Online Costco shoppers are pocketing more money than those who shop at Amazon.

That's according to a new BMO Capital Markets study, which found prices on the Costco website are 17 percent cheaper than prices on Amazon. National brands are 19 percent cheaper on the wholesale company's website versus Amazon, while their Kirkland Signature is 16 percent less pricey on the site.

BMO compared the prices of 54 products between Costco in-club, Costco online, and Amazon.

Analysts for BMO believe Costco has a big opportunity to capitalize on their online market. The retailer now has 19 fulfillment centers as opposed to seven last year and has been testing out one-to-three-day delivery in 17 states.

Analysts say Costco has the potential to compete with big giants such as Amazon and Wal-Mart, but feel their e-commerce strategies must be strengthened.

“While we do believe Costco remains strong merchants and consistently delivers a great in-store experience and treasure hunt atmosphere, we believe the retailer should intensify focus on e-commerce to fortify its business for long-term success and sustain industry leading traffic and comps growth,” Cowen & Company said in a MarketWatch article.

Costco hiked up the prices of their annual membership fee this month but with all the money customers are saving online, some could argue it balances itself out.

In April, Amazon announced plans to hire 30,000 part-time positions in the U.S., where most positions would be at fulfillment centers while other positions include 5,000 at-home workers.