Best Buy is giving brands more direct control over how they view the measurement and impact of retail media placements they buy on the platform.
The news: Best Buy is launching My Ads, a new self-service platform for retail media. It is designed to make it easier for brands and agencies to purchase, plan, view and manage campaigns that run within Best Buy's ecommerce marketplace. Currently, the platform is in pilot with seven partners.
How it works:
Initially, the platform will offer self-service reporting for onsite display and sponsored products campaigns. This means brands and agencies will have access to “near real-time” data for campaigns on the platform.
Insights will also be available, as well as the option to view and download campaign results based on adjustable criteria like time, products and campaign placements.
In the future, My Ads will allow partners of brands and agencies to gain access to the platform in order to build, view or manage campaign elements on their own.
Later this year, self-service reporting will roll out to all brand and agency partners.
Key quote from Keith Bryan, president of advertising and media at Best Buy: “We’re always looking for ways to make it easier for our brand and agency partners to collaborate with our teams. 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.”
In the brands’ hands: As retail media continues to grow, brands want more direct access to information and data on their campaigns, so they can see the results that matter to them. Meanwhile, retailers want to make it easier for the brands to work with the platform. Self-service is designed as a “turn-key” solution to provide this.
“Best Buy’s My Ads reporting platform is huge step in the right direction from Best Buy. Being able to get under the hood with the self-service platform to customize how we see reporting and dive deeper into campaign performance as needed across tactics will enable a lot quicker analysis when needed and increase the ease of advertising through Best Buy Ads moving forward,” a Dyson spokesperson said.
Further reading: Self-service is among the features that a host of retail media networks are rolling out as they expand. Over the last year,
DoorDash launched self-service capabilities, while Instacart upgraded its self-serve
Ads Manager to provide more guidance and optionality to brands.
