Yes — you're not alone. Many advertisers have seen this exact issue after migrating from Universal Analytics (UA) to Google Analytics 4 (GA4).
The drop in Google Ads conversions (despite stable Shopify sales) usually comes down to differences in attribution models, event setups, and data sharing between GA4 and Google Ads.
Here's why you're seeing a 40% drop:
1. Attribution model mismatch
UA defaulted to Last Click.
GA4 uses Data-Driven Attribution (DDA) by default (if eligible), or Last Click if not.
DDA in GA4 may attribute more conversions to organic, direct, or referral sources instead of paid ads.
Fix: In Google Ads, go to:
Tools > Conversions > Your GA4 conversion > Edit settings > Attribution model
Choose Last Click temporarily if you want to align more closely with UA’s historical reporting — or ensure your expectations match the DDA model.
2. Not all Shopify events are firing as GA4 conversions
Fix:
Verify purchase event is tagged as a conversion event in GA4 (under Admin > Events > Mark as Conversion).
Double-check that the event includes all necessary parameters (currency, value, transaction_id).
Use Google Tag Assistant or DebugView to confirm proper firing.
3. Missing GA4 to Google Ads linking or enhanced signals
Fix:
Recheck under GA4 → Admin → Product Links → Google Ads → Confirm bidirectional linking.
In Google Ads: Go to Tools > Conversions > GA4 event > Ensure it’s marked as "Primary" and importing properly.
Consider enabling Enhanced Conversions for Web via GTM or Shopify if not done already.
4. Conversion windows and lookback windows differ
Fix:
Until GA4 and Ads stabilize for you, consider running both UA (if still active) and GA4 side by side, or use Shopify’s backend sales as the “truth” while troubleshooting. You can also refer these for GA4 queries.