For Indian jewelry D2C brands
57% gross margin. Zero net profit.
High-ticket jewellery makes gross margin look gorgeous — so you assume net follows. It doesn't. Size returns, 20–40% COD RTO, unsellable plating write-offs and slow turns quietly eat it to zero, and Meta's 5× ROAS is a booked-order number that never subtracts a rupee of it. Margifi walks revenue down to the net margin that actually lands in your account.
- Meta says 5× ROAS — after 20–40% COD RTO your delivered ROAS is a different number.
- A ring a millimetre off comes back unwearable — and unsellable once the plating scratches.
- Tens of thousands of SKUs, and only blended numbers to tell winners from dead weight.
Connect Shopify + Meta + your courier. No pixel, no code.
Typical Indian jewelry benchmarks — your real numbers will differ.
The gap
ROAS counts orders. Your bank counts deliveries.
High AOV makes jewellery ROAS look gorgeous. But ROAS credits every booked order — the 20%-margin COD piece, the ring that RTO'd, the necklace that came back with scratched plating — identically, and never subtracts COGS, shipping or returned COD. Delivered ROAS counts only what the courier confirmed and the customer actually paid for.
Profit truth
Profit truth, not vanity ROAS
Your 57% gross margin is hiding a negative net
High-ticket jewellery makes gross margin look gorgeous — 57%+ — so you assume net follows. It doesn't. The same high ticket that inflates gross drives higher return rates, more pre-purchase hand-holding and slower inventory turns, and operating margin collapses. Margifi walks revenue down the full waterfall — after COGS, after shipping + returns, after ad spend — to the net margin that actually lands, not the gross number that flatters you.
- Delivered ROAS and the order-vs-delivered ROAS gap per campaign — ROAS on courier-confirmed delivered revenue, not booked orders
- The full profit waterfall: revenue → after COGS → after shipping + returns → after ad spend → net
- Delivered CAC shown next to order CAC — your true cost to acquire a paying, delivered customer
Returns & RTO
Returns & RTO
A return isn't reverse freight — it's full COGS on a piece you can't resell
In jewellery a returned piece often can't go back on the shelf — the plating scratches, it tarnishes, a gemstone flaws — so you eat full COGS plus both legs of shipping. Shopify dumps RTO, size returns and genuine returns into one bucket, so you can't even size the leak, let alone trace it. Margifi isolates RTO from real returns and charges reverse-shipping + unsellable write-off back to the exact ad and SKU.
- NDR + Out-for-Delivery calling worklist — ranked by rescue value and pincode risk, so your team calls the save-able COD orders inside the 24–72h window Live
- RTO isolated from genuine customer returns in the waterfall — finally size the COD-RTO bleed at ₹200–400 per round trip
- Per-SKU, per-size return-loss — see the three ring designs and two sizes driving most of your reverse freight
COD reliability
COD reliability
A quarter of your COD jewellery orders come back for zero revenue
Jewellery is high-ticket COD — 60–65% of orders — which invites doorstep refusals and RTO at India's worst rates: 20–40% of COD orders never deliver, each round trip ₹200–400 collected on nothing. Margifi scores COD reliability per phone number and per pincode so you can gate COD or push prepaid in the exact lanes that bleed, and quantifies the margin you recover by shifting share.
- COD reliability score per phone number (RTO Shield) — flag the orders most likely to bounce before you ship
- Region and pincode risk heat map — gate COD or force prepaid in the worst tier-2/3 lanes
- COD → prepaid conversion upside quantified — the delivered margin you recover by shifting share
Products & catalogue
Products & catalogue
Tens of thousands of SKUs, and no idea which designs make money
Fashion-jewellery catalogs churn through tens of thousands of SKUs, so working capital sits in designs that quietly lose — quiet movers, plus pieces that 'sell' on Meta and come straight back on size returns and COD RTO. With only blended numbers you over-invest in vanity movers and let genuine hero designs go out of stock. Margifi ranks every SKU by delivered net profit so budget flows to the real winners.
- Catalogue / DPA product-level profit — spend, delivered ROAS, RTO and delivered profit per product_id, so you can cut loss-making designs out of the feed Live
- Per-SKU delivered-profit ranking with Scale / Keep / Stop verdicts, plus per-SKU RTO and prepaid share
- Dead-stock value and days-of-cover per design — stop restocking money-losers, reinvest in the heroes
My gross margin reads 57%, so I assumed I was fine. Then I walked revenue down through COGS, size returns, RTO freight and scratched-plating write-offs — net was barely above zero. The gross number was lying to me.
Jewelry founder — illustrative
Illustrative — a category benchmark, not a single brand's numbers.
Questions
Margifi for jewelry — FAQ
Yes. Shopify lumps RTO, size returns and genuine returns into one bucket, so most founders can't size the leak. Margifi isolates courier-confirmed RTO from real returns in the profit waterfall, and charges reverse-shipping plus unsellable (scratched-plating) write-off back to the exact ad and SKU — so you can finally size the COD-RTO bleed and trace it to the design that caused it.
See your real delivered profit, jewelry.
Connect Shopify and Meta and watch order ROAS become delivered ROAS — net of every RTO.
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