{"id":19397,"date":"2016-11-18T16:38:58","date_gmt":"2016-11-18T21:38:58","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/"},"modified":"2016-11-18T16:46:36","modified_gmt":"2016-11-18T21:46:36","slug":"costco-creating-membership-value-in-a-digital-world","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/","title":{"rendered":"CostCo: Creating Membership Value in a Digital World"},"content":{"rendered":"<p>Since 2010, while most retailers have struggled to adopt to the omnichannel transformation impacting the industry, CostCo generated 7% growth year-on-year from 2010-14. [1] But will CostCo be able to withstand challenges to its business and operating model driven by digital transformation to continue to drive perceived membership value?<\/p>\n<p><strong>Overview of Business and Operating Model<\/strong><\/p>\n<p>CostCo\u2019s business model relies on three critical levers to drive perceived membership value:<\/p>\n<ul>\n<li><strong>Low Price per Volume: <\/strong>CostCo achieves this by leveraging its supply chain power as the second largest retailer in the United States [2], minimizing labor and logistics costs, and selling items very close to cost. Profits are nearly completely driven by annual membership fees.<\/li>\n<li><strong>Item Productivity:<\/strong> CostCo has thresholds for item productivity, measured by dollars sold per store per week of SKUs that are, in some cases, 100-times the requirement for grocery store items. For example, one SKU may sell $10\/store\/week in a grocery store but would need to sell $1,000\/store\/week in CostCo to keep its space. This stringent requirement keeps its product assortment highly efficient and maintains the least number of SKUs necessary to provide a valuable product assortment to club members.<\/li>\n<li><strong>Operational Productivity:<\/strong> CostCo sells on ready-to-sell pallets which are delivered to stores in shrinkwrap and then moved with forklifts to their locations. This process minimizes labor per unit sold and optimizes shipping in its distribution network.<\/li>\n<\/ul>\n<p>In sum, operational productivity enabled by item productivity generates low prices which generates membership value. The objective of the business and operating model is to continually drive perceived membership value as membership fees drive profit.<\/p>\n<p><strong>Digital Transformation Opportunities and Challenges<\/strong><\/p>\n<p>The key to CostCo\u2019s future success is continually providing perceived membership value. As consumers seek efficiency while shopping in-store or move purchases online, the calculation of membership value changes. And signs of headwinds are apparent. While CostCo has appeared to be relatively immune to the growth of eCommerce players like Amazon, comparable stores sales in Q3 of 2016 were flat for the first time in six years and membership growth slowed to its lowest rates in several quarters. [3]<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18929 aligncenter\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_chart.png\" alt=\"costco_chart\" width=\"420\" height=\"312\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_chart.png 877w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_chart-300x223.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_chart-768x572.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_chart-600x447.png 600w\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" \/><\/a><\/p>\n<p>CostCo has integrated digital transformation into its operating model in two fundamental ways:<\/p>\n<ul>\n<li><strong>Operational Efficiency<\/strong>\n<ul>\n<li>CostCo has adopted sensor technology in 50 of its clubs in the US or Mexico to drive water usage efficiency. This helped cut water usage by 22% per club, cutting operational costs, and enabling lower prices for consumers. [4]<\/li>\n<li>CostCo has also developed advanced information tools to partner with supply chain partners and optimize operational efficiencies. Known as the CostCo Collaborative Retail Exchange, this platform enables suppliers to obtain daily sales metrics for their products to optimize supply and demand matching. [5]<\/li>\n<\/ul>\n<\/li>\n<li><strong>eCommerce Platform<\/strong>\n<ul>\n<li>CostCo has a growing eCommerce platform that allows consumers to order select products online and have those delivered to their homes or apartments. Currently, eCommerce represents less than 5% of sales ($4.5 billion \/ $120 billion) total and CostCo is set-up to deliver well here as a component of membership value. eCommerce sales were up +19% in Q2 2016. [6]<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>But CostCo\u2019s direct competitor, Sam\u2019s Club, has invested more quickly in digital technology. One popular trend in retail to bridge the physical and digital divide is pick-up in store which allows consumers to build a basket of items online or on mobile, set a pick-up time, and pick-up and pay for those goods when arriving at the store, eliminating time needed to spend walking aisles for planned purchases. Usage of Sam\u2019s Club\u2019s pick-up in store service was up +46% year-over-year during the 2015 holiday season. [7]<\/p>\n<p><strong>Moving Forward<\/strong><\/p>\n<p>While CostCo has done a successful job of building an eCommerce platform which generates $4.5B in annual revenue, I see two primary risks. One, only a select product offering is available online. A selection of what is already a select product assortment in CostCo\u2019s club model could result in consumers feeling too limited in their options, thus lowering perceived membership value for those who prefer to shop online.<\/p>\n<p>Two, CostCo should seek additional avenues to bridge the gap between the physical and digital world. The pick-up in store model is particularly useful for produce and other perishable goods since quality inspection can be accomplished in-store when making payment. I recommend CostCo consider implementing a similar program to match the service currently provided by Sam\u2019s Club. The pictures below highlight Sam&#8217;s Club&#8217;s emphasis on produce compared to CostCo.<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/TOM_SamsClub.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18858 alignleft\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/TOM_SamsClub.png\" alt=\"tom_samsclub\" width=\"379\" height=\"361\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/TOM_SamsClub.png 939w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/TOM_SamsClub-300x286.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/TOM_SamsClub-768x732.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/TOM_SamsClub-600x572.png 600w\" sizes=\"auto, (max-width: 379px) 100vw, 379px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18872 \" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom-1024x814.png\" alt=\"costco_dotcom\" width=\"466\" height=\"371\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom-1024x814.png 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom-300x238.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom-768x610.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom-600x477.png 600w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_dotcom.png 1125w\" sizes=\"auto, (max-width: 466px) 100vw, 466px\" \/><\/a><\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p>CostCo has proven its ability to create a world-class business and operating model capable of offering the best value to consumers to then drive perceived membership value. The critical question moving forward will be how CostCo adapts to changing calculations of membership value as the importance of bridging the physical and digital gap only increases.<\/p>\n<p style=\"text-align: right\">Word Count: 789 words<\/p>\n<p><strong>Citations:<\/strong><\/p>\n<p>[1] Trefis Team. &#8220;Here&#8217;s What Will Drive CostCo&#8217;s Growth in the Future.&#8221; <em>Forbes<\/em>, November 24, 2015, http:\/\/www.forbes.com\/sites\/greatspeculations\/2015\/11\/24\/heres-what-will-drive-costcos-growth-in-the-future\/#491125110915, accessed November 2016.<\/p>\n<p>[2] Stone, Brad. &#8220;CostCo CEO Craig Jelinek Leads the Cheapest, Happiest Company in the World.&#8221;\u00a0<em>Bloomberg<\/em>, June 7, 2013, http:\/\/www.bloomberg.com\/news\/articles\/2013-06-06\/costco-ceo-craig-jelinek-leads-the-cheapest-happiest-company-in-the-world, accessed November 2016.<\/p>\n<p>[3] Wahba, Phil. &#8220;Danger at CostCo? Membership Growth Slowest in Years.&#8221;\u00a0<em>Fortune<\/em>, December 9, 2015, http:\/\/fortune.com\/2015\/12\/09\/costco-membership-slows\/, accessed November 2016.<\/p>\n<p>[4] Fehrenbacher, Katie. &#8220;This is How CostCo is Using Data and Sensors to Cut Water Use.&#8221;\u00a0<em>Fortune<\/em>, July 21, 2015, http:\/\/fortune.com\/2015\/07\/21\/costco-water-conseravation-system\/, accessed November 2016.<\/p>\n<p>[5] &#8220;IRI and CostCo Wholesale Announce Significant Enhancements to CostCo CRX Platform and Launch of CostCo CRX Mexico,&#8221; Business Wire press release (Chicago, IL and Las Vegas, NV, April 16, 2013).<\/p>\n<p>[6]\u00a0Wahba, Phil. &#8220;How Sam&#8217;s Club is Widening its eCommerce Lead over CostCo.&#8221;\u00a0<em>Fortune<\/em>, April 18, 2016,\u00a0http:\/\/fortune.com\/2016\/04\/18\/sams-club-ecommerce\/, accessed November 2016.<\/p>\n<p>[7] Wahba, Phil. &#8220;How Sam&#8217;s Club is Widening its eCommerce Lead over CostCo.&#8221;\u00a0<em>Fortune<\/em>, April 18, 2016,\u00a0http:\/\/fortune.com\/2016\/04\/18\/sams-club-ecommerce\/, accessed November 2016.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Can CostCo, the cheapest, happiest company in the world, succeed in a digital future?<\/p>\n","protected":false},"author":2258,"featured_media":19424,"comment_status":"open","ping_status":"closed","template":"","categories":[348,219,220,16,2721],"class_list":["post-19397","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry","category-costco","category-ecommerce","category-omnichannel","category-retail","category-sams-club"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/digitization-challenge-2016\/","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CostCo: Creating Membership Value in a Digital World - Technology and Operations Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CostCo: Creating Membership Value in a Digital World - Technology and Operations Management\" \/>\n<meta property=\"og:description\" content=\"Can CostCo, the cheapest, happiest company in the world, succeed in a digital future?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/\" \/>\n<meta property=\"og:site_name\" content=\"Technology and Operations Management\" \/>\n<meta property=\"article:modified_time\" content=\"2016-11-18T21:46:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_logo_v2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"507\" \/>\n\t<meta property=\"og:image:height\" content=\"146\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/\",\"url\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/\",\"name\":\"CostCo: Creating Membership Value in a Digital World - Technology and Operations Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2016\\\/11\\\/CostCo_logo_v2.png\",\"datePublished\":\"2016-11-18T21:38:58+00:00\",\"dateModified\":\"2016-11-18T21:46:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/#primaryimage\",\"url\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2016\\\/11\\\/CostCo_logo_v2.png\",\"contentUrl\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2016\\\/11\\\/CostCo_logo_v2.png\",\"width\":507,\"height\":146},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/costco-creating-membership-value-in-a-digital-world\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Submissions\",\"item\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/submission\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"CostCo: Creating Membership Value in a Digital World\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/#website\",\"url\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/\",\"name\":\"Technology and Operations Management\",\"description\":\"MBA Student Perspectives\",\"potentialAction\":[{\"@type\":\"性视界Action\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/d3.harvard.edu\\\/platform-rctom\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CostCo: Creating Membership Value in a Digital World - Technology and Operations Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/","og_locale":"en_US","og_type":"article","og_title":"CostCo: Creating Membership Value in a Digital World - Technology and Operations Management","og_description":"Can CostCo, the cheapest, happiest company in the world, succeed in a digital future?","og_url":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/","og_site_name":"Technology and Operations Management","article_modified_time":"2016-11-18T21:46:36+00:00","og_image":[{"width":507,"height":146,"url":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_logo_v2.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/","url":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/","name":"CostCo: Creating Membership Value in a Digital World - Technology and Operations Management","isPartOf":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/#website"},"primaryImageOfPage":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/#primaryimage"},"image":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/#primaryimage"},"thumbnailUrl":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_logo_v2.png","datePublished":"2016-11-18T21:38:58+00:00","dateModified":"2016-11-18T21:46:36+00:00","breadcrumb":{"@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/#primaryimage","url":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_logo_v2.png","contentUrl":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/CostCo_logo_v2.png","width":507,"height":146},{"@type":"BreadcrumbList","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/costco-creating-membership-value-in-a-digital-world\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/d3.harvard.edu\/platform-rctom\/"},{"@type":"ListItem","position":2,"name":"Submissions","item":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/"},{"@type":"ListItem","position":3,"name":"CostCo: Creating Membership Value in a Digital World"}]},{"@type":"WebSite","@id":"https:\/\/d3.harvard.edu\/platform-rctom\/#website","url":"https:\/\/d3.harvard.edu\/platform-rctom\/","name":"Technology and Operations Management","description":"MBA Student Perspectives","potentialAction":[{"@type":"性视界Action","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/d3.harvard.edu\/platform-rctom\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/hck-submission\/19397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/hck-submission"}],"about":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/types\/hck-submission"}],"author":[{"embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/users\/2258"}],"replies":[{"embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/comments?post=19397"}],"version-history":[{"count":0,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/hck-submission\/19397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/media\/19424"}],"wp:attachment":[{"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/media?parent=19397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/d3.harvard.edu\/platform-rctom\/wp-json\/wp\/v2\/categories?post=19397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}