Universal Event Tracking (UET) is the key that unlocks powerful Microsoft Advertising features such as conversion tracking, audience targeting, and automated bidding bid strategies. The key comes in the form of the UET tag, which records what customers do on your website and sends that information to Microsoft Advertising. UET is a prerequisite for conversion tracking, remarketing in paid search, and automated bidding bid strategies.
For more information, please visit: https://help.ads.microsoft.com/#apex/ads/en/56681/2-500