It's not just google, facebook (meta), and youtube that are in the business of selling advertising to brands. Retailers too have started to launch their own advertising platforms over the last few years- Target (Roundel), Walmart (Walmart Connect), Amazon (Amazon Media Group) to name a few. This has been, in part, catapulted by with shifting consumer and shopper behavior.
Best Buy, a leading electronics retailer, is the latest to launch it's own advertising business. They are looking to leverage the millions of touch points they have with valuable shoppers, access to their information and shopping behavior through their first party data, and Best Buy’s digital platforms to help brands better connect with consumers and shoppers. And of course, create a new revenue stream for Best Buy. With the continued increase in digital media spending by brands, it is certainly a ripe time for Best Buy to look to capture it’s fair share. Given Best Buy’s strong position in this segment and that they already have a good understanding of what works with their shoppers, they should be poised to capture digital media spending dollars from brand partners. It will be interesting to see if Best Buy is able to successfully build out and operate the in-house team. They are competing with established players for talent and brand dollars. Will they deliver better experience and results?
Read More on Best Buy: https://www.emarketer.com/content/best-buy-launches-in-house-ad-business
Read More on Retail Media: https://www.thetradedesk.com/us/news/why-retail-media-is-the-ad-industrys-sleeping-giant
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