A campaign can look strong in the ad dashboard while its orders return to the warehouse. For a COD-heavy brand, the difference between an order placed and an order delivered matters before the next budget increase.
What platform ROAS tells you
Platform ROAS compares the purchase value attributed by an advertising platform with ad spend. Its meaning depends on the events you send, the attribution window and the platform’s reporting rules. A purchase event at checkout does not, by itself, prove delivery or collection.
Use this view to understand attributed ad performance. Then reconcile it with order and delivery data rather than assuming every attributed purchase became delivered revenue.
What delivered ROAS adds
Delivered ROAS = delivered revenue ÷ ad spend. Margifi joins Shopify orders with courier-confirmed delivery outcomes so the revenue side reflects what was delivered. Orders still pending remain visible as pending, rather than being treated as confirmed delivery.
For example, a cohort with ₹1,00,000 in ad spend, ₹4,00,000 of order revenue and ₹2,50,000 of delivered revenue has order ROAS of 4.0× and delivered ROAS of 2.5×. These are illustrative figures, not a customer result.
Delivered ROAS is not net margin
The denominator is ad spend, not the fully loaded cost of fulfilling orders. Product costs, shipping, return logistics, payment fees and other configured costs belong in the margin calculation. Higher delivered ROAS can still leave low margin if those costs are high.
- Use delivered ROAS to understand ad efficiency against delivered revenue.
- Use net margin to understand what remains after the relevant costs.
- Check data coverage and pending orders before comparing campaigns.
Compare like with like
Keep the period, order cohort, revenue basis and spend scope consistent. A recent cohort still has parcels in flight; an older cohort may have more settled outcomes. Platform attribution and order-source allocation are also different models, so a campaign-level comparison needs a clear matching basis.
An attributed purchase starts the story. The delivery outcome tells you what happened next.
Follow a promising campaign through delivery and margin before treating it as a profitable campaign to scale.