Last week, Best Buy Ads launched Social+, an offering that allows brands and agencies to leverage Best Buy’s first-party data for social media campaigns. The tool is currently only available for Meta campaigns on Facebook and Instagram, but will expand to other social media networks in the future, per a press release.

• This latest move demonstrates the potential of symbiotic social and retail media relationships. One in five US retail media ad dollars spent this year will go to off-site formats, per our November 2024 forecast, which include social media along with connected TV and other publisher platforms.
• Best Buy Ads has been a pioneer in off-site retail media partnerships, working with CNET last year to share content and advertising across both Best Buy’s and CNET’s platforms.

Partnerships like the one between Best Buy Ads and Meta are changing the social media marketing landscape.

“Changes in upper-funnel channels are giving retailer data a bigger role in marketing,” wrote our analyst Sarah Marzano in her “Retail Media’s Offsite Imperative" report. “As shopping capabilities expand on platforms like social media and CTV, commerce is becoming more connected to media.”

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