Google announced new functionality within Google Ads to apply rules to specific store visits or store sales conversion categories. It is called conversion value rules, and it lets you adjust your conversion value reporting and Smart Bidding optimization.
Just a note, conversion value rules specifically are not new, they are from 2021
Conversion value rules let you better express the value of conversions as they relate to your business, and easily adjust values for conversions based on geographic location, device, and audiences at auction time bidding in real-time.
The example Google provided was, “you can set store visit or store sales default values at the campaign level: You could set your store visit value at $100 for campaigns promoting big ticket items and at $10 for campaigns promoting lower price or low-margin products.”
Conversion value rules allow you to provide additional value information that isn’t already reflected in your account (for example, different margins for different types of users, or lifetime value considerations) and optimize in real time to those values. Conversion values are adjusted by the specific rules (for example, increase value for users in New York by 20%) and reported in the conversion value column of your account, Google explained.
You can review your conversion value rules in the conversion value column across your account reporting. Conversion value rules will also be used in real time by Smart Bidding to optimize Target ROAS and Maximize conversion value. Conversion value rules only apply to Search, Shopping, Display, and Performance Max campaigns. Each rule can have a primary and secondary condition.
You can learn more over here.
Forum discussion at Twitter.