A Smart List is a Remarketing Audience that Analytics generates to maximize your conversions. If you are new to remarketing, you'll find that using Smart Lists helps you quickly achieve favorable results.
How Smart Lists work
Analytics applies machine learning to your conversion data to determine which users are most likely to convert in subsequent sessions, and dynamically manages the remarketing audience to focus on those users.
Machine learning uses dozens of signals, including location, device, browser, referrer, session duration, and page depth to identify users for the audience. The model is typically updated daily to reflect the latest data to which Analytics has access, and users are automatically added to or removed from the audience based on that model.
In the event that Analytics cannot use your data to update a Smart List for more than 90 days, it reverts to a model based on similar businesses.
What's required to generate a Smart List
If your site generates at least 500 monthly ecommerce transactions and 10,000 daily pageviews, your Smart List is generated based on the specific factors that influence your users to convert. If your site does not generate at least 500 monthly ecommerce transactions and 10,000 daily pageviews, your Smart List is generated based on conversion data from businesses similar to yours that have opted to share their anonymized conversion data with Analytics.