CHICAGO and MINNEAPOLIS — Oct. 7, 2026 — Circana, LLC, a leader in turning consumer data into growth, and Best Buy Ads have released findings from a first-of-its-kind marketing mix modeling (MMM) study. The research quantifies the full-funnel impact of retail media on both retailer sales and market performance, providing advertisers with an independent, comprehensive view of how retail media investments drive results inside and beyond a single retailer’s ecosystem.
The study analyzed leading brands across consumer electronics and appliances. It evaluated Best Buy Ads against national media investments to determine how retail media contributes to sales, category demand, and long-term brand value.
The results demonstrate that retail media is not only a powerful performance channel, but also an increasingly important driver of brand growth.
Based on Circana MMM analysis, Best Buy Ads delivered the following results:
ROAS for Best Buy Ads was 79% higher than all other media based on total U.S. Best Buy sales.
Best Buy Ads contributed nearly 10% of measured brand equity value. Best Buy believes this demonstrates retail media’s ability to build long-term brand strength alongside immediate business results.
Nearly 16% of media-driven sales associated with Best Buy Ads occurred at competing retailers. Best Buy believes this indicates that its retail media influence extends beyond Best Buy’s ecosystem and contributes to category demand.
The research documents a measurable halo effect. It shows that Best Buy Ads influenced purchases that occurred beyond Best Buy’s own channels, demonstrating that retail media can generate category demand across the broader marketplace rather than simply shifting where a purchase happens. This expands the traditional view of retail media measurement, which has historically focused on transactions within a single retailer’s environment.
“This study gives advertisers something they have long needed: a complete, independent view of what retail media actually delivers,” said Lindsay Pullins, senior vice president of Retail Media at Circana. “The results are clear. Best Buy Ads drives measurable incremental sales, influences purchases across the wider market, and builds lasting brand equity. For marketers deciding where the next dollar should go, that full-funnel evidence is exactly the kind of clarity that leads to better investment decisions.”
“For years, retail media measurement has focused primarily on what happens inside a retailer’s own walls,” said Lisa Valentino, president of Best Buy Ads. “This research shows the impact is much broader. Best Buy Ads helps brands drive immediate sales, strengthen customer consideration, and influence purchases across the marketplace. As advertisers seek greater accountability across both performance and brand-building investments, it’s critical to understand the full value retail media can deliver.”
Together, the results establish why full-funnel measurement has become essential for modern marketers. By connecting short-term sales impact, cross-retailer halo effects, and long-term brand equity within one framework, the study equips advertisers to make more informed decisions across both performance marketing and brand-building objectives.
About Circana
Circana is a leader in providing technology, AI, and data to fast-moving consumer packaged goods companies, durables manufacturers, and retailers seeking to optimize their businesses. Circana’s predictive analytics and technology empower clients to measure their market share, understand the underlying consumer behavior driving it, and accelerate their growth. Circana’s Liquid Data® technology platform is powered by an expansive, high-quality data set and intelligent algorithms trained on six decades of domain expertise. With Circana, clients can take immediate action to future-proof and evolve their growth strategies amid an increasingly complex, fast-paced, and ever-changing economy. Learn more at circana.com.
Circana Media Contact
Shelley Hughes
Email: shelley.hughes@circana.com
312-731-1782
