Best Buy Ads Canada Partners with Rokt to Deliver Highly Relevant Customer Experiences for the Holidays and Beyond
Rhea-AI Summary
Best Buy Ads Canada has partnered with Rokt, an ecommerce technology company, to enhance customer experiences through AI-driven personalized advertising. The partnership enables Best Buy to display curated third-party brand messages on BestBuy.ca's confirmation page from non-endemic advertisers like Sirius XM, HelloFresh, and DoorDash.
Rokt's machine learning technology targets shoppers during the final stages of transactions when conversion likelihood is highest. The partnership aims to drive customer engagement and loyalty through personalized ad experiences. Rokt's network is expected to power over 4.6 billion transactions in 2024 across more than 20,000 businesses.
Positive
- Partnership enables new revenue stream from non-endemic advertising
- Access to Rokt's extensive network powering 4.6B transactions annually
- Enhanced customer engagement through AI-driven personalization
Negative
- None.
Insights
The Best Buy-Rokt partnership represents an incremental revenue opportunity through targeted post-purchase advertising, but its immediate financial impact appears The implementation of Rokt's AI-powered recommendation engine on BestBuy.ca's confirmation pages could boost advertising revenue through improved conversion rates from non-competing brands like HelloFresh and DoorDash. However, confirmation page advertising typically generates modest revenue compared to a retailer's core business.
The technology's value proposition lies in its ability to leverage transaction data and machine learning to display highly relevant offers, potentially enhancing customer lifetime value while creating a new revenue stream. With Rokt processing over 4.6 billion transactions in 2024, the platform has demonstrated scalability, though the actual revenue impact for Best Buy Canada will depend on implementation success and customer engagement rates.
This partnership aligns with the broader retail industry trend of monetizing first-party customer data through retail media networks. While Best Buy Ads Canada joins major retailers like Walmart and Target in this space, the focus on post-purchase recommendations represents a niche approach. The partnership with established brands like SiriusXM and HelloFresh suggests a strategic focus on complementary services rather than competing products.
The timing ahead of the holiday season is strategic, but the scope to Canadian operations and post-purchase placement means this is unlikely to materially impact Best Buy's overall financial performance. The technology's success in driving engagement with Ulta Beauty and Macy's provides some validation, though the revenue potential remains uncertain without disclosed financial terms.
Partnership Enables Best Buy Ads Canada to Drive Engagement and Loyalty
"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 enables companies to deepen relationships with their existing customers by using machine learning to present highly relevant offers to each shopper in the final stages of an ecommerce transaction, when they are most likely to convert. By leveraging Rokt's technology, 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 that 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."
Rokt's trusted, scaled, ecommerce network will power more than 4.6 billion transactions in 2024 alone across over 20,000 leading businesses, allowing merchants to create a seamless customer experience with complete control over what is displayed to their shoppers. This news follows Rokt's recent announcements of partnerships with Ulta Beauty, Just Eat Takeaway.com, and Macy's along with their new AI-based adaptive content tools.
About Best Buy Canada
A wholly owned subsidiary of Best Buy Co., Inc. (NYSE:BBY), Best Buy Canada Ltd. is one of
About Rokt
Rokt is the global leader in ecommerce, enabling companies to unlock value by making each transaction relevant at the moment that matters most, when customers are buying. Rokt's AI-powered relevance platform, built over the last 11 years, and scaled network power billions of transactions annually for the world's leading companies, including Live Nation, AMC Theatres, PayPal, Uber, Hulu, Staples, Albertsons, HelloFresh and more. Headquartered in
Media Contact
Sarah Fisher, VP Communications
sarah.fisher@rokt.com
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SOURCE ROKT Pte. Ltd.
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