Reconnecting with past purchasers (excluding subscribe and save holders) is key to building long-term customer loyalty through Amazon Ads campaigns.

• Subscribe and save holders
• Past product viewers
• Past purchasers who are not subscribe and save holders

The correct answer is: Past purchasers who are not subscribe and save holders

Explanation: To help drive loyalty goals in Amazon Ads, advertisers should focus on targeting past purchasers who are not subscribe and save holders. This audience already has experience with the product, but without an active subscription, there is room to encourage repeat purchases and deepen their loyalty. By re-engaging these past buyers with personalized ad formats and offers, brands can foster ongoing relationships, boost retention, and turn occasional shoppers into regular customers.

Reference: https://advertising.amazon.com/objectives/customer-loyalty