How will Apple's iOS 14 release impact Facebook advertising?

If you have an online store and advertising on Facebook, you might have hear about the speculations about the impact iOS 14 will have on ads. The reason for that is, in iOS 14, app users will be given the option to opt in or out of tracking. That’s a major change that will reduce the amount of data that’s collected by Facebook.
How many users will opt in, how many users will opt out, we will see.
Personally I prefer seeing ads that are relevant to me, so I will opt in. However, because of the privacy concerns, a lot of people might opt out of  tracking. 
We are all expecting to see the impacts of this over the next few weeks.
Facebook shared these guides about the upcoming changes that will affect advertisers.
https://developers.facebook.com/blog/post/2020/12/16/preparing-partners-ios-14-mobile-web-advertising/
https://www.facebook.com/business/help/331612538028890?id=428636648170202
“Apple has announced changes with iOS 14 that will impact how we receive and process conversion events from tools like the Facebook pixel. Businesses that advertise mobile apps, as well as those that optimize, target, and report on web conversion events from any of our business tools will be affected.”
This means Facebook will not be able collect data to understand what a conversion is, the targeting may not be as effective and the reporting will be affected, too.
What actions should advertisers take now?

• Domain verification in Business Manager: Use this link to verify your domain in Business Manager https://developers.facebook.com/docs/sharing/domain-verification/verifying-your-domain
• Implementation of CAPI A very helpful guide from Foxwell Digital on how to implement this on Shopify https://www.foxwelldigital.com/blog/2020/10/7/facebooks-conversions-api-capi-and-how-to-implement-it-with-your-shopify-site, for Woocommerce follow this link https://www.facebook.com/business/help/260370078559247
• Events tracking

Facebook says “The pixel will only report and optimize for a maximum of 8 conversion events for each domain. Facebook will initially configure the conversion events we believe are the most relevant to your business based on your activity. All other events will be made inactive for campaign optimization and reporting. You can manage your preferences in Events Manager. When you create your ad set you’ll choose only one of the 8 designated conversion events to optimize for.” It will be interesting to see how this pans out.

• ​Changes to attribution window

“Going forward, 28-day click-through, 28-day view-through, and 7-day view-through attribution windows will not be supported for active campaigns.The following windows will be supported under the new attribution setting:

• 1-day click
• 7-day click (default)
• 1-day click and 1-day view
• 7-day click and 1-day view

These changes will consequently impact ROAS as latent sales will not be attributed to Facebook ads.

• Turn on Auto-Advanced Matching: Check out this blog by Foxwell Digital to understand the importance of auto-advanced matching and how to turn it on.

I will continue to write about this as I find out more. 
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