Well, there a quite a few options...
Here we'll tell you something about every single one of them.
Video - Show off product features, and draw people in with sound and motion. More important than ever these times. Find inspiration here: http://bit.ly/2ApCow6
Image - Drive people to destination websites or apps through high-quality visuals. Rule of thumb: use images that makes people stop scrolling. Find inspiration here: http://bit.ly/2h8sNFp
Carousel - Showcase up to ten images or videos within a single ad, each with its own link. Tip: create a static first card that pops to drag more attention to your carousel. Find inspiration here: http://bit.ly/2heQxnn
Collection - Encourage shopping by displaying items from your product catalogue – customised for each individual. Works really well with video on top. Find inspiration here: http://bit.ly/2hrK2h8
Canvas - Let people open a full-screen, mobile-optimised experience instantly from your ad. Great format to fit more content and for brand-storytelling. Find inspiration here: http://bit.ly/2jqgN2O
Slideshow - Use motion, sound and text to tell your story on any connection speed. Slideshow different products in one ad and grab attention. Find inspiration here: http://bit.ly/20lxsgS
Lead - Lead ads on Facebook and Instagram help you collect info from people who are interested in your business. Perfect for newsletter sign ups for example. Find inspiration here: http://bit.ly/2A4iKsQ
Post engagement - Get more likes, comments, shares and photo views. Great if you want to get more page likes on your Facebook page or if you have a time limited offer and just want to spread the word to the world. Find inspiration here: http://bit.ly/2CcFeFU
Event responses - Promote awareness of your event and drive responses. Make your customers feel special and invited. Find inspiration here: http://bit.ly/2BiQLFT
Offers - Offers are discounts you can share with your customers on Facebook. Find inspiration here: http://bit.ly/2Aj8Y2m