The ROAS Paradox

What separated growing e-commerce brands from declining ones in 2025 and why the best dashboards posted the worst results.

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Some of the findings

The brands with the highest ROAS lost revenue

Not a typo. The data from 2025 points to a pattern most dashboards won’t show you.

Budget allocation was the dividing line

Where brands chose to spend (not how much) separated the cohort that grew from the cohort that didn’t.

Channel mix told the same story

Growing brands and declining brands were on different platforms, in different parts of the funnel.

Your dashboard is telling you a story. It may not be the right one.

Average ROAS measures what happened yesterday. It doesn’t tell you what the next euro will do or whether the demand you’re harvesting will still be there next quarter. A green dashboard is not the same as a healthy business. The brands with the highest 2025 ROAS were the brands whose revenue contracted.

THE FULL BRIEF

Read the full ROAS Paradox report

The data, the funnel breakdown, and the framework your team can use this week. Free to download.

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