-now-pay-later option (BNPL). As Best Life previously reported: “Unlike most credit card transactions, Affirm does not charge late fees, nor does it have hidden fees. And applying for a BNPL plan through Affirm does not affect your credit score, even if you’re denied.”
Payment plans are available in three to 36 monthly installments, and APR rates range from 10 to 36 percent. “Approved Costco members can choose from Affirm’s personalized monthly payment plans for purchases ranging from $500 to $17,500,” states a press release. “These plans feature transparent pricing and credit offers—including APR discounts.”
Note: The BNPL feature is not available for in-store purchases.
4. Costco is extending its gas station hours.
Costco Just Made 2 Major Gas Station Changes—How You’ll Save Time & MoneyShutterstock
Earlier this year, Costco revealed that its gas stations would extend their hours of operation. As Best Life previously reported, most gas stations will adhere to the new hours (which are outlined below) except for some locations in California and Hawaii. (It’s also worth noting that warehouse hours vary from gas station hours, so plan your Costco trip accordingly.)
- Monday-Friday: 6 a.m. to 10 p.m.
- Saturday: 6 a.m. to 8:30 p.m.
- Sunday: 6 a.m. to 7:39 p.m.
Additionally, the Costco Anywhere Visa Card by Citi is updating its perks on select gas and EV purchases. As cited by Motley Fool Money: “Now, cardholders will earn 5% cash back on gas at Costco and 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter.”
Keep in mind that the card also serves as a Costco membership card.
Content shared from bestlifeonline.com.