Welcome back! Your industry data is ready.
Analyze deep-funnel metrics including ROAS and conversion trends across Europe.
Data from the
full time range
Additional charts for
deeper insights
Filter the data
by Industry
Monthly Newsletter
with top trends
Data from a big amount of ad campaigns (incl. 4000+ PMax campaigns)
Built on €450M+ annual ad spend showing real market patterns
Data from a big amount of ad campaigns (incl. 4000+
PMax campaigns)
Tracks Search, Shopping and PMax shifts - always up to date
and filterable
Built on €450M+ annual ad spend showing real market patterns
Observe movements of big auction players to stay ahead of the competition and apply adaptive strategies.
Observe the CPC dynamics in Google Ads for the Ecommerce and Retail verticals accross Europe.
Summary
In November 2026, CPC values trended downward, with Search reaching roughly 0.43 euros, Performance Max near 0.39 euros, and Shopping around 0.34 euros. During the fourth quarter of 2026, year-over-year CPC increased by approximately 2.5 percent for Search, 1 percent for Performance Max, and 0.5 percent for Shopping.
Track Google Ads impressions, clicks, conversions, and cost across Search,
Shopping, and Performance Max - catch problems before they hurt your budget or identify wins to scale.
Summary
During late September to early October 2026, both clicks and impressions experienced a sharp upward trend. In Q4 2026, impressions declined year-over-year, driven primarily by Performance Max dropping roughly -8%, while Shopping hit -1% and Search remained at 0%. Conversely, Q4 clicks grew slightly, with Shopping up 3%, Performance Max 1%, and Search 0%.
Summary
Between September and early October 2026, both cost and conversions displayed a steady upward trend. In Q4 2026, the most prominent YoY shifts occurred in conversions, where Shopping surged 38% and Performance Max dropped 14%, while Search grew 13%. Corresponding Q4 costs saw minimal shifts, with Shopping up 4%, Performance Max 2%, and Search flat.
Monitor CTR, conversion rates, ROAS, and AOV by campaign type and device and see which channels
drive profitable growth and where efficiency is slipping.
Summary
In the final month, Shopping CTR surged to approximately 2.2%, significantly outperforming the previous year's 1.6%. Search CTR also showed strong engagement, reaching roughly 13.5% compared to the prior year's 12%. Meanwhile, purchase intent by device revealed computers leading with a 5% conversion rate, outpacing mobile and tablets which hovered near 4%.
Summary
In September 2026, current median ROAS experienced a sharp decline from a peak of 7.1 to 5.6, converging closely with the previous year's 5.4. Conversely, current AOV ended the month at 95, establishing a positive year-over-year gap compared to the previous year's AOV of 86 after both metrics saw mid-month drops.
Register for FREE full access on the PRO charts below, including industry benchmarks & competition insights.
Data from the
full time range
Additional charts for
deeper insights
Filter the data
by Industry
Monthly Newsletter
with top trends
We take your privacy seriously. Read our privacy policy.
The Market Observer analyzes data from €450M+ annual retail ad spend across Europe, covering thousands of active Google Ads campaigns. Industry verticals include Fashion, Electronics, Home & Garden, Health & Beauty, Sporting Goods, and more—giving you relevant benchmarks for ecommerce performance.
We refresh the data every week, so you're always seeing current market trends, not outdated snapshots. Weekly updates ensure you can spot shifts in CPCs, conversion rates, and competitive activity before they significantly impact your campaigns.
We track Search, Shopping, and Performance Max campaigns separately, so you can compare performance across all three channels and understand which delivers the best results for your goals.
smec’s benchmark tool helps you make smarter, faster Google Ads decisions by showing whether performance changes are campaign issues you control or market-wide trends you need to adapt to. Here's how to use the data:
a. Benchmark your Google Ads performance against Industry standards
Compare your Google Ads metrics like CPC (cost-per-click), CTR (click-through rate), conversion rates, ROAS (return on ad spend), and AOV (average order value) to European ecommerce benchmarks. If your metrics are below average, you know where to focus optimization efforts.
b. Diagnose Google Ads Problems Faster with Market Context
When conversion rates or ROAS drop, check if smec’s benchmark tool shows the same decline across Search, Shopping, and Performance Max campaigns. If yes, it's likely due to larger forces like seasonality, competitive pressure, or changes in demand – adjust expectations and strategy. If no, it's likely a campaign-specific issue – audit Google Ads search terms, landing pages, bids or assets.
c. Contextualize Google Ads budget decisions to Stakeholders
Use smec’s benchmark tool data in Google Ads performance reports to show that, for example, rising CPCs or declining ROAS aren't isolated to your campaigns when the entire ecommerce market is experiencing the same trends. This turns defensive conversations into strategic planning backed by real benchmarks.
d. Identify Google Ads Budget Reallocation Opportunities
If you're underperforming a growing channel, there could be a chance to invest more. Looking at your CPC development compared to the markets could help get a first idea of whether you can do so profitably.
e. Plan Google Ads Seasonal Adjustments Proactively
Look at past data in smec's benchmark trends to anticipate Google Ads CPC spikes, conversion rate changes, or impression share shifts during peak retail periods (Black Friday, Q4). Adjust budgets and ROAS targets ahead of time instead of reacting after the fact.
f. Validate Google Ads optimization impact
After making Google Ads campaign changes, like refreshing ad creative, updating landing pages, or adjusting bid strategies, compare your performance trends to our tool’s benchmarks over the following weeks. If you're closing the gap or outperforming, it’s an indicator that your optimizations were effective, and are not merely due to market changes. If not, try different tactics.
Core metrics like CPC trends, funnel data, and median Google Shopping impr. share are completely free with no signup required. To unlock industry-specific filtering (Fashion, Electronics, etc.) and full historical data, register for PRO access above. It's free to sign up.
Absolutely. You're free to reference Market Observer data in internal reports, client presentations, or strategy decks. Just credit smec as the source when sharing externally.
Google provides benchmarks, but they're often generic and limited. The Market Observer focuses specifically on ecommerce and retail with deeper competitive insights, like Amazon's impression share and Performance Max efficiency trends, that Google doesn't surface in their dashboards.
We're constantly expanding vertical coverage. If your industry isn't available yet, register for PRO anyway, we'll notify you when we add your vertical, and the core market-wide metrics are still valuable for spotting broader trends.
Yes. Core funnel and performance metrics, median Shopping impr. share, and market trends are 100% free with no credit card required. PRO features (industry filtering, extended historical range, additional charts) require a simple registration, but it's still free.
This tool is built for PPC managers optimizing Google Ads campaigns, marketing managers justifying ad budgets to leadership, agency professionals benchmarking client performance, and ecommerce/retail executives making strategic decisions based on competitive intelligence.
We've crunched the numbers based on nearly two thousand Google Ads accounts for ecommerce.
A Q4 2025 analysis of over €620M in European ad spend across Search, Shopping, and PMax to reveal where performance is heading.
A Q1 2026 analysis of over €620M in European ad spend across Search, Shopping, and PMax to reveal where performance is heading.
A Q3 2026 analysis of over €620M in European ad spend across Search, Shopping, and PMax to reveal where performance is heading.