News from the Wire

Ibotta helps retailers like Best Buy drive in-store sales

Thursday, November 20, 2014 — 14:19:01 (EST)

Denver, November 19, 2014 – Best Buy Co., Inc., the world’s largest consumer electronics retailer, and Ibotta, Inc., the leading U.S. retail shopping app, which gives users cash back when they shop, have partnered to drive Black Friday sales at Best Buy stores and on its website.

Ibotta will provide Best Buy shoppers who are looking to maximize their savings on Black Friday, with an exclusive cash back offer when they purchase over $100 in-store or online at Best Buy. The Black Friday program officially launches on Thanksgiving 11/27 and will extend through Cyber Week.

Ibotta, with 5 million users in the United States, is the leader in driving mobile influenced in-store sales, an opportunity projected to grow by more than 400% into a $700 billion market by 2016. To date, Ibotta users alone have accounted for more than $1 billion in sales for brand and retail partners, including Best Buy.

“Mobile devices are an important part of the shopping experience and the Ibotta promotion gives our customers even more access to great deals while shopping at Best Buy,” said Keith Bryan, Vice President of Media for Best Buy.

The Ibotta mobile app adds an additional and easy way for shoppers to tap into Best Buy’s traditional Black Friday promotional efforts. Best Buy and Ibotta will promote the partnership in-store, online, and across digital properties up leading up to Black Friday.

"We’re proud to have built a great relationship with Best Buy and to be playing such an important role as part of their Black Friday promotional plans," said Bryan Leach, CEO of Ibotta. “The last year has proved that when a retailer innovates with their consumers in mind, and understands the power of mobile-influenced in store sales, everyone wins.”

About Ibotta

Ibotta, a Denver-based mobile technology company is transforming the way companies and retailers think about and execute mobile media and advertising campaigns in conjunction with brand loyalty development. With a unique user experience, the world’s leading companies and retailers continue to make Ibotta a key pillar of their digital programs and in-store growth strategies.

With over two billion rebates viewed, 100 million completed brand interactions, and over $12 million in cash rewards earned by users to date, Ibotta continues to drive brand messaging tracked to direct item level purchases for both in-store and online transactions, establishing it as a true omni-channel solution.

About Best Buy

Best Buy Co., Inc. is the world’s largest consumer electronics retailer, offering advice, service and convenience – at competitive prices – to the consumers who visit its websites and stores more than 1.5 billion times each year. In the United States, more than 70 percent of Americans are within 15 minutes of a Best Buy store. Additionally, the company operates businesses in Canada, China and Mexico. Altogether, Best Buy employs more than 140,000 people and earns annual revenues of more than $40 billion.

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Source: Company press release.