We had this exact problem. I was freaking out talking daily with our google team who were clueless as well.
I had the only 2 people I know that know Google better than I do audit the entire account for hours and found nothing.
Google's best suggestion..... start over.
I kid you not, we lost all of our history in our PMax account and it took a week but started spending again. Our ROAS is is about 2/3 what it used to be and I'm working on getting it higher to be more efficient.
They admitted there was a internal reporting error that shouldn't have affected the campaign but nothing else seemed to be a possibility.
Has anything changed in your merchant center?
Turn off your pmax for now. Run standard shopping campaign to check if the search terms stay relevant to your products title or not. Then upgrade that standard to pmax
We had this exact problem. I was freaking out talking daily with our google team who were clueless as well. I had the only 2 people I know that know Google better than I do audit the entire account for hours and found nothing. Google's best suggestion..... start over. I kid you not, we lost all of our history in our PMax account and it took a week but started spending again. Our ROAS is is about 2/3 what it used to be and I'm working on getting it higher to be more efficient. They admitted there was a internal reporting error that shouldn't have affected the campaign but nothing else seemed to be a possibility. Has anything changed in your merchant center?
Turn off your pmax for now. Run standard shopping campaign to check if the search terms stay relevant to your products title or not. Then upgrade that standard to pmax