Business In News
Best Buy will partner with DoubleVerify, a software platform for digital media measurement, data and analytics, to improve the measurement capabilities of its Best Buy Ads retail media network. The partnership will provide additional tools to both Best Buy and its brand partners to boost the efficiency of their ad campaigns.
Best Buy advertisers that use DoubleVerify (DV) will gain access to pre-campaign activation through DV Authentic Brand Suitability and Fraud/SIVT and post-bid filtering and measurement through DV Authentic Ad, DV Video Complete and Programmatic Analytics. The DoubleVerify Publisher Suite also will be implemented across the Best Buy media platform to enable additional tools.
“We are excited to work with Best Buy to bring independent, third-party measurement to Best Buy Ads and to Best Buy ad campaigns across the open web,” said Mark Zagorski, CEO at DoubleVerify in a statement. “Our solutions will support Best Buy and its retail media clients, improving overall ad effectiveness, while giving them greater clarity and confidence in their digital investments.”
Retail media networks are a lucrative business —Walmart reported revenue of $2.1 billion from its ad business when it broke out the numbers for the first time in early 2022. Specialty retailers like Sephora and Ulta Beauty also are taking advantage of this opportunity, which can help retailers and brands navigate growing restrictions on data collection and tracking while improving the bottom line.
“We’re seeing something like 50 retail networks launched in the U.S. alone already,” said Jon Flugstad of McKinsey in a Retail TouchPoints report on retail media. “Next year, [retail media] will be about $50 billion in media spend, which is about 25% of all digital media, and we’re seeing forecasts of around $100 billion by 2026.”