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After weeks of testing with seven brand advertisers, Best Buy is opening its self-serve platform to all brand and agency partners.
My Ads—part of retail media network Best Buy Ads which debuted last January—is designed to give its hundreds of brands and agencies real-time information about campaigns running on the retailer’s media network. The move will ultimately make it easier for clients to spend more money with Best Buy while the retailer grows its client base, deal size and ad revenue.
“My Ads is one way that we are continuing to innovate and meet our partners where they are—allowing them to access our products and capabilities how and when they want them, in order to meet their ever-evolving needs,” said Keith Bryan, president of advertising and media at Best Buy.
The retail media market continues its explosive growth accelerating from $41.37 billion in 2022 to an expected $50 billion this year, according to eMarketer. That would make up 20% of total digital ad spend. Meanwhile, brands are asking for more control and visibility over their ad dollars. Best Buy’s entry alongside giants like Amazon and Walmart aims to provide clarity for advertisers and tie ads to in-store sales.
Over half of Best Buy’s identified consumers engage in cross-channel shopping experiences, said CEO Corie Barry on its earnings call last week. Further, 67% of the company’s domestic revenue is transacted in stores, and more than 40% of its online sales are picked up in store.
Earlier this year, My Ads started working with seven consumer electronics brands, including Dyson. The platform will initially offer self-serve reporting for Onsite Display and Sponsored Products formats, meaning clients can access and download real-time shopper data, such as product and campaign placements, on the My Ads platform.
Bryan did not share how much revenue the retailer expects the platform to generate.
“There’s the Onsite Display and the Sponsored Products, but eventually they have to tie that to the in-store piece,” said Elizabeth Marsten, senior director of strategic marketplace services at performance marketing firm Tinuiti. “And that’s hard-sought information for every retailer… [enabling] decision making much more quickly and with confidence.”
Currently, advertisers can activate Best Buy Ads campaigns directly, and via its technology partners such as Criteo and Google. Eventually, My Ads will let partners independently log into the platform to activate, view, manage and optimize campaigns across owned and operated campaigns and the open web.
