In short
There are only three reasons, and the reports tell you which one you have. Either the budget ran out before the day did, or your products were eligible but did not win enough auctions, or a share of the catalogue was never in the auction at all because of disapprovals, missing attributes, stock status or targeting. The first two appear in the impression share columns as lost to budget and lost to rank. The third does not appear there, which is why it is the cause stores most often miss.
Read the split before changing anything
Add the impression share columns to your campaign view: impression share, share lost to budget and share lost to rank. Those three roughly account for the missing impressions among products that were eligible to compete, and they point in completely different directions.
Lost to budget means the campaign stopped serving because it had spent what it was allowed to spend. Nothing about bids, feed quality or products is wrong; there was simply not enough money to keep going.
Lost to rank means you were in the auction and did not place high enough often enough. That is a function of your bid and of the quality signals attached to your offer, including how relevant the product data looks for the query and how the offer compares to others.
What neither column tells you is how much of your catalogue never entered the auction. A product that is disapproved, out of stock, missing a required attribute or excluded by targeting cannot lose impression share, because it was never eligible to gain any. Check the number of products actually serving against the number in the catalogue before spending a day tuning bids.
When the constraint is budget
The diagnosis is easy and the decision is commercial. If share lost to budget is high, the campaign is turning off during hours when demand exists, and the question is whether the additional impressions would be profitable at your current return.
Work it out from your own numbers rather than from a rule. Take the campaign's revenue per unit of spend at the current level, apply a realistic discount for the fact that additional volume usually converts a little worse, and compare against the return you need for the product margins involved. If the answer holds, raise the budget in steps and watch what happens rather than doubling it at once.
If the budget cannot rise, spend it more selectively. Narrow the products the campaign covers to the ones with the strongest margin and conversion, using custom labels to separate them, and let the rest run in a lower-priority structure or not at all. A budget spread across an entire catalogue produces thin coverage everywhere.
Also check dayparting and device performance before concluding you need more money. Sometimes a constrained budget is being consumed at times or on placements that never convert well for your store, and reallocating it lifts share where it counts without any increase.
When the constraint is rank
Rank problems have three inputs and only one of them is the bid. The first is the bid or the target you have set for an automated strategy: a target return that is too demanding will hold the system back from bidding into auctions it could win, and the impression share loss is the visible result.
The second is the product data. Titles that do not contain the words shoppers use, missing or wrong categories and product types, absent identifiers and thin attributes all reduce how confidently your offer is matched to a query, and matching is part of how the auction resolves. This is why feed work often moves impression share without any bid change.
The third is the offer itself. Price relative to other sellers of the same product, shipping cost and delivery speed all affect whether shoppers click and therefore how your listings perform over time. Merchant Center reports price competitiveness benchmarks for products where enough comparable offers exist, and that is the honest place to check whether you are competing on a product where your price is not competitive.
Work through those in order. Feed quality is usually the cheapest to fix, price is a business decision, and bids are the lever people reach for first even though they are often the least informative.
The eligibility problems that never show as lost share
Start in Merchant Center diagnostics. Disapproved items, items with warnings that limit their eligibility, and items pending review are all absent from the auction. Group them by issue rather than by product, because a single missing attribute usually explains a large block at once.
Then check stock. Out of stock products stop serving, and a catalogue with a large share unavailable will show low share on any campaign covering it. This is the most common seasonal cause.
Then check the campaign side. Product filters and listing group exclusions can silently remove most of a catalogue, particularly after someone tidied a structure and left an everything else group excluded. Negative keyword lists applied at account level, geographic targeting that does not match where your shipping settings apply, and language settings all do the same thing.
Then check shipping. A product with no shipping configuration for a targeted region is not eligible there, and a store that expanded its targeting without updating shipping settings will see share collapse in the new area while the original one looks fine.
Finally, if you run several campaign types over the same products, confirm they are not competing in ways you did not intend. Overlapping coverage between campaign types changes which one serves and can make a single campaign's share look low while total coverage is fine.
Related questions
Should the goal be a hundred percent impression share?
Almost never. Buying the last slice of available impressions is usually the most expensive part of the auction and the least likely to convert, so returns fall as share approaches full coverage. Aim for the share your target return supports on the products that matter, and let the rest go.
Why is impression share missing for a Performance Max campaign?
Reporting for that campaign type differs from standard Shopping, and the familiar Shopping impression share columns are not available in the same form. Use the reporting that campaign type does provide, along with Merchant Center diagnostics and the share of your catalogue actually serving, to judge coverage instead.
Does raising bids always increase impression share?
Only when rank was the constraint. If the loss was to budget, higher bids spend the same money faster and reduce impressions. If products were ineligible, bids change nothing at all. That is why reading the split first saves money, and why feed and diagnostics checks belong before any bid adjustment.