Costco which has long been driven by a focus on its brick-and-mortar business, is now keen on implementing new technologies as a strategy to drive customer growth at the membership-only retailer.

When asked during a third-quarter earnings call earlier this year whether Costco could pivot towards deploying new technology in its store or adding options such as buying online and picking up in-store, Costco CFO Gary Millerchip, said, “We are working on all those aspects right now,” according to The Street.

“We’re rolling out an expanded buy-online-pickup-in-warehouse. That is always going to be limited in scope based on the volume in our warehouses that we have.”

Costco Australia

Costco’s net sales for the third quarter increased 9.1 per cent, to A$87.66 billion, from A$80.34 billion last year.

With its sales still growing, Costco will be reluctant to reinvent the wheel and abandon its current retail strategy.

Millerchip indicated that there aren’t any significant changes expected to what he referred to as the company’s “proven strategy” for big-box retail. “I wouldn’t expect major changes as we have a proven strategy now,” he said. “But as we’ve done for the past 41 years, we continue to innovate to the needs of our members.”

Increasing its membership numbers is vital to maintain its growth rate. “Technology is going to be one of our key priorities moving forward,” the CFO added. “How do we improve that member engagement and the relationship we have with them in our brick-and-mortar warehouses, as well as online, and through other aspects such as travel and so forth?

“Technology is a great opportunity to enhance the member relationship with Costco and also drive a lot more business for us as well as we move forward.”

Recently, Costco confirmed that from September 1, the annual fee for its members is set to rise in Canada and the US, with Australia tipped to follow their overseas lead. Prices will rise from A$88.81 to A$96.15 for a “gold star” and business package and to A$192.3 from the earlier $177.51 for executive members.