12 months of GMV Max: 3 TikTok Shop stores reached 11–33 billion VND in revenue from ads

Context & challenge

These figures are taken directly from the GMV Max (TikTok Ads Manager) screens of 3 TikTok Shop stores where the LDH Media team runs ads, for the period 09/10/2025 – 09/10/2026. Brand names are withheld under confidentiality agreements; the figures are kept exactly as shown on the dashboards.

The three stores have something in common: they are past the testing stage and spend billions of VND a year on ads. At this scale, the owner’s worry is no longer “will ads bring in orders?” The worries are:

• How much was spent over the year, how much came back, and what is the real ROI?
• If budget goes up further, is it still profitable?
• How can ad cash flow be managed transparently, with proper documentation?

The goal: keep GMV Max as the main order channel, grow scale while still controlling cost per order for each store.

Diagnosis from the data

Calculated from the dashboard data:

All 3 stores combined (calculated from the dashboards): spend ≈ 9.12 billion VND, revenue ≈ 66.85 billion VND, 608,097 SKU orders, overall ROI ≈ 7.33.

Quick read:

• Store 1 is the most efficient model: low cost per order, mid-range order value, ROI 11.24.
• Store 2 spent the most but has the lowest ROI. The bottleneck is a cost per order more than 4 times that of store 1. A higher order value only partly offsets it.
• Store 3 has the lowest cost per order but also the lowest order value. ROI 8.20 is the result of low-priced products sold in large volume.

Store 2’s chart shows that daily spend only starts appearing from around early February 2026. That means its “12-month” data is effectively concentrated in about 8 months. Store 3 has a few stretches of almost zero spend, around February – April and early August 2026.

Growth strategy

This is the framework LDH Media applies to stores running GMV Max at a scale of billions of VND a year.

Phase 1 – Foundation: choose the right products and signals

• Concentrate budget on product groups with good conversion rates rather than spreading it evenly across the whole catalogue.
• Set a separate break-even ROI for each store based on profit margin.
• Use transparent ad accounts: budget is topped up into the brand’s own account, and VAT invoices can be issued when using LDH Media’s Agency account.

Phase 2 – Activation: ads paired with creative

• Use sales videos, affiliate KOC videos and LIVE sessions as creative sources for GMV Max.
• Only videos that generate orders get scaled. Fatigued videos are replaced with new ones using the same selling angle.
• Track ROI daily, evaluate at the 30 · 60 · 90-day milestones.

Phase 3 – Scale: follow seasonality and data

• Raise budget for major sale events and pull back when the market is slow.
• Scale up or down based on Seller Center and Ads Manager data rather than gut feeling.
• Track each store’s cost per order to know when to stop increasing.

Results

At store level, another store supported by LDH Media reached 12.61 billion VND in GMV with 305,486 products sold in 30 days (10/09 – 09/10/2026). Another store recorded 504 million VND in GMV during the Mega Sale 6.6 campaign.

Analysis: where the growth came from

The GMV Max dashboard has no visitor count, so revenue is broken down as:

Revenue = Orders × Order value, and ROI = Order value ÷ Cost per order.

Comparing store 1 and store 2 (calculated from the dashboards):

• Store 1 has about 2.65 times as many orders as store 2.
• Store 1’s order value is only about 55% of store 2’s.
• Multiplied together, store 1’s revenue is about 45% higher, even though its spend is about 39% lower.

So store 1’s strength lies in a very large number of orders at a low cost per order. This is usually a sign of products that are easy to rebuy, moderately priced, with a stable creative pipeline.

The weaker points, faced squarely:

• Store 2 has an ROI of 4.70. In categories with thin margins, this may be only around break-even. The fix: review product groups that spend a lot with few orders, refresh creative, and consider cutting budget on days when cost per order exceeds the threshold.
• Performance is uneven over time. All three stores’ charts fluctuate strongly by day and by sale event. There are stretches of almost no spend. Looking at a single month in isolation easily leads to wrong conclusions.
• Spending more does not mean higher ROI. The store with the largest spend has the lowest ROI of the three.

Lessons for store owners

• Set break-even ROI before raising budget. The right ROI level depends on each category’s profit margin.
• Read the data over long cycles. Only over 3 – 12 months does true performance show, because spend and orders swing strongly by day and by sale event.
• SKU orders are a measure of scale. The three stores recorded a combined 608,097 SKU orders from GMV Max in 12 months.
• Compare cost per order across stores. This metric shows which store needs fresh creative or a product review.
• Manage ad accounts with proper documentation. At a scale of billions of VND, VAT invoices and transparent accounts keep the accounting clear.

Actual results depend on product, price, inventory, budget and platform policies. This is not a commitment to results for every client.