Costco is one of the most popular retail stores in the United States And in the world. Its popularity is due to the fact that it allows people to buy items at a wholesale rate, which makes it even cheaper. To achieve this, you have to pay an annual membership, and there’s just a common practice that the company just set itself up against: They will crack down on those who share these memberships.
This is a bit like what happened with Netflix, the streaming service. And since they started broadcasting, people have exchanged passwords, which has hurt their income. This is the same thing that happened with Costco: People borrow memberships so that many families can shop.
In view of this situation, the company sent a statement saying that it will take effective measures in this regard: We do not believe it is right for non-members to receive the same benefits and rates as our members.“, It is to explain.
While Costco has always required people to show their membership at checkout, they now require it You can also view photo cards in self-checkout registersor, failing that, look at ID cards with pictures at these points.
He said this decision was due to the fact that everyone had increasingly seen a greater practice of sharing membership cards. Currently, annual membership costs $60 if you purchase the Basic membership and $120 if you have an Executive membership.
Worldwide, Costco has about 120 million subscribers. Your referral form is crucial because it represents a large part of your earnings. In 2017, this was the last year that an adjustment was made to the cost of membership, and in fact, a new adjustment for 2023 was expected for several months, the same one that was not reached.
Some of its competitors, such as Sam’s Club, have made adjustments to membership costs.
“The extent to which we achieve growth in our member base, increase executive membership penetration and maintain high renewal rates materially impacts our profitability,” Costco said in one of its earnings presentations.
You may also like:
“Social media evangelist. Student. Reader. Troublemaker. Typical introvert.”