Best Buy Canada expands scope of retail media network
The Canadian subsidiary of Best Buy Co. Inc. is opening its retail media network to third-party brands whose products and services it doesn’t directly sell.
Best Buy Canada is is partnering with AI- and ML-based e-commerce technology provider Rokt to enable non-endemic brands (whose products and services are not sold online by the consumer electronics retailer) to present relevant, time-sensitive offers and messages to customers on the confirmation page of its e-commerce site.
"Our partnership with Rokt gives us a new way to enhance the online customer experience by presenting shoppers with offers and messages that are relevant to them," said Tara Wilkinson, director of strategy, Best Buy Canada. "Ad personalization is critical to the online customer experience. Rokt's technology delivers superior ad engagement which speaks directly to relevance, and that's why we chose to partner with Rokt—their offering is refreshingly unique."
Rokt uses machine learning technology to present relevant offers to each shopper in the final stages of an ecommerce transaction. By leveraging the Rokt solution, Best Buy Ads Canada is enabling non-endemic advertising partners such as, Sirius XM, HelloFresh and DoorDash to reach its online shoppers with unique offers designed to drive customer loyalty and make the overall shopping experience more engaging.
"Best Buy is a trusted destination for all things consumer electronics and we're proud to launch this partnership in time for the holidays to enhance the shopping experience for the company's online customers," said Laura Cosgrove, VP retail strategic partnerships at Rokt. "By powering relevant messages from non-endemic brand partners, Best Buy can continue to engage its customers by bringing them relevant content."
Best Buy builds on ad targeting for brand partners
Best Buy launched Best Buy Ads in January 2022. The in-house media company designed to help its suppliers provide shoppers with targeted, timed promotional messages based on its customer relationships and insights. According to Best Buy, it interacts with its customers 3 billion times a year in-store and online.
This followed Best Buy enabling advertisers to use Criteo’s cross-retailer, self-service platform to reach BestBuy.com and BestBuy.ca shoppers in the U.S. and Canada, beginning in August 2021. Through sponsored products, the platform helps Best Buy customers further discover and purchase products.
Other partnerships Best Buy has entered to enhance its retail media network’s offering include starting to work with digital media measurement platform DoubleVerify in fall 2022 to provide measurement tools for participants in Best Buy Ads, the consumer electronic retailer’s in-house retail media network, as well as for its own ad campaigns.
And in March 2023, the retailer began collaborating with streaming TV provider Roku to enable its brand partners to target, optimize, and measure their ads on Roku using Best Buy shopper data.
[READ MORE: Best Buy extends targeted ad program to streaming TV]
A wholly owned subsidiary of Best Buy Co. Inc., Best Buy Canada Ltd. operates the Best Buy, Best Buy Mobile and Geek Squad brands. The company has more than 160 Best Buy and Best Buy Mobile stores across Canada and an expanded assortment of products offered through the BestBuy.ca e-commerce site.
