GMV Max · TikTok Shop Ads4 min read
Context & challenge
F-Basic Việt Nam is a fashion brand selling on TikTok Shop. The goal for this period was to keep ROI high while still growing orders from ads.
Branded fashion has two traits that make the ad challenge different from mass-market stores:
- High order value. Each order brings in a lot of money, so a higher cost per order is acceptable.
- No appetite for deep discounts. Discounting to drive orders damages the brand image and erodes margin.
So the question is not “how do we make cost per order as cheap as possible”. The question is how do we make each dong of advertising bring in the most revenue without cutting prices.
Diagnosis from the data
30-day GMV Max dashboard (09/09 – 09/10/2026):
- Ad spend: 86,527,248 VND.
- SKU orders: 1,873.
- Cost per order: 46,197 VND (down 51.63% vs. the previous 7 days).
- Revenue: 1,269,451,651 VND.
- ROI: 14.67 (up 91.76% vs. the previous 7 days).
Calculated from the dashboard data:
- Average order value (AOV) ≈ 677,800 VND.
- Ad spend is about 6.8% of revenue (1 ÷ ROI).
- Based on the changes shown on the dashboard, the comparison period had ROI ≈ 7.65 and cost per order ≈ 95,500 VND (estimates).
The good signs: ROI 14.67, with ad spend under 7% of revenue. For fashion, this is a comfortable level of ad cost.
The bottleneck: a cost per order of 46,197 VND is high compared with many other stores. But this number has to be set against an order value of about 677,800 VND to see what it really means.
The chart on the dashboard shows daily spend and orders peaking at the start of the period, then declining and flattening. The dashboard also shows a low account balance warning — an operational risk that must be handled before the campaign is interrupted.
Growth strategy
This is the framework LDH Media applies to high-order-value fashion brands running GMV Max.
Phase 1 – Foundation: don’t force early scaling
- Only raise budget while cost per order is stable.
- Calculate the maximum cost per order from the margin of each product line.
- Keep enough balance in the ad account so the campaign doesn’t stop mid-way.
Phase 2 – Activation: pick the right products and videos
- Prioritise products and videos with proven conversion rates as creative sources for GMV Max.
- Use try-on and styling videos so viewers can clearly see fabric and fit.
- Gradually remove videos that spend a lot with few orders.
Phase 3 – Scale: hold ROI while growing orders
- Track cost per order daily, against the previous week.
- Raise budget in steps when cost per order falls or holds flat.
- Tie ads to new collection launches and the platform’s sale events.
Results
| Metric | 30-day result (09/09 – 09/10/2026) | Note |
|---|---|---|
| Ad spend | 86,527,248 VND | |
| SKU orders | 1,873 | |
| Cost per order | 46,197 VND | Down 51.63% vs. the previous 7 days |
| Revenue | 1,269,451,651 VND | |
| ROI | 14.67 | Up 91.76% vs. the previous 7 days |
For comparison within the same category, here is the 7-day GMV Max dashboard of another fashion store (anonymous):
That fashion store has a cost per order of only 17,709 VND, far lower than F-Basic. But its order value is only about 136,200 VND (calculated from the dashboard), so its ROI is 7.69 — almost half of F-Basic’s.
Analysis: where the growth came from
The GMV Max dashboard has no visitor count, so ROI is broken down with the formula:
ROI = Order value ÷ Cost per order
Applied to F-Basic: ≈ 677,800 VND ÷ 46,197 VND ≈ 14.67.
From this formula:
- Order value is the biggest advantage. Each F-Basic order is worth about 5 times as much as the reference fashion store’s.
- Cost per order fell sharply. According to the dashboard, cost per order fell 51.63% vs. the comparison period. This was the main driver of the 91.76% rise in ROI.
- Order value essentially “belongs to the brand”. It comes from price and the habit of buying multiple items, not from the ads.
In other words, the ads did their part well, which is reducing the cost of getting an order. The rest comes from the strength of the product and its price.
The weaker points:
- Order volume is still small. 1,873 orders in 30 days, or about 60 orders a day (estimate). There is room to grow if cost per order can be held.
- Daily orders declined from the start of the period. The chart shows the first days had clearly more orders. Fresh creative is needed to keep the momentum.
- The account balance is running low. If the campaign stops, the algorithm may have to relearn. Regular top-ups or a suitable payment method are needed.
Lessons for store owners
- Don’t look only at cost per order. A cost per order of 46,197 VND still delivers ROI 14.67 when order value is high.
- Fashion brands should hold their prices. High order value is the foundation of high ROI; deep discounts undermine that advantage.
- Don’t force early scaling. Only raise budget once cost per order has been stable for at least a few days.
- Try-on videos are the core material. Fashion buyers need to see fabric and fit before they tap buy.
- Always keep enough balance in the ad account. A campaign that stops mid-way loses the data the algorithm has learned.
Actual results depend on product, price, inventory, budget and platform policies. This is not a commitment to results for every client.
Is this your situation?
- Mid-range-and-up clothing earns a decent profit per order, but the ad cost per order isn't cheap either.
- Just a few days after raising the budget, cost per order jumps, and you don't know whether to hold or cut.
- As an established brand, you don't want to discount heavily just to make the ads generate orders.
- The ad account runs out of funds mid-way and the campaign stalls; when it restarts a few days later, the data is a mess.
LDH Media audits your store or ad account for free and points out the 3 things to fix first — based on real data, not sales promises.
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