Best Buy expands retail media network to deliver ads through Criteo

Best Buy is expanding its retail media network to run ads on third-party websites as the first official partner of Criteo’s new demand-side platform. The electronics retailer and Criteo, the ad tech platform, announced today their new relationship, which builds on the retail media partnership they forged last year. Best Buy advertisers will use Criteo’s new demand-side platform (DSP), called Commerce Max, to run programmatic ad campaigns on the web. The ads could be targeted to thousands of potential websites outside of Bestbuy.com. Last year, Best Buy started working with Criteo to run automated, self-serve ad campaigns on its website. Brands that buy ads on Best Buy appear as sponsored results in search and other display ad positions. Best Buy has been developing its retail media offering like so many retailers, including Walmart, Target, CVS, Walgreens, Dick’s Sporting Goods and more. Criteo has been building out its e-commerce offering as the business opportunity in retail media grows, and as more brands and agencies need to manage their ad buys across multiple partners. Criteo claims 150 retail partnerships. Retail media has become particularly attractive as cookies and other data sources shut down, because retailers have first-party relationships with consumers that enable them to facilitate advertising. Brands are using retailers like Best Buy to target ads based on people’s interest in categories like electronics, and then the brands can measure if the ads led back to a sale online or in-store. See all of Ad Age's 2023 Agency A-List winners here Best Buy and GroupM were the first major retailer and agency to test Criteo’s new DSP. Criteo has not released details about how the ads are performing, with stats like click-through rates and CPM, or cost per thousand views. "It unifies our on-site and our off-site media, and enables media buying across all retail media,” Sherry Smith, executive managing director of retail media at Criteo, said of the new DSP. “Agencies and brands can go in, buy their retail media on [websites], and leverage first-party data to reach their customer off-site.” Retailers like Best Buy are able to push ads to third-party websites that link back to product pages on their own sites. Today, GroupM issued a report about retail media that found advertisers would spend $101 billion in the category this year, a 15% increase from last year. Best Buy generates close to $50 billion in revenue from the sale of electronics every year. Amazon and Walmart are two giants in retail media, and they also have demand-side platforms that can target ads outside of their own e-commerce sites. Walmart worked with The Trade Desk to build its DSP. Criteo works with Macy’s, Lowe’s and other retailers, and its ad platform reaches social, connected TV, digital and out of home.

Best Buy expands retail media network to deliver ads through Criteo

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