Best Buy Launches In-House Media Company
Updated: Jan 6, 2022
Retail Dive | January 5, 2022
Best Buy's launch of an in-house media company sees the electronics retailer formalizing its ad offerings amid a surge in retail media advertising, which eMarketer forecasts will grow 31.4% to $41.37 billion in 2022. The company says it has 3 billion interactions with customers per year, giving it a wealth of data and insights that can be helpful in connecting brands to consumers at various times and places as they adapt to increasingly tech-driven lives. As part of the in-house media company launch, Best Buy Ads will also launch an advertising-focused Career Pathways program to help address inclusion and diversity in the advertising industry, which is 73% white, per labor market data cited by the company. The program looks to create opportunities and a pipeline for diverse candidates seeking advertising careers through internships, mentorship and paid experiences. The offering is part of Best Buy's larger five-year plan to address underrepresentation and tech inequities.
Best Buy Ads includes paid search, sponsored product listings on BestBuy.com, onsite and offsite display, onsite and offsite video, Facebook and Instagram, in-store video and proximity messaging to reach Best Buy app users, the Best Buy Ads website notes. The company has been investing in its long-standing ad business to help vendors reach its customers.
Best Buy is the latest retailer to invest in a retail media offering, a space that has been growing for years but has picked up steam amid growing privacy concerns related to digital media. Lowe's in October unveiled a retail media network providing omnichannel advertising and worked with CitrusAd and Criteo on the initiative. Similarly, advertisers can use Criteo's platform to reach Best Buy website shoppers in the U.S. and Canada. Best Buy Ads is also the latest example of companies getting into services outside of retail.