How many Brands achieve their Marketing Objectives with BoolenMaths?

This is a pure statistical analysis of a 38 brand cohort across their first two months, looking at whether they met their marketing objectives of scaling, optimizing, or improving other marketing KPIs. This does not include the other efficiency and clarity improvements that any marketing team gets from easy access to data, daily reports, and AI analysis using Claude, Gemini, and OpenAI

BooleanMaths · cohort study

What happens in a brand's second month?

A study of 38 direct-to-consumer brands spanning 6 retail categories, onboarded to BooleanMaths within a single cohort. Each brand is measured against itself: its first 30 days on the platform, then its next 30. The question is whether the second month was better than the first — and if so, in which of three ways.

38 brands6 retail categories 2 consecutive 30-day windows per brand windows anchored to onboarding date

The headline

summary
28of 38

brands met at least one growth objective in month 2 — 74% of the cohort. A brand only counts if it did so without quietly giving something up elsewhere, which is what the three definitions below are for.

How a brand qualifies

SScaled
Revenue grew, and blended ROAS stayed within 15% of month 1. Growth that did not cost efficiency.
OOptimised
Blended ROAS improved by 10% or more while revenue held within 10%. Efficiency gained without surrendering volume.
HHealth, held stable
At least one of AOV, new-customer share, cancellation rate or RTO rate improved, with revenue and ROAS both inside ±10%. Quality gained without trading away the top line.
23Scaled
of 38

Grew revenue while holding efficiency. The largest group, and the one that carries the cohort's absolute growth.

10Optimised
of 38

Recovered efficiency without losing volume. Nearly all of these also scaled — the two are not alternatives in practice.

11Health, held stable
of 38

Improved a quality metric from a stable base. For 5 brands this was the only objective met, and it is the one a top-line-only report would miss.

The three groups overlap. 10 brands met both objective 1 and objective 2, and 0 met all three, so the counts sum to more than 28.

Cohort revenue, month 1
₹33.80 Cr
rising to ₹46.30 Cr in month 2
Cohort revenue change
+37.0%
across all 38 brands
Cohort blended ROAS
3.94x → 4.07x
efficiency held while spend rose +33%
Brands meeting an objective
74%
23 on commercial objectives, 5 on stability

Brand by brand

38 brands, grouped by result
S Scaled O Optimised H Health, held stable S not met ▲ favourable   ▼ adverse
A

Scaled or optimised

23 brands

Met objective 1 or objective 2. Revenue grew without giving up efficiency, or efficiency improved without giving up revenue.

Brand 01Apparel & Fashion
SOH
Month 1Month 2
Revenue₹1.42 Cr₹8.68 Cr▲ 512%
Blended ROAS3.46x3.48x▲ 1%
Ad spend₹41.0 L₹2.49 Cr▲ 508%
AOV₹1,327₹1,248▼ 6%
New customers98.0%92.2%▼ 5.8pp
Cancellation rate0.8%0.7%▼ 0.1pp
RTO rate0.3%0.2%▼ 0.1pp
Objectives met
  • revenue +512% with ROAS +1%
Brand 02Home & Living
SOH
Month 1Month 2
Revenue₹3.32 Cr₹6.50 Cr▲ 96%
Blended ROAS3.58x3.94x▲ 10%
Ad spend₹92.6 L₹1.65 Cr▲ 78%
AOV₹4,229₹4,762▲ 13%
New customers98.5%98.4%▼ 0.1pp
Cancellation rate0.2%4.9%▲ 4.7pp
RTO rate4.7%5.6%▲ 0.9pp
Objectives met
  • revenue +96% with ROAS +10%
Brand 03Specialty Retail
SOH
Month 1Month 2
Revenue₹4.78 Cr₹5.95 Cr▲ 25%
Blended ROAS17.35x20.28x▲ 17%
Ad spend₹27.5 L₹29.4 L▲ 7%
AOV₹12,955₹13,410▲ 4%
New customers58.5%57.5%▼ 1.0pp
Cancellation rate9.3%8.2%▼ 1.1pp
RTO rate0.3%0.0%▼ 0.2pp
Objectives met
  • revenue +25% with ROAS +17%
  • ROAS +17% on revenue +25%
Brand 04Apparel & Fashion
SOH
Month 1Month 2
Revenue₹2.16 Cr₹2.82 Cr▲ 31%
Blended ROAS3.78x3.99x▲ 6%
Ad spend₹57.2 L₹70.7 L▲ 24%
AOV₹924₹945▲ 2%
New customers65.3%65.3%▼ 0.0pp
Cancellation rate0.6%0.2%▼ 0.4pp
RTO rate6.7%4.3%▼ 2.4pp
Objectives met
  • revenue +31% with ROAS +6%
Brand 05Jewellery & Watches
SOH
Month 1Month 2
Revenue₹1.20 Cr₹1.78 Cr▲ 49%
Blended ROAS6.36x7.72x▲ 21%
Ad spend₹18.8 L₹23.1 L▲ 23%
AOV₹44,664₹34,728▼ 22%
New customers66.0%67.6%▲ 1.6pp
Cancellation rate3.7%2.7%▼ 1.0pp
RTO rate14.9%7.6%▼ 7.3pp
Objectives met
  • revenue +49% with ROAS +21%
  • ROAS +21% on revenue +49%
Brand 06Apparel & Fashion
SOH
Month 1Month 2
Revenue₹94.6 L₹1.34 Cr▲ 41%
Blended ROAS5.58x6.85x▲ 23%
Ad spend₹17.0 L₹19.5 L▲ 15%
AOV₹2,761₹2,972▲ 8%
New customers51.6%51.0%▼ 0.6pp
Cancellation rate4.2%4.0%▼ 0.1pp
RTO rate1.2%0.6%▼ 0.6pp
Objectives met
  • revenue +41% with ROAS +23%
  • ROAS +23% on revenue +41%
Brand 07Health & Personal Care
SOH
Month 1Month 2
Revenue₹1.22 Cr₹1.24 Cr▲ 1%
Blended ROAS1.17x1.22x▲ 4%
Ad spend₹1.04 Cr₹1.01 Cr▼ 3%
AOV₹1,054₹1,021▼ 3%
New customers80.3%76.6%▼ 3.7pp
Cancellation rate12.2%13.2%▲ 1.0pp
RTO rate1.2%1.1%▼ 0.1pp
Objectives met
  • revenue +1% with ROAS +4%
  • held stable — revenue +1%, ROAS +4%
  • RTO rate -0.1pp
Brand 08Specialty Retail
SOH
Month 1Month 2
Revenue₹1.13 Cr₹1.22 Cr▲ 8%
Blended ROAS5.37x6.04x▲ 12%
Ad spend₹21.0 L₹20.2 L▼ 4%
AOV₹7,451₹8,235▲ 11%
New customers83.9%76.6%▼ 7.2pp
Cancellation rate0.5%2.8%▲ 2.2pp
RTO rate2.7%7.0%▲ 4.2pp
Objectives met
  • revenue +8% with ROAS +12%
  • ROAS +12% on revenue +8%
Brand 09Health & Personal Care
SOH
Month 1Month 2
Revenue₹75.0 L₹1.04 Cr▲ 38%
Blended ROAS3.74x6.80x▲ 82%
Ad spend₹20.0 L₹15.3 L▼ 24%
AOV₹1,921₹1,665▼ 13%
New customers96.3%73.4%▼ 22.9pp
Cancellation rate0.5%0.5%▲ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +38% with ROAS +82%
  • ROAS +82% on revenue +38%
Brand 10Apparel & Fashion
SOH
Month 1Month 2
Revenue₹89.5 L₹93.9 L▲ 5%
Blended ROAS3.31x3.39x▲ 2%
Ad spend₹27.1 L₹27.7 L▲ 2%
AOV₹2,008₹2,026▲ 1%
New customers62.2%51.2%▼ 11.0pp
Cancellation rate3.1%2.0%▼ 1.1pp
RTO rate12.0%13.1%▲ 1.1pp
Objectives met
  • revenue +5% with ROAS +2%
  • held stable — revenue +5%, ROAS +2%
  • AOV +1%
  • cancellation rate -1.1pp
Brand 11Apparel & Fashion
SOH
Month 1Month 2
Revenue₹74.6 L₹78.3 L▲ 5%
Blended ROAS4.47x4.59x▲ 3%
Ad spend₹16.7 L₹17.0 L▲ 2%
AOV₹2,228₹2,152▼ 3%
New customers60.2%65.4%▲ 5.3pp
Cancellation rate8.3%11.8%▲ 3.5pp
RTO rate3.7%2.6%▼ 1.2pp
Objectives met
  • revenue +5% with ROAS +3%
  • held stable — revenue +5%, ROAS +3%
  • new-customer share +5.3pp
  • RTO rate -1.2pp
Brand 12Health & Personal Care
SOH
Month 1Month 2
Revenue₹68.3 L₹71.0 L▲ 4%
Blended ROAS6.37x6.23x▼ 2%
Ad spend₹10.7 L₹11.4 L▲ 6%
AOV₹1,321₹1,330▲ 1%
New customers47.3%52.9%▲ 5.6pp
Cancellation rate0.1%0.0%▼ 0.1pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +4% with ROAS -2%
  • held stable — revenue +4%, ROAS -2%
  • AOV +1%
  • new-customer share +5.6pp
  • cancellation rate -0.1pp
Brand 13Home & Living
SOH
Month 1Month 2
Revenue₹35.2 L₹70.6 L▲ 101%
Blended ROAS9.23x11.08x▲ 20%
Ad spend₹3.8 L₹6.4 L▲ 67%
AOV₹1,889₹1,973▲ 4%
New customers77.6%77.2%▼ 0.4pp
Cancellation rate28.1%29.2%▲ 1.0pp
RTO rate8.2%4.6%▼ 3.6pp
Objectives met
  • revenue +101% with ROAS +20%
  • ROAS +20% on revenue +101%
Brand 14Food & Beverage
SOH
Month 1Month 2
Revenue₹57.8 L₹61.4 L▲ 6%
Blended ROAS3.96x4.04x▲ 2%
Ad spend₹14.6 L₹15.2 L▲ 4%
AOV₹1,138₹1,129▼ 1%
New customers91.5%94.6%▲ 3.0pp
Cancellation rate0.5%
RTO rate0.1%
Objectives met
  • revenue +6% with ROAS +2%
  • held stable — revenue +6%, ROAS +2%
  • new-customer share +3.0pp
Brand 15Health & Personal Care
SOH
Month 1Month 2
Revenue₹57.0 L₹57.5 L▲ 1%
Blended ROAS1.53x1.70x▲ 11%
Ad spend₹37.2 L₹33.8 L▼ 9%
AOV₹3,298₹3,287▼ 0%
New customers84.2%82.7%▼ 1.5pp
Cancellation rate20.6%22.2%▲ 1.6pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +1% with ROAS +11%
  • ROAS +11% on revenue +1%
Brand 16Jewellery & Watches
SOH
Month 1Month 2
Revenue₹23.3 L₹31.7 L▲ 36%
Blended ROAS4.71x4.97x▲ 6%
Ad spend₹4.9 L₹6.4 L▲ 29%
AOV₹4,823₹5,800▲ 20%
New customers94.0%87.2%▼ 6.8pp
Cancellation rate1.9%1.3%▼ 0.6pp
RTO rate0.2%0.7%▲ 0.5pp
Objectives met
  • revenue +36% with ROAS +6%
Brand 17Jewellery & Watches
SOH
Month 1Month 2
Revenue₹20.1 L₹27.4 L▲ 36%
Blended ROAS3.76x4.26x▲ 13%
Ad spend₹5.3 L₹6.4 L▲ 20%
AOV₹3,599₹3,758▲ 4%
New customers95.6%93.1%▼ 2.4pp
Cancellation rate2.3%2.5%▲ 0.1pp
RTO rate0.2%0.3%▲ 0.1pp
Objectives met
  • revenue +36% with ROAS +13%
  • ROAS +13% on revenue +36%
Brand 18Health & Personal Care
SOH
Month 1Month 2
Revenue₹10.6 L₹13.6 L▲ 28%
Blended ROAS2.31x2.38x▲ 3%
Ad spend₹4.6 L₹5.7 L▲ 24%
AOV₹1,135₹1,193▲ 5%
New customers55.6%59.5%▲ 3.9pp
Cancellation rate12.4%6.4%▼ 6.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +28% with ROAS +3%
Brand 19Health & Personal Care
SOH
Month 1Month 2
Revenue₹8.2 L₹11.2 L▲ 37%
Blended ROAS2.77x2.75x▼ 1%
Ad spend₹2.9 L₹4.1 L▲ 38%
AOV₹1,755₹1,652▼ 6%
New customers95.0%96.0%▲ 1.0pp
Cancellation rate0.9%8.0%▲ 7.1pp
RTO rate1.7%14.8%▲ 13.1pp
Objectives met
  • revenue +37% with ROAS -1%
Brand 20Specialty Retail
SOH
Month 1Month 2
Revenue₹6.3 L₹7.4 L▲ 17%
Blended ROAS5.25x6.45x▲ 23%
Ad spend₹1.2 L₹1.2 L▼ 5%
AOV₹1,083₹1,078▼ 0%
New customers89.1%84.2%▼ 4.9pp
Cancellation rate21.9%2.5%▼ 19.4pp
RTO rate19.0%20.0%▲ 1.0pp
Objectives met
  • revenue +17% with ROAS +23%
  • ROAS +23% on revenue +17%
Brand 21Jewellery & Watches
SOH
Month 1Month 2
Revenue₹1.6 L₹6.7 L▲ 309%
Blended ROAS1.14x1.14x▼ 1%
Ad spend₹1.4 L₹5.9 L▲ 312%
AOV₹2,083₹2,083▼ 0%
New customers64.6%64.1%▼ 0.5pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate3.8%2.2%▼ 1.6pp
Objectives met
  • revenue +309% with ROAS -1%
Brand 22Home & Living
SOH
Month 1Month 2
Revenue₹3.7 L₹3.7 L▲ 1%
Blended ROAS1.72x1.83x▲ 6%
Ad spend₹2.1 L₹2.0 L▼ 5%
AOV₹859₹885▲ 3%
New customers96.3%91.2%▼ 5.1pp
Cancellation rate0.2%0.2%▲ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +1% with ROAS +6%
  • held stable — revenue +1%, ROAS +6%
  • AOV +3%
Brand 23Food & Beverage
SOH
Month 1Month 2
Revenue₹10,947₹65,994▲ 503%
Blended ROAS0.12x0.50x▲ 328%
Ad spend₹94,365₹1.3 L▲ 41%
AOV₹1,564₹1,941▲ 24%
New customers97.9%90.0%▼ 7.9pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +503% with ROAS +328%
  • ROAS +328% on revenue +503%
B

Held steady, quality improved

5 brands

Met objective 3. Revenue and blended ROAS both stayed inside ±10% while at least one health metric moved the right way — growth was not traded for margin or fulfilment quality.

Brand 24Apparel & Fashion
SOH
Month 1Month 2
Revenue₹2.12 Cr₹1.97 Cr▼ 7%
Blended ROAS2.55x2.49x▼ 2%
Ad spend₹83.2 L₹79.2 L▼ 5%
AOV₹1,599₹1,705▲ 7%
New customers98.3%96.1%▼ 2.2pp
Cancellation rate0.2%0.8%▲ 0.6pp
RTO rate0.1%1.5%▲ 1.4pp
Objectives met
  • held stable — revenue -7%, ROAS -2%
  • AOV +7%
Brand 25Apparel & Fashion
SOH
Month 1Month 2
Revenue₹62.8 L₹58.1 L▼ 7%
Blended ROAS9.77x9.00x▼ 8%
Ad spend₹6.4 L₹6.5 L▲ 0%
AOV₹5,492₹5,812▲ 6%
New customers51.1%40.8%▼ 10.3pp
Cancellation rate0.6%0.9%▲ 0.3pp
RTO rate0.5%0.2%▼ 0.3pp
Objectives met
  • held stable — revenue -7%, ROAS -8%
  • AOV +6%
  • RTO rate -0.3pp
Brand 26Jewellery & Watches
SOH
Month 1Month 2
Revenue₹42.4 L₹38.7 L▼ 9%
Blended ROAS3.61x3.40x▼ 6%
Ad spend₹11.8 L₹11.4 L▼ 3%
AOV₹2,415₹2,637▲ 9%
New customers76.8%71.8%▼ 5.1pp
Cancellation rate0.4%0.2%▼ 0.2pp
RTO rate18.7%15.0%▼ 3.6pp
Objectives met
  • held stable — revenue -9%, ROAS -6%
  • AOV +9%
  • cancellation rate -0.2pp
  • RTO rate -3.6pp
Brand 27Food & Beverage
SOH
Month 1Month 2
Revenue₹27.7 L₹27.0 L▼ 3%
Blended ROAS3.63x3.35x▼ 8%
Ad spend₹7.6 L₹8.1 L▲ 5%
AOV₹1,246₹1,235▼ 1%
New customers96.1%96.9%▲ 0.8pp
Cancellation rate1.1%
RTO rate2.0%
Objectives met
  • held stable — revenue -3%, ROAS -8%
  • new-customer share +0.8pp
Brand 28Home & Living
SOH
Month 1Month 2
Revenue₹18.6 L₹17.7 L▼ 5%
Blended ROAS3.95x3.60x▼ 9%
Ad spend₹4.7 L₹4.9 L▲ 4%
AOV₹7,618₹8,100▲ 6%
New customers70.9%68.8%▼ 2.1pp
Cancellation rate11.1%9.6%▼ 1.4pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • held stable — revenue -5%, ROAS -9%
  • AOV +6%
  • cancellation rate -1.4pp
C

No objective met

10 brands

Did not clear any of the three thresholds in month 2. Each card states what held it back.

Brand 29Apparel & Fashion
SOH
Month 1Month 2
Revenue₹4.38 Cr₹3.71 Cr▼ 15%
Blended ROAS4.32x3.81x▼ 12%
Ad spend₹1.02 Cr₹97.5 L▼ 4%
AOV₹4,614₹4,532▼ 2%
New customers72.3%52.7%▼ 19.6pp
Cancellation rate4.7%8.6%▲ 3.9pp
RTO rate2.6%0.5%▼ 2.0pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: RTO rate -2.0pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 30Apparel & Fashion
SOH
Month 1Month 2
Revenue₹80.6 L₹70.3 L▼ 13%
Blended ROAS9.54x7.80x▼ 18%
Ad spend₹8.4 L₹9.0 L▲ 7%
AOV₹2,631₹2,507▼ 5%
New customers87.8%81.2%▼ 6.6pp
Cancellation rate0.4%0.2%▼ 0.2pp
RTO rate2.4%1.0%▼ 1.4pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: cancellation rate -0.2pp, RTO rate -1.4pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 31Apparel & Fashion
SOH
Month 1Month 2
Revenue₹77.6 L₹59.2 L▼ 24%
Blended ROAS4.07x3.37x▼ 17%
Ad spend₹19.1 L₹17.6 L▼ 8%
AOV₹1,658₹1,677▲ 1%
New customers91.0%91.1%▲ 0.1pp
Cancellation rate0.2%6.1%▲ 5.9pp
RTO rate0.5%
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: AOV +1%, new-customer share +0.1pp.

Brand 32Apparel & Fashion
SOH
Month 1Month 2
Revenue₹95.7 L₹53.5 L▼ 44%
Blended ROAS4.19x5.31x▲ 27%
Ad spend₹22.9 L₹10.1 L▼ 56%
AOV₹2,526₹2,601▲ 3%
New customers74.1%72.3%▼ 1.8pp
Cancellation rate37.1%31.4%▼ 5.7pp
RTO rate8.8%9.0%▲ 0.2pp
What held it back

Media spend was pulled back and revenue followed it down, so the ROAS gain came from a smaller base rather than from better efficiency.

Health metrics that did improve: AOV +3%, cancellation rate -5.7pp.

Brand 33Jewellery & Watches
SOH
Month 1Month 2
Revenue₹73.9 L₹50.4 L▼ 32%
Blended ROAS8.13x7.91x▼ 3%
Ad spend₹9.1 L₹6.4 L▼ 30%
AOV₹1,855₹1,804▼ 3%
New customers74.9%76.8%▲ 1.9pp
Cancellation rate4.1%3.9%▼ 0.2pp
RTO rate0.7%0.0%▼ 0.7pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: new-customer share +1.9pp, cancellation rate -0.2pp, RTO rate -0.7pp.

Brand 34Health & Personal Care
SOH
Month 1Month 2
Revenue₹48.7 L₹46.3 L▼ 5%
Blended ROAS2.64x2.32x▼ 12%
Ad spend₹18.4 L₹20.0 L▲ 8%
AOV₹1,470₹1,447▼ 2%
New customers94.9%66.0%▼ 29.0pp
Cancellation rate24.3%16.6%▼ 7.7pp
RTO rate2.7%5.2%▲ 2.4pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: cancellation rate -7.7pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 35Health & Personal Care
SOH
Month 1Month 2
Revenue₹17.8 L₹18.3 L▲ 3%
Blended ROAS2.65x2.23x▼ 16%
Ad spend₹6.7 L₹8.2 L▲ 22%
AOV₹2,489₹2,143▼ 14%
New customers69.6%68.2%▼ 1.4pp
Cancellation rate0.3%0.1%▼ 0.2pp
RTO rate4.9%2.7%▼ 2.2pp
What held it back

Revenue grew, but efficiency fell further than objective 1 allows.

Health metrics that did improve: cancellation rate -0.2pp, RTO rate -2.2pp.

Close to objective 1 — ROAS -16% against a −15% floor.

Brand 36Apparel & Fashion
SOH
Month 1Month 2
Revenue₹24.3 L₹18.0 L▼ 26%
Blended ROAS1.09x1.02x▼ 7%
Ad spend₹22.2 L₹17.6 L▼ 21%
AOV₹3,521₹3,130▼ 11%
New customers72.5%61.3%▼ 11.1pp
Cancellation rate6.1%7.3%▲ 1.2pp
RTO rate1.2%0.7%▼ 0.5pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: RTO rate -0.5pp.

Brand 37Specialty Retail
SOH
Month 1Month 2
Revenue₹7.8 L₹8.6 L▲ 10%
Blended ROAS3.65x3.07x▼ 16%
Ad spend₹2.1 L₹2.8 L▲ 30%
AOV₹1,243₹1,627▲ 31%
New customers73.7%75.0%▲ 1.3pp
Cancellation rate6.0%6.1%▲ 0.0pp
RTO rate1.3%1.9%▲ 0.6pp
What held it back

Revenue grew, but efficiency fell further than objective 1 allows.

Health metrics that did improve: AOV +31%, new-customer share +1.3pp.

Close to objective 1 — ROAS -16% against a −15% floor.

Brand 38Apparel & Fashion
SOH
Month 1Month 2
Revenue₹3.7 L₹3.5 L▼ 4%
Blended ROAS3.14x3.42x▲ 9%
Ad spend₹1.2 L₹1.0 L▼ 12%
AOV₹1,761₹1,715▼ 3%
New customers98.1%97.1%▼ 1.0pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
What held it back

Revenue and ROAS both held, but no health metric improved.

Close to objective 2 — ROAS +9% against a +10% bar.

Method and limits

how to argue with this

Windows

Month 1 runs from a brand's onboarding date to day 29; month 2 runs day 30 to day 59. Windows are anchored to each brand's own onboarding date, so they do not align to calendar months and no two brands share a window. That removes seasonality as a shared confounder but means a festive period lands inside different windows for different brands. Every brand is compared only against itself.

How each objective was tested

  • Scaled. Revenue up on month 1, with blended ROAS no more than 15% below month 1. A tighter 10% floor would qualify 23 brands rather than 23.
  • Optimised. Blended ROAS up 10% or more, with revenue no more than 10% below month 1. The revenue condition is what separates optimising from retreating: a brand that halves its media spend and loses 40% of its revenue posts a higher ROAS without having optimised anything, and does not qualify here.
  • Health, held stable. At least one of AOV up, new-customer share up, cancellation rate down or RTO rate down, with revenue and ROAS both inside ±10%. Cancellations and RTO are measured as rates, not counts, so a brand cannot qualify by simply selling less. The ±10% band is deliberate: at ±5% only 4 brands clear it and all of them already qualify on another objective, which would make the third test redundant.

Definitions and data

Figures come from each brand's own BooleanMaths account via get_dashboard_metrics. Revenue is gross booked revenue including cancelled and RTO orders, so revenue, orders, AOV and RTO rate share a single denominator and RTO is reported as visible leakage rather than netted away silently. Blended ROAS is total revenue over total ad spend across all channels. Attribution is linear touch at order time on stitched journeys, with Asia/Kolkata day boundaries. All figures are in Indian rupees and no currency conversion is applied anywhere in this study.

Limits worth stating

  • Zero RTO generally means no shipping integration rather than flawless delivery. Where that is the case the RTO signal is silent, not positive, and the brand can only qualify on another health metric.
  • 3 brands have no month 1 cancellation or RTO baseline to compare against. Those cells are shown as unavailable rather than assumed to be zero.
  • Percentage growth off a very small base overstates the result. Two brands in the scaled group grew from under 100 orders in month 1. Both qualify on the stated test, but the percentage is not comparable to a brand transacting thousands of orders a month.
  • New-customer share fell across most of the cohort between the two windows as repeat purchasing began to compound. That flatters month 1 blended ROAS and makes some efficiency gains look smaller than they are. A new-customer ROAS cut would separate genuine efficiency movement from a shift in customer mix.
  • This measures correlation over a brand's first two months on the platform, not causation. Onboarding coincides with other changes inside a business, and no counterfactual is available.
Brand names withheld and replaced with sequential identifiers. Figures drawn from participating brands' BooleanMaths accounts. · Cohort study, July 2026

Activate your Marketing Data with BooleanMaths

Background

BooleanMaths · cohort study

What happens in a brand's second month?

A study of 38 direct-to-consumer brands spanning 6 retail categories, onboarded to BooleanMaths within a single cohort. Each brand is measured against itself: its first 30 days on the platform, then its next 30. The question is whether the second month was better than the first — and if so, in which of three ways.

38 brands6 retail categories 2 consecutive 30-day windows per brand windows anchored to onboarding date

The headline

summary
28of 38

brands met at least one growth objective in month 2 — 74% of the cohort. A brand only counts if it did so without quietly giving something up elsewhere, which is what the three definitions below are for.

How a brand qualifies

SScaled
Revenue grew, and blended ROAS stayed within 15% of month 1. Growth that did not cost efficiency.
OOptimised
Blended ROAS improved by 10% or more while revenue held within 10%. Efficiency gained without surrendering volume.
HHealth, held stable
At least one of AOV, new-customer share, cancellation rate or RTO rate improved, with revenue and ROAS both inside ±10%. Quality gained without trading away the top line.
23Scaled
of 38

Grew revenue while holding efficiency. The largest group, and the one that carries the cohort's absolute growth.

10Optimised
of 38

Recovered efficiency without losing volume. Nearly all of these also scaled — the two are not alternatives in practice.

11Health, held stable
of 38

Improved a quality metric from a stable base. For 5 brands this was the only objective met, and it is the one a top-line-only report would miss.

The three groups overlap. 10 brands met both objective 1 and objective 2, and 0 met all three, so the counts sum to more than 28.

Cohort revenue, month 1
₹33.80 Cr
rising to ₹46.30 Cr in month 2
Cohort revenue change
+37.0%
across all 38 brands
Cohort blended ROAS
3.94x → 4.07x
efficiency held while spend rose +33%
Brands meeting an objective
74%
23 on commercial objectives, 5 on stability

Brand by brand

38 brands, grouped by result
S Scaled O Optimised H Health, held stable S not met ▲ favourable   ▼ adverse
A

Scaled or optimised

23 brands

Met objective 1 or objective 2. Revenue grew without giving up efficiency, or efficiency improved without giving up revenue.

Brand 01Apparel & Fashion
SOH
Month 1Month 2
Revenue₹1.42 Cr₹8.68 Cr▲ 512%
Blended ROAS3.46x3.48x▲ 1%
Ad spend₹41.0 L₹2.49 Cr▲ 508%
AOV₹1,327₹1,248▼ 6%
New customers98.0%92.2%▼ 5.8pp
Cancellation rate0.8%0.7%▼ 0.1pp
RTO rate0.3%0.2%▼ 0.1pp
Objectives met
  • revenue +512% with ROAS +1%
Brand 02Home & Living
SOH
Month 1Month 2
Revenue₹3.32 Cr₹6.50 Cr▲ 96%
Blended ROAS3.58x3.94x▲ 10%
Ad spend₹92.6 L₹1.65 Cr▲ 78%
AOV₹4,229₹4,762▲ 13%
New customers98.5%98.4%▼ 0.1pp
Cancellation rate0.2%4.9%▲ 4.7pp
RTO rate4.7%5.6%▲ 0.9pp
Objectives met
  • revenue +96% with ROAS +10%
Brand 03Specialty Retail
SOH
Month 1Month 2
Revenue₹4.78 Cr₹5.95 Cr▲ 25%
Blended ROAS17.35x20.28x▲ 17%
Ad spend₹27.5 L₹29.4 L▲ 7%
AOV₹12,955₹13,410▲ 4%
New customers58.5%57.5%▼ 1.0pp
Cancellation rate9.3%8.2%▼ 1.1pp
RTO rate0.3%0.0%▼ 0.2pp
Objectives met
  • revenue +25% with ROAS +17%
  • ROAS +17% on revenue +25%
Brand 04Apparel & Fashion
SOH
Month 1Month 2
Revenue₹2.16 Cr₹2.82 Cr▲ 31%
Blended ROAS3.78x3.99x▲ 6%
Ad spend₹57.2 L₹70.7 L▲ 24%
AOV₹924₹945▲ 2%
New customers65.3%65.3%▼ 0.0pp
Cancellation rate0.6%0.2%▼ 0.4pp
RTO rate6.7%4.3%▼ 2.4pp
Objectives met
  • revenue +31% with ROAS +6%
Brand 05Jewellery & Watches
SOH
Month 1Month 2
Revenue₹1.20 Cr₹1.78 Cr▲ 49%
Blended ROAS6.36x7.72x▲ 21%
Ad spend₹18.8 L₹23.1 L▲ 23%
AOV₹44,664₹34,728▼ 22%
New customers66.0%67.6%▲ 1.6pp
Cancellation rate3.7%2.7%▼ 1.0pp
RTO rate14.9%7.6%▼ 7.3pp
Objectives met
  • revenue +49% with ROAS +21%
  • ROAS +21% on revenue +49%
Brand 06Apparel & Fashion
SOH
Month 1Month 2
Revenue₹94.6 L₹1.34 Cr▲ 41%
Blended ROAS5.58x6.85x▲ 23%
Ad spend₹17.0 L₹19.5 L▲ 15%
AOV₹2,761₹2,972▲ 8%
New customers51.6%51.0%▼ 0.6pp
Cancellation rate4.2%4.0%▼ 0.1pp
RTO rate1.2%0.6%▼ 0.6pp
Objectives met
  • revenue +41% with ROAS +23%
  • ROAS +23% on revenue +41%
Brand 07Health & Personal Care
SOH
Month 1Month 2
Revenue₹1.22 Cr₹1.24 Cr▲ 1%
Blended ROAS1.17x1.22x▲ 4%
Ad spend₹1.04 Cr₹1.01 Cr▼ 3%
AOV₹1,054₹1,021▼ 3%
New customers80.3%76.6%▼ 3.7pp
Cancellation rate12.2%13.2%▲ 1.0pp
RTO rate1.2%1.1%▼ 0.1pp
Objectives met
  • revenue +1% with ROAS +4%
  • held stable — revenue +1%, ROAS +4%
  • RTO rate -0.1pp
Brand 08Specialty Retail
SOH
Month 1Month 2
Revenue₹1.13 Cr₹1.22 Cr▲ 8%
Blended ROAS5.37x6.04x▲ 12%
Ad spend₹21.0 L₹20.2 L▼ 4%
AOV₹7,451₹8,235▲ 11%
New customers83.9%76.6%▼ 7.2pp
Cancellation rate0.5%2.8%▲ 2.2pp
RTO rate2.7%7.0%▲ 4.2pp
Objectives met
  • revenue +8% with ROAS +12%
  • ROAS +12% on revenue +8%
Brand 09Health & Personal Care
SOH
Month 1Month 2
Revenue₹75.0 L₹1.04 Cr▲ 38%
Blended ROAS3.74x6.80x▲ 82%
Ad spend₹20.0 L₹15.3 L▼ 24%
AOV₹1,921₹1,665▼ 13%
New customers96.3%73.4%▼ 22.9pp
Cancellation rate0.5%0.5%▲ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +38% with ROAS +82%
  • ROAS +82% on revenue +38%
Brand 10Apparel & Fashion
SOH
Month 1Month 2
Revenue₹89.5 L₹93.9 L▲ 5%
Blended ROAS3.31x3.39x▲ 2%
Ad spend₹27.1 L₹27.7 L▲ 2%
AOV₹2,008₹2,026▲ 1%
New customers62.2%51.2%▼ 11.0pp
Cancellation rate3.1%2.0%▼ 1.1pp
RTO rate12.0%13.1%▲ 1.1pp
Objectives met
  • revenue +5% with ROAS +2%
  • held stable — revenue +5%, ROAS +2%
  • AOV +1%
  • cancellation rate -1.1pp
Brand 11Apparel & Fashion
SOH
Month 1Month 2
Revenue₹74.6 L₹78.3 L▲ 5%
Blended ROAS4.47x4.59x▲ 3%
Ad spend₹16.7 L₹17.0 L▲ 2%
AOV₹2,228₹2,152▼ 3%
New customers60.2%65.4%▲ 5.3pp
Cancellation rate8.3%11.8%▲ 3.5pp
RTO rate3.7%2.6%▼ 1.2pp
Objectives met
  • revenue +5% with ROAS +3%
  • held stable — revenue +5%, ROAS +3%
  • new-customer share +5.3pp
  • RTO rate -1.2pp
Brand 12Health & Personal Care
SOH
Month 1Month 2
Revenue₹68.3 L₹71.0 L▲ 4%
Blended ROAS6.37x6.23x▼ 2%
Ad spend₹10.7 L₹11.4 L▲ 6%
AOV₹1,321₹1,330▲ 1%
New customers47.3%52.9%▲ 5.6pp
Cancellation rate0.1%0.0%▼ 0.1pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +4% with ROAS -2%
  • held stable — revenue +4%, ROAS -2%
  • AOV +1%
  • new-customer share +5.6pp
  • cancellation rate -0.1pp
Brand 13Home & Living
SOH
Month 1Month 2
Revenue₹35.2 L₹70.6 L▲ 101%
Blended ROAS9.23x11.08x▲ 20%
Ad spend₹3.8 L₹6.4 L▲ 67%
AOV₹1,889₹1,973▲ 4%
New customers77.6%77.2%▼ 0.4pp
Cancellation rate28.1%29.2%▲ 1.0pp
RTO rate8.2%4.6%▼ 3.6pp
Objectives met
  • revenue +101% with ROAS +20%
  • ROAS +20% on revenue +101%
Brand 14Food & Beverage
SOH
Month 1Month 2
Revenue₹57.8 L₹61.4 L▲ 6%
Blended ROAS3.96x4.04x▲ 2%
Ad spend₹14.6 L₹15.2 L▲ 4%
AOV₹1,138₹1,129▼ 1%
New customers91.5%94.6%▲ 3.0pp
Cancellation rate0.5%
RTO rate0.1%
Objectives met
  • revenue +6% with ROAS +2%
  • held stable — revenue +6%, ROAS +2%
  • new-customer share +3.0pp
Brand 15Health & Personal Care
SOH
Month 1Month 2
Revenue₹57.0 L₹57.5 L▲ 1%
Blended ROAS1.53x1.70x▲ 11%
Ad spend₹37.2 L₹33.8 L▼ 9%
AOV₹3,298₹3,287▼ 0%
New customers84.2%82.7%▼ 1.5pp
Cancellation rate20.6%22.2%▲ 1.6pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +1% with ROAS +11%
  • ROAS +11% on revenue +1%
Brand 16Jewellery & Watches
SOH
Month 1Month 2
Revenue₹23.3 L₹31.7 L▲ 36%
Blended ROAS4.71x4.97x▲ 6%
Ad spend₹4.9 L₹6.4 L▲ 29%
AOV₹4,823₹5,800▲ 20%
New customers94.0%87.2%▼ 6.8pp
Cancellation rate1.9%1.3%▼ 0.6pp
RTO rate0.2%0.7%▲ 0.5pp
Objectives met
  • revenue +36% with ROAS +6%
Brand 17Jewellery & Watches
SOH
Month 1Month 2
Revenue₹20.1 L₹27.4 L▲ 36%
Blended ROAS3.76x4.26x▲ 13%
Ad spend₹5.3 L₹6.4 L▲ 20%
AOV₹3,599₹3,758▲ 4%
New customers95.6%93.1%▼ 2.4pp
Cancellation rate2.3%2.5%▲ 0.1pp
RTO rate0.2%0.3%▲ 0.1pp
Objectives met
  • revenue +36% with ROAS +13%
  • ROAS +13% on revenue +36%
Brand 18Health & Personal Care
SOH
Month 1Month 2
Revenue₹10.6 L₹13.6 L▲ 28%
Blended ROAS2.31x2.38x▲ 3%
Ad spend₹4.6 L₹5.7 L▲ 24%
AOV₹1,135₹1,193▲ 5%
New customers55.6%59.5%▲ 3.9pp
Cancellation rate12.4%6.4%▼ 6.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +28% with ROAS +3%
Brand 19Health & Personal Care
SOH
Month 1Month 2
Revenue₹8.2 L₹11.2 L▲ 37%
Blended ROAS2.77x2.75x▼ 1%
Ad spend₹2.9 L₹4.1 L▲ 38%
AOV₹1,755₹1,652▼ 6%
New customers95.0%96.0%▲ 1.0pp
Cancellation rate0.9%8.0%▲ 7.1pp
RTO rate1.7%14.8%▲ 13.1pp
Objectives met
  • revenue +37% with ROAS -1%
Brand 20Specialty Retail
SOH
Month 1Month 2
Revenue₹6.3 L₹7.4 L▲ 17%
Blended ROAS5.25x6.45x▲ 23%
Ad spend₹1.2 L₹1.2 L▼ 5%
AOV₹1,083₹1,078▼ 0%
New customers89.1%84.2%▼ 4.9pp
Cancellation rate21.9%2.5%▼ 19.4pp
RTO rate19.0%20.0%▲ 1.0pp
Objectives met
  • revenue +17% with ROAS +23%
  • ROAS +23% on revenue +17%
Brand 21Jewellery & Watches
SOH
Month 1Month 2
Revenue₹1.6 L₹6.7 L▲ 309%
Blended ROAS1.14x1.14x▼ 1%
Ad spend₹1.4 L₹5.9 L▲ 312%
AOV₹2,083₹2,083▼ 0%
New customers64.6%64.1%▼ 0.5pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate3.8%2.2%▼ 1.6pp
Objectives met
  • revenue +309% with ROAS -1%
Brand 22Home & Living
SOH
Month 1Month 2
Revenue₹3.7 L₹3.7 L▲ 1%
Blended ROAS1.72x1.83x▲ 6%
Ad spend₹2.1 L₹2.0 L▼ 5%
AOV₹859₹885▲ 3%
New customers96.3%91.2%▼ 5.1pp
Cancellation rate0.2%0.2%▲ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +1% with ROAS +6%
  • held stable — revenue +1%, ROAS +6%
  • AOV +3%
Brand 23Food & Beverage
SOH
Month 1Month 2
Revenue₹10,947₹65,994▲ 503%
Blended ROAS0.12x0.50x▲ 328%
Ad spend₹94,365₹1.3 L▲ 41%
AOV₹1,564₹1,941▲ 24%
New customers97.9%90.0%▼ 7.9pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +503% with ROAS +328%
  • ROAS +328% on revenue +503%
B

Held steady, quality improved

5 brands

Met objective 3. Revenue and blended ROAS both stayed inside ±10% while at least one health metric moved the right way — growth was not traded for margin or fulfilment quality.

Brand 24Apparel & Fashion
SOH
Month 1Month 2
Revenue₹2.12 Cr₹1.97 Cr▼ 7%
Blended ROAS2.55x2.49x▼ 2%
Ad spend₹83.2 L₹79.2 L▼ 5%
AOV₹1,599₹1,705▲ 7%
New customers98.3%96.1%▼ 2.2pp
Cancellation rate0.2%0.8%▲ 0.6pp
RTO rate0.1%1.5%▲ 1.4pp
Objectives met
  • held stable — revenue -7%, ROAS -2%
  • AOV +7%
Brand 25Apparel & Fashion
SOH
Month 1Month 2
Revenue₹62.8 L₹58.1 L▼ 7%
Blended ROAS9.77x9.00x▼ 8%
Ad spend₹6.4 L₹6.5 L▲ 0%
AOV₹5,492₹5,812▲ 6%
New customers51.1%40.8%▼ 10.3pp
Cancellation rate0.6%0.9%▲ 0.3pp
RTO rate0.5%0.2%▼ 0.3pp
Objectives met
  • held stable — revenue -7%, ROAS -8%
  • AOV +6%
  • RTO rate -0.3pp
Brand 26Jewellery & Watches
SOH
Month 1Month 2
Revenue₹42.4 L₹38.7 L▼ 9%
Blended ROAS3.61x3.40x▼ 6%
Ad spend₹11.8 L₹11.4 L▼ 3%
AOV₹2,415₹2,637▲ 9%
New customers76.8%71.8%▼ 5.1pp
Cancellation rate0.4%0.2%▼ 0.2pp
RTO rate18.7%15.0%▼ 3.6pp
Objectives met
  • held stable — revenue -9%, ROAS -6%
  • AOV +9%
  • cancellation rate -0.2pp
  • RTO rate -3.6pp
Brand 27Food & Beverage
SOH
Month 1Month 2
Revenue₹27.7 L₹27.0 L▼ 3%
Blended ROAS3.63x3.35x▼ 8%
Ad spend₹7.6 L₹8.1 L▲ 5%
AOV₹1,246₹1,235▼ 1%
New customers96.1%96.9%▲ 0.8pp
Cancellation rate1.1%
RTO rate2.0%
Objectives met
  • held stable — revenue -3%, ROAS -8%
  • new-customer share +0.8pp
Brand 28Home & Living
SOH
Month 1Month 2
Revenue₹18.6 L₹17.7 L▼ 5%
Blended ROAS3.95x3.60x▼ 9%
Ad spend₹4.7 L₹4.9 L▲ 4%
AOV₹7,618₹8,100▲ 6%
New customers70.9%68.8%▼ 2.1pp
Cancellation rate11.1%9.6%▼ 1.4pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • held stable — revenue -5%, ROAS -9%
  • AOV +6%
  • cancellation rate -1.4pp
C

No objective met

10 brands

Did not clear any of the three thresholds in month 2. Each card states what held it back.

Brand 29Apparel & Fashion
SOH
Month 1Month 2
Revenue₹4.38 Cr₹3.71 Cr▼ 15%
Blended ROAS4.32x3.81x▼ 12%
Ad spend₹1.02 Cr₹97.5 L▼ 4%
AOV₹4,614₹4,532▼ 2%
New customers72.3%52.7%▼ 19.6pp
Cancellation rate4.7%8.6%▲ 3.9pp
RTO rate2.6%0.5%▼ 2.0pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: RTO rate -2.0pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 30Apparel & Fashion
SOH
Month 1Month 2
Revenue₹80.6 L₹70.3 L▼ 13%
Blended ROAS9.54x7.80x▼ 18%
Ad spend₹8.4 L₹9.0 L▲ 7%
AOV₹2,631₹2,507▼ 5%
New customers87.8%81.2%▼ 6.6pp
Cancellation rate0.4%0.2%▼ 0.2pp
RTO rate2.4%1.0%▼ 1.4pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: cancellation rate -0.2pp, RTO rate -1.4pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 31Apparel & Fashion
SOH
Month 1Month 2
Revenue₹77.6 L₹59.2 L▼ 24%
Blended ROAS4.07x3.37x▼ 17%
Ad spend₹19.1 L₹17.6 L▼ 8%
AOV₹1,658₹1,677▲ 1%
New customers91.0%91.1%▲ 0.1pp
Cancellation rate0.2%6.1%▲ 5.9pp
RTO rate0.5%
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: AOV +1%, new-customer share +0.1pp.

Brand 32Apparel & Fashion
SOH
Month 1Month 2
Revenue₹95.7 L₹53.5 L▼ 44%
Blended ROAS4.19x5.31x▲ 27%
Ad spend₹22.9 L₹10.1 L▼ 56%
AOV₹2,526₹2,601▲ 3%
New customers74.1%72.3%▼ 1.8pp
Cancellation rate37.1%31.4%▼ 5.7pp
RTO rate8.8%9.0%▲ 0.2pp
What held it back

Media spend was pulled back and revenue followed it down, so the ROAS gain came from a smaller base rather than from better efficiency.

Health metrics that did improve: AOV +3%, cancellation rate -5.7pp.

Brand 33Jewellery & Watches
SOH
Month 1Month 2
Revenue₹73.9 L₹50.4 L▼ 32%
Blended ROAS8.13x7.91x▼ 3%
Ad spend₹9.1 L₹6.4 L▼ 30%
AOV₹1,855₹1,804▼ 3%
New customers74.9%76.8%▲ 1.9pp
Cancellation rate4.1%3.9%▼ 0.2pp
RTO rate0.7%0.0%▼ 0.7pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: new-customer share +1.9pp, cancellation rate -0.2pp, RTO rate -0.7pp.

Brand 34Health & Personal Care
SOH
Month 1Month 2
Revenue₹48.7 L₹46.3 L▼ 5%
Blended ROAS2.64x2.32x▼ 12%
Ad spend₹18.4 L₹20.0 L▲ 8%
AOV₹1,470₹1,447▼ 2%
New customers94.9%66.0%▼ 29.0pp
Cancellation rate24.3%16.6%▼ 7.7pp
RTO rate2.7%5.2%▲ 2.4pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: cancellation rate -7.7pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 35Health & Personal Care
SOH
Month 1Month 2
Revenue₹17.8 L₹18.3 L▲ 3%
Blended ROAS2.65x2.23x▼ 16%
Ad spend₹6.7 L₹8.2 L▲ 22%
AOV₹2,489₹2,143▼ 14%
New customers69.6%68.2%▼ 1.4pp
Cancellation rate0.3%0.1%▼ 0.2pp
RTO rate4.9%2.7%▼ 2.2pp
What held it back

Revenue grew, but efficiency fell further than objective 1 allows.

Health metrics that did improve: cancellation rate -0.2pp, RTO rate -2.2pp.

Close to objective 1 — ROAS -16% against a −15% floor.

Brand 36Apparel & Fashion
SOH
Month 1Month 2
Revenue₹24.3 L₹18.0 L▼ 26%
Blended ROAS1.09x1.02x▼ 7%
Ad spend₹22.2 L₹17.6 L▼ 21%
AOV₹3,521₹3,130▼ 11%
New customers72.5%61.3%▼ 11.1pp
Cancellation rate6.1%7.3%▲ 1.2pp
RTO rate1.2%0.7%▼ 0.5pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: RTO rate -0.5pp.

Brand 37Specialty Retail
SOH
Month 1Month 2
Revenue₹7.8 L₹8.6 L▲ 10%
Blended ROAS3.65x3.07x▼ 16%
Ad spend₹2.1 L₹2.8 L▲ 30%
AOV₹1,243₹1,627▲ 31%
New customers73.7%75.0%▲ 1.3pp
Cancellation rate6.0%6.1%▲ 0.0pp
RTO rate1.3%1.9%▲ 0.6pp
What held it back

Revenue grew, but efficiency fell further than objective 1 allows.

Health metrics that did improve: AOV +31%, new-customer share +1.3pp.

Close to objective 1 — ROAS -16% against a −15% floor.

Brand 38Apparel & Fashion
SOH
Month 1Month 2
Revenue₹3.7 L₹3.5 L▼ 4%
Blended ROAS3.14x3.42x▲ 9%
Ad spend₹1.2 L₹1.0 L▼ 12%
AOV₹1,761₹1,715▼ 3%
New customers98.1%97.1%▼ 1.0pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
What held it back

Revenue and ROAS both held, but no health metric improved.

Close to objective 2 — ROAS +9% against a +10% bar.

Method and limits

how to argue with this

Windows

Month 1 runs from a brand's onboarding date to day 29; month 2 runs day 30 to day 59. Windows are anchored to each brand's own onboarding date, so they do not align to calendar months and no two brands share a window. That removes seasonality as a shared confounder but means a festive period lands inside different windows for different brands. Every brand is compared only against itself.

How each objective was tested

  • Scaled. Revenue up on month 1, with blended ROAS no more than 15% below month 1. A tighter 10% floor would qualify 23 brands rather than 23.
  • Optimised. Blended ROAS up 10% or more, with revenue no more than 10% below month 1. The revenue condition is what separates optimising from retreating: a brand that halves its media spend and loses 40% of its revenue posts a higher ROAS without having optimised anything, and does not qualify here.
  • Health, held stable. At least one of AOV up, new-customer share up, cancellation rate down or RTO rate down, with revenue and ROAS both inside ±10%. Cancellations and RTO are measured as rates, not counts, so a brand cannot qualify by simply selling less. The ±10% band is deliberate: at ±5% only 4 brands clear it and all of them already qualify on another objective, which would make the third test redundant.

Definitions and data

Figures come from each brand's own BooleanMaths account via get_dashboard_metrics. Revenue is gross booked revenue including cancelled and RTO orders, so revenue, orders, AOV and RTO rate share a single denominator and RTO is reported as visible leakage rather than netted away silently. Blended ROAS is total revenue over total ad spend across all channels. Attribution is linear touch at order time on stitched journeys, with Asia/Kolkata day boundaries. All figures are in Indian rupees and no currency conversion is applied anywhere in this study.

Limits worth stating

  • Zero RTO generally means no shipping integration rather than flawless delivery. Where that is the case the RTO signal is silent, not positive, and the brand can only qualify on another health metric.
  • 3 brands have no month 1 cancellation or RTO baseline to compare against. Those cells are shown as unavailable rather than assumed to be zero.
  • Percentage growth off a very small base overstates the result. Two brands in the scaled group grew from under 100 orders in month 1. Both qualify on the stated test, but the percentage is not comparable to a brand transacting thousands of orders a month.
  • New-customer share fell across most of the cohort between the two windows as repeat purchasing began to compound. That flatters month 1 blended ROAS and makes some efficiency gains look smaller than they are. A new-customer ROAS cut would separate genuine efficiency movement from a shift in customer mix.
  • This measures correlation over a brand's first two months on the platform, not causation. Onboarding coincides with other changes inside a business, and no counterfactual is available.
Brand names withheld and replaced with sequential identifiers. Figures drawn from participating brands' BooleanMaths accounts. · Cohort study, July 2026

Activate your Marketing Data with BooleanMaths

Background

Activate your Marketing Data with BooleanMaths

Background

BooleanMaths · cohort study

What happens in a brand's second month?

A study of 38 direct-to-consumer brands spanning 6 retail categories, onboarded to BooleanMaths within a single cohort. Each brand is measured against itself: its first 30 days on the platform, then its next 30. The question is whether the second month was better than the first — and if so, in which of three ways.

38 brands6 retail categories 2 consecutive 30-day windows per brand windows anchored to onboarding date

The headline

summary
28of 38

brands met at least one growth objective in month 2 — 74% of the cohort. A brand only counts if it did so without quietly giving something up elsewhere, which is what the three definitions below are for.

How a brand qualifies

SScaled
Revenue grew, and blended ROAS stayed within 15% of month 1. Growth that did not cost efficiency.
OOptimised
Blended ROAS improved by 10% or more while revenue held within 10%. Efficiency gained without surrendering volume.
HHealth, held stable
At least one of AOV, new-customer share, cancellation rate or RTO rate improved, with revenue and ROAS both inside ±10%. Quality gained without trading away the top line.
23Scaled
of 38

Grew revenue while holding efficiency. The largest group, and the one that carries the cohort's absolute growth.

10Optimised
of 38

Recovered efficiency without losing volume. Nearly all of these also scaled — the two are not alternatives in practice.

11Health, held stable
of 38

Improved a quality metric from a stable base. For 5 brands this was the only objective met, and it is the one a top-line-only report would miss.

The three groups overlap. 10 brands met both objective 1 and objective 2, and 0 met all three, so the counts sum to more than 28.

Cohort revenue, month 1
₹33.80 Cr
rising to ₹46.30 Cr in month 2
Cohort revenue change
+37.0%
across all 38 brands
Cohort blended ROAS
3.94x → 4.07x
efficiency held while spend rose +33%
Brands meeting an objective
74%
23 on commercial objectives, 5 on stability

Brand by brand

38 brands, grouped by result
S Scaled O Optimised H Health, held stable S not met ▲ favourable   ▼ adverse
A

Scaled or optimised

23 brands

Met objective 1 or objective 2. Revenue grew without giving up efficiency, or efficiency improved without giving up revenue.

Brand 01Apparel & Fashion
SOH
Month 1Month 2
Revenue₹1.42 Cr₹8.68 Cr▲ 512%
Blended ROAS3.46x3.48x▲ 1%
Ad spend₹41.0 L₹2.49 Cr▲ 508%
AOV₹1,327₹1,248▼ 6%
New customers98.0%92.2%▼ 5.8pp
Cancellation rate0.8%0.7%▼ 0.1pp
RTO rate0.3%0.2%▼ 0.1pp
Objectives met
  • revenue +512% with ROAS +1%
Brand 02Home & Living
SOH
Month 1Month 2
Revenue₹3.32 Cr₹6.50 Cr▲ 96%
Blended ROAS3.58x3.94x▲ 10%
Ad spend₹92.6 L₹1.65 Cr▲ 78%
AOV₹4,229₹4,762▲ 13%
New customers98.5%98.4%▼ 0.1pp
Cancellation rate0.2%4.9%▲ 4.7pp
RTO rate4.7%5.6%▲ 0.9pp
Objectives met
  • revenue +96% with ROAS +10%
Brand 03Specialty Retail
SOH
Month 1Month 2
Revenue₹4.78 Cr₹5.95 Cr▲ 25%
Blended ROAS17.35x20.28x▲ 17%
Ad spend₹27.5 L₹29.4 L▲ 7%
AOV₹12,955₹13,410▲ 4%
New customers58.5%57.5%▼ 1.0pp
Cancellation rate9.3%8.2%▼ 1.1pp
RTO rate0.3%0.0%▼ 0.2pp
Objectives met
  • revenue +25% with ROAS +17%
  • ROAS +17% on revenue +25%
Brand 04Apparel & Fashion
SOH
Month 1Month 2
Revenue₹2.16 Cr₹2.82 Cr▲ 31%
Blended ROAS3.78x3.99x▲ 6%
Ad spend₹57.2 L₹70.7 L▲ 24%
AOV₹924₹945▲ 2%
New customers65.3%65.3%▼ 0.0pp
Cancellation rate0.6%0.2%▼ 0.4pp
RTO rate6.7%4.3%▼ 2.4pp
Objectives met
  • revenue +31% with ROAS +6%
Brand 05Jewellery & Watches
SOH
Month 1Month 2
Revenue₹1.20 Cr₹1.78 Cr▲ 49%
Blended ROAS6.36x7.72x▲ 21%
Ad spend₹18.8 L₹23.1 L▲ 23%
AOV₹44,664₹34,728▼ 22%
New customers66.0%67.6%▲ 1.6pp
Cancellation rate3.7%2.7%▼ 1.0pp
RTO rate14.9%7.6%▼ 7.3pp
Objectives met
  • revenue +49% with ROAS +21%
  • ROAS +21% on revenue +49%
Brand 06Apparel & Fashion
SOH
Month 1Month 2
Revenue₹94.6 L₹1.34 Cr▲ 41%
Blended ROAS5.58x6.85x▲ 23%
Ad spend₹17.0 L₹19.5 L▲ 15%
AOV₹2,761₹2,972▲ 8%
New customers51.6%51.0%▼ 0.6pp
Cancellation rate4.2%4.0%▼ 0.1pp
RTO rate1.2%0.6%▼ 0.6pp
Objectives met
  • revenue +41% with ROAS +23%
  • ROAS +23% on revenue +41%
Brand 07Health & Personal Care
SOH
Month 1Month 2
Revenue₹1.22 Cr₹1.24 Cr▲ 1%
Blended ROAS1.17x1.22x▲ 4%
Ad spend₹1.04 Cr₹1.01 Cr▼ 3%
AOV₹1,054₹1,021▼ 3%
New customers80.3%76.6%▼ 3.7pp
Cancellation rate12.2%13.2%▲ 1.0pp
RTO rate1.2%1.1%▼ 0.1pp
Objectives met
  • revenue +1% with ROAS +4%
  • held stable — revenue +1%, ROAS +4%
  • RTO rate -0.1pp
Brand 08Specialty Retail
SOH
Month 1Month 2
Revenue₹1.13 Cr₹1.22 Cr▲ 8%
Blended ROAS5.37x6.04x▲ 12%
Ad spend₹21.0 L₹20.2 L▼ 4%
AOV₹7,451₹8,235▲ 11%
New customers83.9%76.6%▼ 7.2pp
Cancellation rate0.5%2.8%▲ 2.2pp
RTO rate2.7%7.0%▲ 4.2pp
Objectives met
  • revenue +8% with ROAS +12%
  • ROAS +12% on revenue +8%
Brand 09Health & Personal Care
SOH
Month 1Month 2
Revenue₹75.0 L₹1.04 Cr▲ 38%
Blended ROAS3.74x6.80x▲ 82%
Ad spend₹20.0 L₹15.3 L▼ 24%
AOV₹1,921₹1,665▼ 13%
New customers96.3%73.4%▼ 22.9pp
Cancellation rate0.5%0.5%▲ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +38% with ROAS +82%
  • ROAS +82% on revenue +38%
Brand 10Apparel & Fashion
SOH
Month 1Month 2
Revenue₹89.5 L₹93.9 L▲ 5%
Blended ROAS3.31x3.39x▲ 2%
Ad spend₹27.1 L₹27.7 L▲ 2%
AOV₹2,008₹2,026▲ 1%
New customers62.2%51.2%▼ 11.0pp
Cancellation rate3.1%2.0%▼ 1.1pp
RTO rate12.0%13.1%▲ 1.1pp
Objectives met
  • revenue +5% with ROAS +2%
  • held stable — revenue +5%, ROAS +2%
  • AOV +1%
  • cancellation rate -1.1pp
Brand 11Apparel & Fashion
SOH
Month 1Month 2
Revenue₹74.6 L₹78.3 L▲ 5%
Blended ROAS4.47x4.59x▲ 3%
Ad spend₹16.7 L₹17.0 L▲ 2%
AOV₹2,228₹2,152▼ 3%
New customers60.2%65.4%▲ 5.3pp
Cancellation rate8.3%11.8%▲ 3.5pp
RTO rate3.7%2.6%▼ 1.2pp
Objectives met
  • revenue +5% with ROAS +3%
  • held stable — revenue +5%, ROAS +3%
  • new-customer share +5.3pp
  • RTO rate -1.2pp
Brand 12Health & Personal Care
SOH
Month 1Month 2
Revenue₹68.3 L₹71.0 L▲ 4%
Blended ROAS6.37x6.23x▼ 2%
Ad spend₹10.7 L₹11.4 L▲ 6%
AOV₹1,321₹1,330▲ 1%
New customers47.3%52.9%▲ 5.6pp
Cancellation rate0.1%0.0%▼ 0.1pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +4% with ROAS -2%
  • held stable — revenue +4%, ROAS -2%
  • AOV +1%
  • new-customer share +5.6pp
  • cancellation rate -0.1pp
Brand 13Home & Living
SOH
Month 1Month 2
Revenue₹35.2 L₹70.6 L▲ 101%
Blended ROAS9.23x11.08x▲ 20%
Ad spend₹3.8 L₹6.4 L▲ 67%
AOV₹1,889₹1,973▲ 4%
New customers77.6%77.2%▼ 0.4pp
Cancellation rate28.1%29.2%▲ 1.0pp
RTO rate8.2%4.6%▼ 3.6pp
Objectives met
  • revenue +101% with ROAS +20%
  • ROAS +20% on revenue +101%
Brand 14Food & Beverage
SOH
Month 1Month 2
Revenue₹57.8 L₹61.4 L▲ 6%
Blended ROAS3.96x4.04x▲ 2%
Ad spend₹14.6 L₹15.2 L▲ 4%
AOV₹1,138₹1,129▼ 1%
New customers91.5%94.6%▲ 3.0pp
Cancellation rate0.5%
RTO rate0.1%
Objectives met
  • revenue +6% with ROAS +2%
  • held stable — revenue +6%, ROAS +2%
  • new-customer share +3.0pp
Brand 15Health & Personal Care
SOH
Month 1Month 2
Revenue₹57.0 L₹57.5 L▲ 1%
Blended ROAS1.53x1.70x▲ 11%
Ad spend₹37.2 L₹33.8 L▼ 9%
AOV₹3,298₹3,287▼ 0%
New customers84.2%82.7%▼ 1.5pp
Cancellation rate20.6%22.2%▲ 1.6pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +1% with ROAS +11%
  • ROAS +11% on revenue +1%
Brand 16Jewellery & Watches
SOH
Month 1Month 2
Revenue₹23.3 L₹31.7 L▲ 36%
Blended ROAS4.71x4.97x▲ 6%
Ad spend₹4.9 L₹6.4 L▲ 29%
AOV₹4,823₹5,800▲ 20%
New customers94.0%87.2%▼ 6.8pp
Cancellation rate1.9%1.3%▼ 0.6pp
RTO rate0.2%0.7%▲ 0.5pp
Objectives met
  • revenue +36% with ROAS +6%
Brand 17Jewellery & Watches
SOH
Month 1Month 2
Revenue₹20.1 L₹27.4 L▲ 36%
Blended ROAS3.76x4.26x▲ 13%
Ad spend₹5.3 L₹6.4 L▲ 20%
AOV₹3,599₹3,758▲ 4%
New customers95.6%93.1%▼ 2.4pp
Cancellation rate2.3%2.5%▲ 0.1pp
RTO rate0.2%0.3%▲ 0.1pp
Objectives met
  • revenue +36% with ROAS +13%
  • ROAS +13% on revenue +36%
Brand 18Health & Personal Care
SOH
Month 1Month 2
Revenue₹10.6 L₹13.6 L▲ 28%
Blended ROAS2.31x2.38x▲ 3%
Ad spend₹4.6 L₹5.7 L▲ 24%
AOV₹1,135₹1,193▲ 5%
New customers55.6%59.5%▲ 3.9pp
Cancellation rate12.4%6.4%▼ 6.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +28% with ROAS +3%
Brand 19Health & Personal Care
SOH
Month 1Month 2
Revenue₹8.2 L₹11.2 L▲ 37%
Blended ROAS2.77x2.75x▼ 1%
Ad spend₹2.9 L₹4.1 L▲ 38%
AOV₹1,755₹1,652▼ 6%
New customers95.0%96.0%▲ 1.0pp
Cancellation rate0.9%8.0%▲ 7.1pp
RTO rate1.7%14.8%▲ 13.1pp
Objectives met
  • revenue +37% with ROAS -1%
Brand 20Specialty Retail
SOH
Month 1Month 2
Revenue₹6.3 L₹7.4 L▲ 17%
Blended ROAS5.25x6.45x▲ 23%
Ad spend₹1.2 L₹1.2 L▼ 5%
AOV₹1,083₹1,078▼ 0%
New customers89.1%84.2%▼ 4.9pp
Cancellation rate21.9%2.5%▼ 19.4pp
RTO rate19.0%20.0%▲ 1.0pp
Objectives met
  • revenue +17% with ROAS +23%
  • ROAS +23% on revenue +17%
Brand 21Jewellery & Watches
SOH
Month 1Month 2
Revenue₹1.6 L₹6.7 L▲ 309%
Blended ROAS1.14x1.14x▼ 1%
Ad spend₹1.4 L₹5.9 L▲ 312%
AOV₹2,083₹2,083▼ 0%
New customers64.6%64.1%▼ 0.5pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate3.8%2.2%▼ 1.6pp
Objectives met
  • revenue +309% with ROAS -1%
Brand 22Home & Living
SOH
Month 1Month 2
Revenue₹3.7 L₹3.7 L▲ 1%
Blended ROAS1.72x1.83x▲ 6%
Ad spend₹2.1 L₹2.0 L▼ 5%
AOV₹859₹885▲ 3%
New customers96.3%91.2%▼ 5.1pp
Cancellation rate0.2%0.2%▲ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +1% with ROAS +6%
  • held stable — revenue +1%, ROAS +6%
  • AOV +3%
Brand 23Food & Beverage
SOH
Month 1Month 2
Revenue₹10,947₹65,994▲ 503%
Blended ROAS0.12x0.50x▲ 328%
Ad spend₹94,365₹1.3 L▲ 41%
AOV₹1,564₹1,941▲ 24%
New customers97.9%90.0%▼ 7.9pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • revenue +503% with ROAS +328%
  • ROAS +328% on revenue +503%
B

Held steady, quality improved

5 brands

Met objective 3. Revenue and blended ROAS both stayed inside ±10% while at least one health metric moved the right way — growth was not traded for margin or fulfilment quality.

Brand 24Apparel & Fashion
SOH
Month 1Month 2
Revenue₹2.12 Cr₹1.97 Cr▼ 7%
Blended ROAS2.55x2.49x▼ 2%
Ad spend₹83.2 L₹79.2 L▼ 5%
AOV₹1,599₹1,705▲ 7%
New customers98.3%96.1%▼ 2.2pp
Cancellation rate0.2%0.8%▲ 0.6pp
RTO rate0.1%1.5%▲ 1.4pp
Objectives met
  • held stable — revenue -7%, ROAS -2%
  • AOV +7%
Brand 25Apparel & Fashion
SOH
Month 1Month 2
Revenue₹62.8 L₹58.1 L▼ 7%
Blended ROAS9.77x9.00x▼ 8%
Ad spend₹6.4 L₹6.5 L▲ 0%
AOV₹5,492₹5,812▲ 6%
New customers51.1%40.8%▼ 10.3pp
Cancellation rate0.6%0.9%▲ 0.3pp
RTO rate0.5%0.2%▼ 0.3pp
Objectives met
  • held stable — revenue -7%, ROAS -8%
  • AOV +6%
  • RTO rate -0.3pp
Brand 26Jewellery & Watches
SOH
Month 1Month 2
Revenue₹42.4 L₹38.7 L▼ 9%
Blended ROAS3.61x3.40x▼ 6%
Ad spend₹11.8 L₹11.4 L▼ 3%
AOV₹2,415₹2,637▲ 9%
New customers76.8%71.8%▼ 5.1pp
Cancellation rate0.4%0.2%▼ 0.2pp
RTO rate18.7%15.0%▼ 3.6pp
Objectives met
  • held stable — revenue -9%, ROAS -6%
  • AOV +9%
  • cancellation rate -0.2pp
  • RTO rate -3.6pp
Brand 27Food & Beverage
SOH
Month 1Month 2
Revenue₹27.7 L₹27.0 L▼ 3%
Blended ROAS3.63x3.35x▼ 8%
Ad spend₹7.6 L₹8.1 L▲ 5%
AOV₹1,246₹1,235▼ 1%
New customers96.1%96.9%▲ 0.8pp
Cancellation rate1.1%
RTO rate2.0%
Objectives met
  • held stable — revenue -3%, ROAS -8%
  • new-customer share +0.8pp
Brand 28Home & Living
SOH
Month 1Month 2
Revenue₹18.6 L₹17.7 L▼ 5%
Blended ROAS3.95x3.60x▼ 9%
Ad spend₹4.7 L₹4.9 L▲ 4%
AOV₹7,618₹8,100▲ 6%
New customers70.9%68.8%▼ 2.1pp
Cancellation rate11.1%9.6%▼ 1.4pp
RTO rate0.0%0.0%▬ 0.0pp
Objectives met
  • held stable — revenue -5%, ROAS -9%
  • AOV +6%
  • cancellation rate -1.4pp
C

No objective met

10 brands

Did not clear any of the three thresholds in month 2. Each card states what held it back.

Brand 29Apparel & Fashion
SOH
Month 1Month 2
Revenue₹4.38 Cr₹3.71 Cr▼ 15%
Blended ROAS4.32x3.81x▼ 12%
Ad spend₹1.02 Cr₹97.5 L▼ 4%
AOV₹4,614₹4,532▼ 2%
New customers72.3%52.7%▼ 19.6pp
Cancellation rate4.7%8.6%▲ 3.9pp
RTO rate2.6%0.5%▼ 2.0pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: RTO rate -2.0pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 30Apparel & Fashion
SOH
Month 1Month 2
Revenue₹80.6 L₹70.3 L▼ 13%
Blended ROAS9.54x7.80x▼ 18%
Ad spend₹8.4 L₹9.0 L▲ 7%
AOV₹2,631₹2,507▼ 5%
New customers87.8%81.2%▼ 6.6pp
Cancellation rate0.4%0.2%▼ 0.2pp
RTO rate2.4%1.0%▼ 1.4pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: cancellation rate -0.2pp, RTO rate -1.4pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 31Apparel & Fashion
SOH
Month 1Month 2
Revenue₹77.6 L₹59.2 L▼ 24%
Blended ROAS4.07x3.37x▼ 17%
Ad spend₹19.1 L₹17.6 L▼ 8%
AOV₹1,658₹1,677▲ 1%
New customers91.0%91.1%▲ 0.1pp
Cancellation rate0.2%6.1%▲ 5.9pp
RTO rate0.5%
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: AOV +1%, new-customer share +0.1pp.

Brand 32Apparel & Fashion
SOH
Month 1Month 2
Revenue₹95.7 L₹53.5 L▼ 44%
Blended ROAS4.19x5.31x▲ 27%
Ad spend₹22.9 L₹10.1 L▼ 56%
AOV₹2,526₹2,601▲ 3%
New customers74.1%72.3%▼ 1.8pp
Cancellation rate37.1%31.4%▼ 5.7pp
RTO rate8.8%9.0%▲ 0.2pp
What held it back

Media spend was pulled back and revenue followed it down, so the ROAS gain came from a smaller base rather than from better efficiency.

Health metrics that did improve: AOV +3%, cancellation rate -5.7pp.

Brand 33Jewellery & Watches
SOH
Month 1Month 2
Revenue₹73.9 L₹50.4 L▼ 32%
Blended ROAS8.13x7.91x▼ 3%
Ad spend₹9.1 L₹6.4 L▼ 30%
AOV₹1,855₹1,804▼ 3%
New customers74.9%76.8%▲ 1.9pp
Cancellation rate4.1%3.9%▼ 0.2pp
RTO rate0.7%0.0%▼ 0.7pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: new-customer share +1.9pp, cancellation rate -0.2pp, RTO rate -0.7pp.

Brand 34Health & Personal Care
SOH
Month 1Month 2
Revenue₹48.7 L₹46.3 L▼ 5%
Blended ROAS2.64x2.32x▼ 12%
Ad spend₹18.4 L₹20.0 L▲ 8%
AOV₹1,470₹1,447▼ 2%
New customers94.9%66.0%▼ 29.0pp
Cancellation rate24.3%16.6%▼ 7.7pp
RTO rate2.7%5.2%▲ 2.4pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: cancellation rate -7.7pp.

Close to objective 3 — health improved, with stability just outside ±10%.

Brand 35Health & Personal Care
SOH
Month 1Month 2
Revenue₹17.8 L₹18.3 L▲ 3%
Blended ROAS2.65x2.23x▼ 16%
Ad spend₹6.7 L₹8.2 L▲ 22%
AOV₹2,489₹2,143▼ 14%
New customers69.6%68.2%▼ 1.4pp
Cancellation rate0.3%0.1%▼ 0.2pp
RTO rate4.9%2.7%▼ 2.2pp
What held it back

Revenue grew, but efficiency fell further than objective 1 allows.

Health metrics that did improve: cancellation rate -0.2pp, RTO rate -2.2pp.

Close to objective 1 — ROAS -16% against a −15% floor.

Brand 36Apparel & Fashion
SOH
Month 1Month 2
Revenue₹24.3 L₹18.0 L▼ 26%
Blended ROAS1.09x1.02x▼ 7%
Ad spend₹22.2 L₹17.6 L▼ 21%
AOV₹3,521₹3,130▼ 11%
New customers72.5%61.3%▼ 11.1pp
Cancellation rate6.1%7.3%▲ 1.2pp
RTO rate1.2%0.7%▼ 0.5pp
What held it back

Revenue and blended ROAS both moved down.

Health metrics that did improve: RTO rate -0.5pp.

Brand 37Specialty Retail
SOH
Month 1Month 2
Revenue₹7.8 L₹8.6 L▲ 10%
Blended ROAS3.65x3.07x▼ 16%
Ad spend₹2.1 L₹2.8 L▲ 30%
AOV₹1,243₹1,627▲ 31%
New customers73.7%75.0%▲ 1.3pp
Cancellation rate6.0%6.1%▲ 0.0pp
RTO rate1.3%1.9%▲ 0.6pp
What held it back

Revenue grew, but efficiency fell further than objective 1 allows.

Health metrics that did improve: AOV +31%, new-customer share +1.3pp.

Close to objective 1 — ROAS -16% against a −15% floor.

Brand 38Apparel & Fashion
SOH
Month 1Month 2
Revenue₹3.7 L₹3.5 L▼ 4%
Blended ROAS3.14x3.42x▲ 9%
Ad spend₹1.2 L₹1.0 L▼ 12%
AOV₹1,761₹1,715▼ 3%
New customers98.1%97.1%▼ 1.0pp
Cancellation rate0.0%0.0%▬ 0.0pp
RTO rate0.0%0.0%▬ 0.0pp
What held it back

Revenue and ROAS both held, but no health metric improved.

Close to objective 2 — ROAS +9% against a +10% bar.

Method and limits

how to argue with this

Windows

Month 1 runs from a brand's onboarding date to day 29; month 2 runs day 30 to day 59. Windows are anchored to each brand's own onboarding date, so they do not align to calendar months and no two brands share a window. That removes seasonality as a shared confounder but means a festive period lands inside different windows for different brands. Every brand is compared only against itself.

How each objective was tested

  • Scaled. Revenue up on month 1, with blended ROAS no more than 15% below month 1. A tighter 10% floor would qualify 23 brands rather than 23.
  • Optimised. Blended ROAS up 10% or more, with revenue no more than 10% below month 1. The revenue condition is what separates optimising from retreating: a brand that halves its media spend and loses 40% of its revenue posts a higher ROAS without having optimised anything, and does not qualify here.
  • Health, held stable. At least one of AOV up, new-customer share up, cancellation rate down or RTO rate down, with revenue and ROAS both inside ±10%. Cancellations and RTO are measured as rates, not counts, so a brand cannot qualify by simply selling less. The ±10% band is deliberate: at ±5% only 4 brands clear it and all of them already qualify on another objective, which would make the third test redundant.

Definitions and data

Figures come from each brand's own BooleanMaths account via get_dashboard_metrics. Revenue is gross booked revenue including cancelled and RTO orders, so revenue, orders, AOV and RTO rate share a single denominator and RTO is reported as visible leakage rather than netted away silently. Blended ROAS is total revenue over total ad spend across all channels. Attribution is linear touch at order time on stitched journeys, with Asia/Kolkata day boundaries. All figures are in Indian rupees and no currency conversion is applied anywhere in this study.

Limits worth stating

  • Zero RTO generally means no shipping integration rather than flawless delivery. Where that is the case the RTO signal is silent, not positive, and the brand can only qualify on another health metric.
  • 3 brands have no month 1 cancellation or RTO baseline to compare against. Those cells are shown as unavailable rather than assumed to be zero.
  • Percentage growth off a very small base overstates the result. Two brands in the scaled group grew from under 100 orders in month 1. Both qualify on the stated test, but the percentage is not comparable to a brand transacting thousands of orders a month.
  • New-customer share fell across most of the cohort between the two windows as repeat purchasing began to compound. That flatters month 1 blended ROAS and makes some efficiency gains look smaller than they are. A new-customer ROAS cut would separate genuine efficiency movement from a shift in customer mix.
  • This measures correlation over a brand's first two months on the platform, not causation. Onboarding coincides with other changes inside a business, and no counterfactual is available.
Brand names withheld and replaced with sequential identifiers. Figures drawn from participating brands' BooleanMaths accounts. · Cohort study, July 2026

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