When Best Buy launches its new US marketplace this summer, it will not only expand its product range but also lay the groundwork for a more robust advertising business. While Amazon and Walmart, leaders in retail media, have diversified their advertising revenue streams through thousands of marketplace sellers, the opportunity for Best Buy is just around the corner. By creating a dynamic third-party marketplace, Best Buy could monetize more searches, access a new advertiser base beyond its current portfolio of big brands, and introduce new advertising formats tailored to a broader product selection.
As CEO Corie Barry noted during the company’s earnings call last week, these two priorities are “intertwined,” and the market is expected to “provide opportunities for Best Buy Ads through new advertisers and increased traffic.”
When Best Buy abandoned its first marketplace attempt in 2016, retail media networks barely existed in their current form. Today, the landscape has transformed dramatically, and marketplace-based retailers consistently outperform their non-marketplace counterparts in advertising revenue potential.
A new attempt
This isn’t Best Buy’s first attempt at creating a marketplace. The electronics retailer launched an online marketplace in 2011 and operated it for five years before closing the business around 2016.
But the retail environment has evolved significantly since then. Best Buy’s timing for this second market attempt aligns with two important trends: the maturation of retail media networks and the increased sophistication of marketplace operations.
Best Buy has partnered with Mirakl, an enterprise marketplace technology company that collaborates with major retailers such as Kroger and Macy’s, to develop its new platform. The retailer also has the advantage of having learned from its Canadian platform, which has been operating successfully for several years.
“This is one of those places where we have a clear advantage, as at least part of the business has been working with Marketplace,” Barry told analysts during the company’s Q4 2025 earnings call. One analyst on the call cited a statistic: On Best Buy’s Canadian marketplace, one in four items shipped comes from a third-party seller, which could chart a potential growth path in the U.S.
The market and advertising
While expanding product selection is undoubtedly a motivation for launching a marketplace, the advertising potential may be even more compelling. Best Buy management made this connection explicit in its recent investor communications, positioning Best Buy Marketplace and Best Buy Ads as key components of its fiscal 2026 strategy to “launch and expand incremental revenue streams.”
This approach follows a pattern established by the most successful retail media networks. Walmart CEO Doug McMillon articulated this strategy clearly in 2022: “Growing our marketplace expands choices for our customers, helps our sellers grow, and improves our profit margins. As we bring more customers, sellers, and suppliers into our ecosystem, we expand our ability to monetize those relationships… And as our e-commerce business, including the marketplace, continues to grow, so will our advertising business.”
In its results for the fourth quarter of fiscal year 2025 Walmart reported that its Marketplace grew 34% in the U.S. and that Walmart Connect revenue grew 24% year-over-year, impressive growth for a company that grew 4.1% overall. Walmart also highlights advertising as a high-margin business, driving an increase in operating income.
