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 35 direct-to-consumer brands 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.

35 brands 2 consecutive 30-day windows per brand windows anchored to onboarding date all figures anonymised

The headline

summary
28of 35

brands met at least one growth objective in month 2 — 80% 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 35

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

10Optimised
of 35

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

11Health, held stable
of 35

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
₹32.73 Cr
rising to ₹45.64 Cr in month 2
Cohort revenue change
+39.5%
across all 35 brands
Cohort blended ROAS
3.93x → 4.06x
efficiency held while spend rose +35%
Brands meeting an objective
80%
23 on commercial objectives, 5 on stability

Brand by brand

35 brands, grouped by result

Revenue, ad spend and AOV are shown as indices with each brand's own month 1 set to 100, so month 2 reads as movement rather than as a rupee figure. Blended ROAS and the three rate metrics are shown as measured. Every objective is tested on change, so nothing is lost by indexing.

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 01SOH
Month 1Month 2
Revenue index100612▲ 512%
Blended ROAS3.46x3.48x▲ 1%
Ad spend index100608▲ 508%
AOV index10094▼ 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 02SOH
Month 1Month 2
Revenue index100196▲ 96%
Blended ROAS3.58x3.94x▲ 10%
Ad spend index100178▲ 78%
AOV index100113▲ 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 03SOH
Month 1Month 2
Revenue index100125▲ 25%
Blended ROAS17.35x20.28x▲ 17%
Ad spend index100107▲ 7%
AOV index100104▲ 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 04SOH
Month 1Month 2
Revenue index100131▲ 31%
Blended ROAS3.78x3.99x▲ 6%
Ad spend index100124▲ 24%
AOV index100102▲ 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 05SOH
Month 1Month 2
Revenue index100149▲ 49%
Blended ROAS6.36x7.72x▲ 21%
Ad spend index100123▲ 23%
AOV index10078▼ 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 06SOH
Month 1Month 2
Revenue index100141▲ 41%
Blended ROAS5.58x6.85x▲ 23%
Ad spend index100115▲ 15%
AOV index100108▲ 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 07SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.17x1.22x▲ 4%
Ad spend index10097▼ 3%
AOV index10097▼ 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 08SOH
Month 1Month 2
Revenue index100108▲ 8%
Blended ROAS5.37x6.04x▲ 12%
Ad spend index10096▼ 4%
AOV index100111▲ 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 09SOH
Month 1Month 2
Revenue index100138▲ 38%
Blended ROAS3.74x6.80x▲ 82%
Ad spend index10076▼ 24%
AOV index10087▼ 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 10SOH
Month 1Month 2
Revenue index100105▲ 5%
Blended ROAS3.31x3.39x▲ 2%
Ad spend index100102▲ 2%
AOV index100101▲ 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 11SOH
Month 1Month 2
Revenue index100105▲ 5%
Blended ROAS4.47x4.59x▲ 3%
Ad spend index100102▲ 2%
AOV index10097▼ 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 12SOH
Month 1Month 2
Revenue index100104▲ 4%
Blended ROAS6.37x6.23x▼ 2%
Ad spend index100106▲ 6%
AOV index100101▲ 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 13SOH
Month 1Month 2
Revenue index100201▲ 101%
Blended ROAS9.23x11.08x▲ 20%
Ad spend index100167▲ 67%
AOV index100104▲ 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 14SOH
Month 1Month 2
Revenue index100106▲ 6%
Blended ROAS3.96x4.04x▲ 2%
Ad spend index100104▲ 4%
AOV index10099▼ 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 15SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.53x1.70x▲ 11%
Ad spend index10091▼ 9%
AOV index100100▼ 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 16SOH
Month 1Month 2
Revenue index100136▲ 36%
Blended ROAS4.71x4.97x▲ 6%
Ad spend index100129▲ 29%
AOV index100120▲ 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 17SOH
Month 1Month 2
Revenue index100136▲ 36%
Blended ROAS3.76x4.26x▲ 13%
Ad spend index100120▲ 20%
AOV index100104▲ 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 18SOH
Month 1Month 2
Revenue index100128▲ 28%
Blended ROAS2.31x2.38x▲ 3%
Ad spend index100124▲ 24%
AOV index100105▲ 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 19SOH
Month 1Month 2
Revenue index100137▲ 37%
Blended ROAS2.77x2.75x▼ 1%
Ad spend index100138▲ 38%
AOV index10094▼ 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 20SOH
Month 1Month 2
Revenue index100117▲ 17%
Blended ROAS5.25x6.45x▲ 23%
Ad spend index10095▼ 5%
AOV index100100▼ 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 21SOH
Month 1Month 2
Revenue index100409▲ 309%
Blended ROAS1.14x1.14x▼ 1%
Ad spend index100412▲ 312%
AOV index100100▼ 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 22SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.72x1.83x▲ 6%
Ad spend index10095▼ 5%
AOV index100103▲ 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 23SOH
Month 1Month 2
Revenue index100603▲ 503%
Blended ROAS0.12x0.50x▲ 328%
Ad spend index100141▲ 41%
AOV index100124▲ 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 24SOH
Month 1Month 2
Revenue index10093▼ 7%
Blended ROAS2.55x2.49x▼ 2%
Ad spend index10095▼ 5%
AOV index100107▲ 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 25SOH
Month 1Month 2
Revenue index10093▼ 7%
Blended ROAS9.77x9.00x▼ 8%
Ad spend index100100▲ 0%
AOV index100106▲ 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 26SOH
Month 1Month 2
Revenue index10091▼ 9%
Blended ROAS3.61x3.40x▼ 6%
Ad spend index10097▼ 3%
AOV index100109▲ 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 27SOH
Month 1Month 2
Revenue index10097▼ 3%
Blended ROAS3.63x3.35x▼ 8%
Ad spend index100105▲ 5%
AOV index10099▼ 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 28SOH
Month 1Month 2
Revenue index10095▼ 5%
Blended ROAS3.95x3.60x▼ 9%
Ad spend index100104▲ 4%
AOV index100106▲ 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

7 brands

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

Brand 29SOH
Month 1Month 2
Revenue index10085▼ 15%
Blended ROAS4.32x3.81x▼ 12%
Ad spend index10096▼ 4%
AOV index10098▼ 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 30SOH
Month 1Month 2
Revenue index10087▼ 13%
Blended ROAS9.54x7.80x▼ 18%
Ad spend index100107▲ 7%
AOV index10095▼ 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 31SOH
Month 1Month 2
Revenue index10076▼ 24%
Blended ROAS4.07x3.37x▼ 17%
Ad spend index10092▼ 8%
AOV index100101▲ 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 32SOH
Month 1Month 2
Revenue index10068▼ 32%
Blended ROAS8.13x7.91x▼ 3%
Ad spend index10070▼ 30%
AOV index10097▼ 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 33SOH
Month 1Month 2
Revenue index10095▼ 5%
Blended ROAS2.64x2.32x▼ 12%
Ad spend index100108▲ 8%
AOV index10098▼ 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 34SOH
Month 1Month 2
Revenue index100103▲ 3%
Blended ROAS2.65x2.23x▼ 16%
Ad spend index100122▲ 22%
AOV index10086▼ 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 35SOH
Month 1Month 2
Revenue index10074▼ 26%
Blended ROAS1.09x1.02x▼ 7%
Ad spend index10079▼ 21%
AOV index10089▼ 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.

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.

Anonymity

Brands are identified by sequential number only. No category, vertical, product type, region or other descriptor is published, and participating brands are not named individually or collectively. Within each group brands are ordered by scale, so a number indicates relative size within that group and nothing further.

Revenue, ad spend and average order value are published as indices against each brand's own month 1 rather than as currency amounts. An absolute AOV or revenue figure is close to a fingerprint in a market this well-observed, and none of the three objectives depends on the level — only on the direction and size of the change between the two windows. Cohort figures are reported as sums across all 35 brands, where no individual contribution is recoverable.

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.
All brands anonymised. Identified by sequential number only, with no category or descriptor published. 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 35 direct-to-consumer brands 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.

35 brands 2 consecutive 30-day windows per brand windows anchored to onboarding date all figures anonymised

The headline

summary
28of 35

brands met at least one growth objective in month 2 — 80% 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 35

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

10Optimised
of 35

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

11Health, held stable
of 35

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
₹32.73 Cr
rising to ₹45.64 Cr in month 2
Cohort revenue change
+39.5%
across all 35 brands
Cohort blended ROAS
3.93x → 4.06x
efficiency held while spend rose +35%
Brands meeting an objective
80%
23 on commercial objectives, 5 on stability

Brand by brand

35 brands, grouped by result

Revenue, ad spend and AOV are shown as indices with each brand's own month 1 set to 100, so month 2 reads as movement rather than as a rupee figure. Blended ROAS and the three rate metrics are shown as measured. Every objective is tested on change, so nothing is lost by indexing.

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 01SOH
Month 1Month 2
Revenue index100612▲ 512%
Blended ROAS3.46x3.48x▲ 1%
Ad spend index100608▲ 508%
AOV index10094▼ 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 02SOH
Month 1Month 2
Revenue index100196▲ 96%
Blended ROAS3.58x3.94x▲ 10%
Ad spend index100178▲ 78%
AOV index100113▲ 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 03SOH
Month 1Month 2
Revenue index100125▲ 25%
Blended ROAS17.35x20.28x▲ 17%
Ad spend index100107▲ 7%
AOV index100104▲ 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 04SOH
Month 1Month 2
Revenue index100131▲ 31%
Blended ROAS3.78x3.99x▲ 6%
Ad spend index100124▲ 24%
AOV index100102▲ 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 05SOH
Month 1Month 2
Revenue index100149▲ 49%
Blended ROAS6.36x7.72x▲ 21%
Ad spend index100123▲ 23%
AOV index10078▼ 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 06SOH
Month 1Month 2
Revenue index100141▲ 41%
Blended ROAS5.58x6.85x▲ 23%
Ad spend index100115▲ 15%
AOV index100108▲ 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 07SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.17x1.22x▲ 4%
Ad spend index10097▼ 3%
AOV index10097▼ 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 08SOH
Month 1Month 2
Revenue index100108▲ 8%
Blended ROAS5.37x6.04x▲ 12%
Ad spend index10096▼ 4%
AOV index100111▲ 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 09SOH
Month 1Month 2
Revenue index100138▲ 38%
Blended ROAS3.74x6.80x▲ 82%
Ad spend index10076▼ 24%
AOV index10087▼ 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 10SOH
Month 1Month 2
Revenue index100105▲ 5%
Blended ROAS3.31x3.39x▲ 2%
Ad spend index100102▲ 2%
AOV index100101▲ 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 11SOH
Month 1Month 2
Revenue index100105▲ 5%
Blended ROAS4.47x4.59x▲ 3%
Ad spend index100102▲ 2%
AOV index10097▼ 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 12SOH
Month 1Month 2
Revenue index100104▲ 4%
Blended ROAS6.37x6.23x▼ 2%
Ad spend index100106▲ 6%
AOV index100101▲ 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 13SOH
Month 1Month 2
Revenue index100201▲ 101%
Blended ROAS9.23x11.08x▲ 20%
Ad spend index100167▲ 67%
AOV index100104▲ 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 14SOH
Month 1Month 2
Revenue index100106▲ 6%
Blended ROAS3.96x4.04x▲ 2%
Ad spend index100104▲ 4%
AOV index10099▼ 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 15SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.53x1.70x▲ 11%
Ad spend index10091▼ 9%
AOV index100100▼ 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 16SOH
Month 1Month 2
Revenue index100136▲ 36%
Blended ROAS4.71x4.97x▲ 6%
Ad spend index100129▲ 29%
AOV index100120▲ 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 17SOH
Month 1Month 2
Revenue index100136▲ 36%
Blended ROAS3.76x4.26x▲ 13%
Ad spend index100120▲ 20%
AOV index100104▲ 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 18SOH
Month 1Month 2
Revenue index100128▲ 28%
Blended ROAS2.31x2.38x▲ 3%
Ad spend index100124▲ 24%
AOV index100105▲ 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 19SOH
Month 1Month 2
Revenue index100137▲ 37%
Blended ROAS2.77x2.75x▼ 1%
Ad spend index100138▲ 38%
AOV index10094▼ 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 20SOH
Month 1Month 2
Revenue index100117▲ 17%
Blended ROAS5.25x6.45x▲ 23%
Ad spend index10095▼ 5%
AOV index100100▼ 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 21SOH
Month 1Month 2
Revenue index100409▲ 309%
Blended ROAS1.14x1.14x▼ 1%
Ad spend index100412▲ 312%
AOV index100100▼ 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 22SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.72x1.83x▲ 6%
Ad spend index10095▼ 5%
AOV index100103▲ 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 23SOH
Month 1Month 2
Revenue index100603▲ 503%
Blended ROAS0.12x0.50x▲ 328%
Ad spend index100141▲ 41%
AOV index100124▲ 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 24SOH
Month 1Month 2
Revenue index10093▼ 7%
Blended ROAS2.55x2.49x▼ 2%
Ad spend index10095▼ 5%
AOV index100107▲ 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 25SOH
Month 1Month 2
Revenue index10093▼ 7%
Blended ROAS9.77x9.00x▼ 8%
Ad spend index100100▲ 0%
AOV index100106▲ 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 26SOH
Month 1Month 2
Revenue index10091▼ 9%
Blended ROAS3.61x3.40x▼ 6%
Ad spend index10097▼ 3%
AOV index100109▲ 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 27SOH
Month 1Month 2
Revenue index10097▼ 3%
Blended ROAS3.63x3.35x▼ 8%
Ad spend index100105▲ 5%
AOV index10099▼ 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 28SOH
Month 1Month 2
Revenue index10095▼ 5%
Blended ROAS3.95x3.60x▼ 9%
Ad spend index100104▲ 4%
AOV index100106▲ 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

7 brands

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

Brand 29SOH
Month 1Month 2
Revenue index10085▼ 15%
Blended ROAS4.32x3.81x▼ 12%
Ad spend index10096▼ 4%
AOV index10098▼ 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 30SOH
Month 1Month 2
Revenue index10087▼ 13%
Blended ROAS9.54x7.80x▼ 18%
Ad spend index100107▲ 7%
AOV index10095▼ 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 31SOH
Month 1Month 2
Revenue index10076▼ 24%
Blended ROAS4.07x3.37x▼ 17%
Ad spend index10092▼ 8%
AOV index100101▲ 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 32SOH
Month 1Month 2
Revenue index10068▼ 32%
Blended ROAS8.13x7.91x▼ 3%
Ad spend index10070▼ 30%
AOV index10097▼ 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 33SOH
Month 1Month 2
Revenue index10095▼ 5%
Blended ROAS2.64x2.32x▼ 12%
Ad spend index100108▲ 8%
AOV index10098▼ 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 34SOH
Month 1Month 2
Revenue index100103▲ 3%
Blended ROAS2.65x2.23x▼ 16%
Ad spend index100122▲ 22%
AOV index10086▼ 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 35SOH
Month 1Month 2
Revenue index10074▼ 26%
Blended ROAS1.09x1.02x▼ 7%
Ad spend index10079▼ 21%
AOV index10089▼ 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.

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.

Anonymity

Brands are identified by sequential number only. No category, vertical, product type, region or other descriptor is published, and participating brands are not named individually or collectively. Within each group brands are ordered by scale, so a number indicates relative size within that group and nothing further.

Revenue, ad spend and average order value are published as indices against each brand's own month 1 rather than as currency amounts. An absolute AOV or revenue figure is close to a fingerprint in a market this well-observed, and none of the three objectives depends on the level — only on the direction and size of the change between the two windows. Cohort figures are reported as sums across all 35 brands, where no individual contribution is recoverable.

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.
All brands anonymised. Identified by sequential number only, with no category or descriptor published. 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 35 direct-to-consumer brands 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.

35 brands 2 consecutive 30-day windows per brand windows anchored to onboarding date all figures anonymised

The headline

summary
28of 35

brands met at least one growth objective in month 2 — 80% 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 35

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

10Optimised
of 35

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

11Health, held stable
of 35

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
₹32.73 Cr
rising to ₹45.64 Cr in month 2
Cohort revenue change
+39.5%
across all 35 brands
Cohort blended ROAS
3.93x → 4.06x
efficiency held while spend rose +35%
Brands meeting an objective
80%
23 on commercial objectives, 5 on stability

Brand by brand

35 brands, grouped by result

Revenue, ad spend and AOV are shown as indices with each brand's own month 1 set to 100, so month 2 reads as movement rather than as a rupee figure. Blended ROAS and the three rate metrics are shown as measured. Every objective is tested on change, so nothing is lost by indexing.

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 01SOH
Month 1Month 2
Revenue index100612▲ 512%
Blended ROAS3.46x3.48x▲ 1%
Ad spend index100608▲ 508%
AOV index10094▼ 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 02SOH
Month 1Month 2
Revenue index100196▲ 96%
Blended ROAS3.58x3.94x▲ 10%
Ad spend index100178▲ 78%
AOV index100113▲ 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 03SOH
Month 1Month 2
Revenue index100125▲ 25%
Blended ROAS17.35x20.28x▲ 17%
Ad spend index100107▲ 7%
AOV index100104▲ 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 04SOH
Month 1Month 2
Revenue index100131▲ 31%
Blended ROAS3.78x3.99x▲ 6%
Ad spend index100124▲ 24%
AOV index100102▲ 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 05SOH
Month 1Month 2
Revenue index100149▲ 49%
Blended ROAS6.36x7.72x▲ 21%
Ad spend index100123▲ 23%
AOV index10078▼ 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 06SOH
Month 1Month 2
Revenue index100141▲ 41%
Blended ROAS5.58x6.85x▲ 23%
Ad spend index100115▲ 15%
AOV index100108▲ 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 07SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.17x1.22x▲ 4%
Ad spend index10097▼ 3%
AOV index10097▼ 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 08SOH
Month 1Month 2
Revenue index100108▲ 8%
Blended ROAS5.37x6.04x▲ 12%
Ad spend index10096▼ 4%
AOV index100111▲ 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 09SOH
Month 1Month 2
Revenue index100138▲ 38%
Blended ROAS3.74x6.80x▲ 82%
Ad spend index10076▼ 24%
AOV index10087▼ 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 10SOH
Month 1Month 2
Revenue index100105▲ 5%
Blended ROAS3.31x3.39x▲ 2%
Ad spend index100102▲ 2%
AOV index100101▲ 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 11SOH
Month 1Month 2
Revenue index100105▲ 5%
Blended ROAS4.47x4.59x▲ 3%
Ad spend index100102▲ 2%
AOV index10097▼ 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 12SOH
Month 1Month 2
Revenue index100104▲ 4%
Blended ROAS6.37x6.23x▼ 2%
Ad spend index100106▲ 6%
AOV index100101▲ 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 13SOH
Month 1Month 2
Revenue index100201▲ 101%
Blended ROAS9.23x11.08x▲ 20%
Ad spend index100167▲ 67%
AOV index100104▲ 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 14SOH
Month 1Month 2
Revenue index100106▲ 6%
Blended ROAS3.96x4.04x▲ 2%
Ad spend index100104▲ 4%
AOV index10099▼ 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 15SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.53x1.70x▲ 11%
Ad spend index10091▼ 9%
AOV index100100▼ 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 16SOH
Month 1Month 2
Revenue index100136▲ 36%
Blended ROAS4.71x4.97x▲ 6%
Ad spend index100129▲ 29%
AOV index100120▲ 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 17SOH
Month 1Month 2
Revenue index100136▲ 36%
Blended ROAS3.76x4.26x▲ 13%
Ad spend index100120▲ 20%
AOV index100104▲ 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 18SOH
Month 1Month 2
Revenue index100128▲ 28%
Blended ROAS2.31x2.38x▲ 3%
Ad spend index100124▲ 24%
AOV index100105▲ 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 19SOH
Month 1Month 2
Revenue index100137▲ 37%
Blended ROAS2.77x2.75x▼ 1%
Ad spend index100138▲ 38%
AOV index10094▼ 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 20SOH
Month 1Month 2
Revenue index100117▲ 17%
Blended ROAS5.25x6.45x▲ 23%
Ad spend index10095▼ 5%
AOV index100100▼ 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 21SOH
Month 1Month 2
Revenue index100409▲ 309%
Blended ROAS1.14x1.14x▼ 1%
Ad spend index100412▲ 312%
AOV index100100▼ 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 22SOH
Month 1Month 2
Revenue index100101▲ 1%
Blended ROAS1.72x1.83x▲ 6%
Ad spend index10095▼ 5%
AOV index100103▲ 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 23SOH
Month 1Month 2
Revenue index100603▲ 503%
Blended ROAS0.12x0.50x▲ 328%
Ad spend index100141▲ 41%
AOV index100124▲ 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 24SOH
Month 1Month 2
Revenue index10093▼ 7%
Blended ROAS2.55x2.49x▼ 2%
Ad spend index10095▼ 5%
AOV index100107▲ 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 25SOH
Month 1Month 2
Revenue index10093▼ 7%
Blended ROAS9.77x9.00x▼ 8%
Ad spend index100100▲ 0%
AOV index100106▲ 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 26SOH
Month 1Month 2
Revenue index10091▼ 9%
Blended ROAS3.61x3.40x▼ 6%
Ad spend index10097▼ 3%
AOV index100109▲ 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 27SOH
Month 1Month 2
Revenue index10097▼ 3%
Blended ROAS3.63x3.35x▼ 8%
Ad spend index100105▲ 5%
AOV index10099▼ 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 28SOH
Month 1Month 2
Revenue index10095▼ 5%
Blended ROAS3.95x3.60x▼ 9%
Ad spend index100104▲ 4%
AOV index100106▲ 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

7 brands

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

Brand 29SOH
Month 1Month 2
Revenue index10085▼ 15%
Blended ROAS4.32x3.81x▼ 12%
Ad spend index10096▼ 4%
AOV index10098▼ 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 30SOH
Month 1Month 2
Revenue index10087▼ 13%
Blended ROAS9.54x7.80x▼ 18%
Ad spend index100107▲ 7%
AOV index10095▼ 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 31SOH
Month 1Month 2
Revenue index10076▼ 24%
Blended ROAS4.07x3.37x▼ 17%
Ad spend index10092▼ 8%
AOV index100101▲ 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 32SOH
Month 1Month 2
Revenue index10068▼ 32%
Blended ROAS8.13x7.91x▼ 3%
Ad spend index10070▼ 30%
AOV index10097▼ 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 33SOH
Month 1Month 2
Revenue index10095▼ 5%
Blended ROAS2.64x2.32x▼ 12%
Ad spend index100108▲ 8%
AOV index10098▼ 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 34SOH
Month 1Month 2
Revenue index100103▲ 3%
Blended ROAS2.65x2.23x▼ 16%
Ad spend index100122▲ 22%
AOV index10086▼ 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 35SOH
Month 1Month 2
Revenue index10074▼ 26%
Blended ROAS1.09x1.02x▼ 7%
Ad spend index10079▼ 21%
AOV index10089▼ 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.

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.

Anonymity

Brands are identified by sequential number only. No category, vertical, product type, region or other descriptor is published, and participating brands are not named individually or collectively. Within each group brands are ordered by scale, so a number indicates relative size within that group and nothing further.

Revenue, ad spend and average order value are published as indices against each brand's own month 1 rather than as currency amounts. An absolute AOV or revenue figure is close to a fingerprint in a market this well-observed, and none of the three objectives depends on the level — only on the direction and size of the change between the two windows. Cohort figures are reported as sums across all 35 brands, where no individual contribution is recoverable.

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.
All brands anonymised. Identified by sequential number only, with no category or descriptor published. Figures drawn from participating brands' BooleanMaths accounts. · Cohort study, July 2026

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