Best Buy, DoorDash Grow Off-Site Retail Media Capabilities
Best Buy and DoorDash are growing their retail media strategies to include off-site networks, including Meta, Google and TikTok, through new partnerships with a retail media startup.
The two companies are testing advertising technology from Symbiosys, a self-serve off-site retail media platform that engages consumers across digital media walled gardens. The platform provides brand marketers access to first-party data across a retailer’s off-site presence for targeted advertising.
[Also Read: DoorDash Expands Retail Media, BevAlc Solutions]
These partnerships extend the reach of Best Buy's and DoorDash’s retail media capabilities while doubling down on campaign autonomy and analytic transparency, according to a statement Symbiosys shared with the Path to Purchase Institute.
In addition, Symbiosys’ “bid-stacking” technology allows brands and retailers to work together to co-bid on premium ad placements.
"The potential of what retail media can do for retailers and brands alike is in a stage of transformation,” Bashar Kachachi, CEO of Symbiosys, said in the statement. “Budgets are increasing, but it can be difficult for all involved to know if they are optimizing in the best way. By enabling brands to connect with customers across diverse and influential platforms, we are setting a new standard for what is possible in the retail industry."
Best Buy Partnership
Best Buy Ads, the consumer electronics retailer’s in-house media network, is testing Symbiosys’ off-site, self-service opportunities, including advanced targeting and engagement tools, for brand partners. Brands can use self-service for Google and Bing to leverage Best Buy's reach and customer affinity to connect and convert engaged shoppers.
“We’re constantly looking for new opportunities in the retail media space to provide our brand partners the most value, and help them reach their audiences in the most effective way,” said Anna Kruse, vice president, media and performance, Best Buy Ads. “As a test partner, we’re excited to explore how the Symbiosis platform can bring our partners a new search engine marketing self-service option and help expand the reach and efficiency of their campaigns.”
“HP's partnership with Symbiosys and Best Buy Ads has proven to be an effective way to drive sales and reach our target audience,” added Colleen Gomez, HP’s global head partner of performance. “The initial results of this collaboration demonstrate the power of innovative retail media solutions in enhancing the customer journey and delivering measurable results.”
DoorDash Partnership
“When our partner brands activate offsite media with DoorDash and Symbiosys, they drive incremental traffic to DoorDash, driving new app downloads, orders and lifetime customers for our brand partners,” added Peter Giordano, general manager of ads platform and growth services at DoorDash. “Symbiosys also enables us to co-fund campaigns with our brands, multiplying the effects of our marketing budget.”