Leon Diamond, 2026 YTD Business Review

Executive summary

Online will miss its $1.25M target by ~$344K unless three things change.

At today’s pace online lands near $906K in 2026 and stays 13% of the store, so the 50:50 goal drifts out of reach. Two leaks, returns and ad mix, and one unanswered question (is online a store or a lead engine?) are what cap it.

Online sales, 2026 pace

$906K

Full-year at current run-rate vs the $1.25M target. $344K (28%) short. Needs ~$144K/mo for the rest of 2026 vs ~$75K now.

Off target

Online share of the store

13%

Flat all year. Goal is 50:50 with offline in 5 years. At this rate online grows with the store, not faster, so the mix never shifts.

Not on track

Returns, online

8.4%

of gross vs the <5% target. ~$35K/yr recoverable. And 48% of returns aren’t tied to a product, half the problem is invisible.

Off target

Ad efficiency. Meta vs Google

8.3x / 2.4x

Meta $258/order, Google $879/order, yet July budget was split evenly. Every dollar moved to Meta buys ~3x more orders.

Reallocate

Three moves to close the gap

Move	Impact
1. Grow online: shift Google budget to Meta, switch on the drafted email flows, and load up for Q4 (December is the seasonal peak).	toward $1.25M
2. Cut returns to <5%: sell statement pieces (90–100% return) by consultation; keep studs self-serve; require every refund be tied to a product line.	~$35K/yr + visible data
3. Set the online mandate: is online a sales channel (then 50:50 needs a real growth plan) or a lead engine (then measure leads & calls, not checkout)?	aligns the KPI

Detail and evidence for each point follow below.

Sales, the whole picture

Online is $528K of the store’s $4.02M.

Where the sales come from

Jan 1 – Jul 31, 2026 · Total sales · the same figures on your Shopify dashboard

Online	$528,558	13.1%
Online Store	$456,948
Partial.ly	$46,676
Facebook & Instagram	$18,460
Shop	$6,474
In-store, staff & phone	$3,498,020	86.9%
Total store	$4,026,577	100%

Source: Shopify Analytics · Total sales by channel · 2026 YTD (Jan 1 – Jul 31).

Online sales by month

Jan – Jul 2026 · Total sales · online (all 4 channels)

July ($111K) is the strongest month, with April close behind. Seasonal pattern.

Source: Shopify Analytics · Total sales, online channels, by month · 2026 YTD.

Online sales by channel, each month

Jan 1 – Jul 31, 2026 · Total sales · what makes up each month in the chart above

Channel	Jan	Feb	Mar	Apr	May	Jun	Jul	YTD
Online Store	$46,518	$72,213	$58,506	$97,539	$67,593	$50,561	$64,019	$456,948
Partial.ly	$0	$0	$0	$0	$0	$9,414	$37,262	$46,676
Facebook & Instagram	$1,574	$1,666	$0	$4,927	$1,930	$0	$8,363	$18,460
Shop	$0	$0	$0	$0	$3,572	$1,853	$1,048	$6,474
Total online	$48,092	$73,879	$58,506	$102,466	$73,095	$61,828	$110,693	$528,558

July’s $111K = Online Store $64K + Partial.ly $37K + FB/IG $8K + Shop $1K. Partial.ly, financed sales paying off, is why June and July jump.

Source: Shopify Analytics · Total sales by channel and month · 2026 YTD.

Partial.ly: booked vs recognized

Shopify books installment orders at full value on the order date. We recognize revenue only when the plan is paid in full and the item ships.

Month	Partial.ly booked	Partial.ly recognized	Online booked	Online recognized
June	$9,414	$735	$61,828	$53,149
July	$37,262	$27,214	$110,693	$100,644

Paid in full + shipped

$27,949

3 orders · real revenue

On-progress

$20,817

11 orders · installments, not yet shipped

Refunded

$3,960

1 order · cancelled

One wire order (LD2387, $25,025, shipped Jul 28) is almost all of recognized July. The other $20.8K is installment plans barely started (most $0–$250 collected), which Shopify already books as sales. Recognizing at delivery pulls the topline back to real money.

Source: Shopify · Partial.ly channel orders. Recognized = order paid in full and shipped; booked = value at order date.

Pipeline: potential revenue, not yet counted

11 Partial.ly orders still on installment plans. Counted as revenue only once paid in full and shipped.

Order	Ordered	Amount	Status
LD2244	Jun 12	$2,530	Partially paid
LD2358	Jul 3	$1,799	Partially paid
LD2360	Jul 3	$660	Partially paid
LD2375	Jul 7	$1,175	Partially paid
LD2413	Jul 15	$1,465	Pending
LD2421	Jul 17	$3,899	Pending
LD2428	Jul 18	$3,999	Pending
LD2435	Jul 20	$2,250	Pending
LD2437	Jul 21	$950	Pending
LD2487	Aug 1	$825	Pending
LD2489	Aug 1	$1,265	Pending
Total · 11 orders		$20,817

Total pipeline $20,817. Shopify already books these as sales, but the goods have not shipped, so this report does not count them as revenue yet. Each converts when its plan is paid off and the item ships.

Source: Shopify · Partial.ly channel orders not yet paid in full or shipped · as of Aug 2026.

Deep Dive 1 · Customers

Online is almost all first-time buyers.

New vs returning customers, online

Jan 1 – Jul 31, 2026 · online · new vs returning

	New	Returning
Customers	367	23
Orders	367	24
Share	94%	6%

94% of online buyers are first-timers; only 6% are repeat (23 customers). The high-value repeat customers who spend $7,000+ come back by phone, not the website. Bringing them back online is the retention opportunity.

Source: Shopify Analytics · Online channels · new vs returning customers · 2026 YTD.

Deep Dive 2 · Margin Quality

Two leaks: returns and discounts.

Returns as % of gross, online

Jan 1 – Jul 31, 2026 · dashed line = target limit 5%

Returns hit a 13.9% June peak and 12.9% in July, about 3x the 5% target. $51,518 came back year-to-date, 8.4% of gross. In June, online was just 13% of store sales but drove 84% of the store's returns ($10.4K of $12.4K). Two causes: statement pieces returning at 90–100%, and $24,655 (48%) refunded with no product attached.

Source: Shopify Analytics · Online channels · returns as a share of gross sales, by month. Returns are dated on the refund date.

Where returns come from, by product

Jan 1 – Jul 27, 2026 · online channel · returns vs gross per product

Product	Returned	Gross	Rate
Unattributed (no product on refund)	−$24,655	,	,
Pear & Marquise Drop Earrings 2.96ct	−$4,500	$5,000	90%
Diamond Studs 6.0ctw	−$3,960	$36,296	10.9%
Pink Oval Stud w/ Halo 2.88ct	−$2,750	$5,500	50%
Emerald Half Eternity Ring 3.87ct	−$2,592	$2,880	90%
IGI Oval Diamond Necklace 2.72ct	−$1,979	$2,199	90%
Diamond Studs 1.0ctw	−$1,945	$1,945	100%
Diamond Studs 2.0ctw, core	−$2,931	$77,439	3.8%

Online confirms it: one-off statement pieces return at ~90–100%; the core 2.0ct stud franchise returns at just 3.8%. Same fix, sell statement pieces by consultation, keep studs self-serve.

Source: Shopify Analytics · Online channels · returns by product. “Unattributed” = refunds booked with no product line.

Discount test, already run, result negative

natural experiment: April (light) vs May (heavy)

Month	Discount %	Orders	AOV	Net sales
Apr	5.0%	63	$1,693	$101,679
May	15.8%	60	$1,343	$70,954

Tripling the discount budget bought zero extra orders, it only cut the average ticket by 19%. Diamond customers do not buy because of a sitewide sale.

Source: Shopify Analytics · Online channels · April vs May. Discount rate and average order value derived from the monthly figures.

Deep Dive 3 · Marketing Efficiency

The dashboard flatters. The reconciled numbers do not.

July · refreshedAll three sources (Triple Whale, Klaviyo, WhatConverts) now cover full July, matching the Shopify panels. Attribution windows differ by platform, so figures won’t tie out to the cent across sources.

Channel & funnel ROAS. Jan–May

Triple Whale · dashed line = 4x minimum to be profitable after COGS

Google costs $518 per order vs Meta's $243 for the same customer. Mid-funnel spend (21% of budget) returns 1.63x, almost certainly a loss after cost of goods.

Source: Triple Whale · July attribution. ROAS = attributed revenue ÷ ad spend.

TW vs the ad platforms disagree, most on Google

July 2026 · Triple Whale attribution vs platform-reported

Channel	ROAS (TW)	ROAS (platform)	Rev (TW)	Rev (platform)
Meta	8.30x	7.69x	$66,477	$61,653
Google Ads	2.40x	4.55x	$18,985	$36,010

Meta agrees across both models. Google is where they split: TW credits Google just 9 orders (2.40x, $879/order), the platform claims 4.55x and $137/order. The truth sits between, read Google with both numbers before cutting, not the flattering one alone.

Source: Triple Whale · July · attributed vs platform-reported, side by side.

Paid ads, from Triple Whale

July 2026 · Triple Attribution (TW) · online channels

Channel	Spend	ROAS	Orders	Cost / order
Meta	$8,013	8.30x	31	$258
Google Ads	$7,913	2.40x	9	$879
Total paid	$15,926	,	40	,

Total Q2 ad spend is 23.7% of online net sales vs a 15% target. Google takes nearly half the budget at 2.7x Meta's cost per order, in June alone Google cost $494/order vs Meta $173.

Source: Triple Whale · July. Cost per order = spend ÷ attributed orders.

Email & SMS, campaigns finally firing

Klaviyo · July 2026 · attributed (Placed Order)

Source	Revenue	Share
Campaigns	$47,192	84%
Flows (automated)	$8,939	16%
Total attributed	$56,131	8.5%

Email/SMS drives 7.96% of total revenue, well under the 20–30% a diamond brand should reach. Flows carry it; several campaign emails return $0. This is the cheapest revenue Leon Diamond is not yet collecting.

Source: Klaviyo · July · Placed Order revenue. Share of total store revenue is our own calculation.

The real engine, leads & human-closed sales

WhatConverts · July 2026 · master account, live data

Metric	July
Total leads	203
Phone calls	61
Form leads	72
Web / transactions	70
Quotable leads	70 (133 not set)
Sales value tied to leads	$275,161
Cost per lead (blended)	~$78

The website is a lead engine, not a self-checkout store. Online net sales were $218K, but $1.16M in sales value is tied to leads, most revenue closes by phone and consultation (197 calls in Q2). This reframes the 0.12% checkout rate: the real conversion happens in conversation, not at the cart.

Source: WhatConverts · July · leads and lead-tied sales value (includes phone-closed sales).

How the channels connect

Four sources, one funnel.

Stage	Source	July signal	What it means
Traffic in	Triple Whale	Meta 8.3x vs Google 2.4x · $15.9K spend	Meta buys ~3x more orders per dollar; shift budget there.
Who responds	WhatConverts	203 leads · 61 calls · $275K tied to leads	Big diamonds close by phone, not the cart.
The sale	Shopify	$110.7K online · 94% new buyers	Online is 13% of the store, with almost no repeat.
Bring them back	Klaviyo	$56.1K email revenue · 8.5% of sales	Under the 20–30% a jeweler should reach; flows still in draft.

Read top to bottom and it is one story: ads (Triple Whale) bring the traffic, the leads (WhatConverts) close by phone into Shopify sales, and email (Klaviyo) is the missing link that would turn 94%-new buyers into repeat. The lever is joining them up: work the leads that sit unreviewed, and switch on the email flows.

Source: Shopify Analytics, Triple Whale, Klaviyo, WhatConverts · July 2026.

Deep Dive 4 · What Sells & Who Buys

The stud franchise is the business.

Top products by net sales

Jan 1 – Jul 27, 2026 · online channel only

Product	Net sales	Sold
4.0ctw Diamond Studs	$123,603	121
2.0ctw Diamond Studs	$69,423	115
Choose-Your-Size IGI Studs (2–6ct)	$30,013	30
6.0ctw Diamond Studs	$29,941	16
Tennis Bracelet 2.0ct	$26,055	16
GIA Fancy Vivid Yellow Diamond Ring 3.74ctw	$25,025	1

Online too, diamond studs lead, the four stud lines make ~$107K, about half of online sales. Tennis bracelets are the strong #2 category. And one big-ticket item (the $21K pink ring) proves online can close high-value pieces too.

Source: Shopify Analytics · Online channels · net sales by product · 2026 YTD.

Where buyers are

Jan 1 – Jul 27, 2026 · online channel only · net sales

State / country	Net sales	Orders
Florida	$95,301	64
New York	$61,348	44
California	$44,184	39
Texas	$33,115	32
Hawaii (financed)	$29,024	2

Florida leads online too, $44K, ~20% of online sales. The top 4 states (FL, NY, CA, TX) are half of all online sales. Concentrate ad targeting and budget there.

Source: Shopify Analytics · Online channels · net sales by state · 2026 YTD.

The conversion story is a traffic story

Jan–Jun 2026 · Shopify sessions vs completed checkouts

Day type	Sessions	Conversion
Normal day (e.g. Jun 25)	673	0.59%
Normal day (e.g. Apr 27)	935	0.96%
Spike day (May 24)	8,717	0.02%
Spike day (Jun 23)	6,334	0.03%

On normal traffic the store converts ~0.5–0.9%, at or above target. But recurring one-day spikes of 4,000–8,700 sessions convert near zero, dragging the blended rate to ~0.2%. The checkout works; the traffic is polluted (bot or junk-ad clicks). Find and cut that source, and conversion “fixes itself”.

Source: Shopify · sessions vs completed checkouts, illustrative sample days (not a monthly total).

Key Findings

Two real problems. The rest is seasonal, fixable, or already working.

Off targetReturns spiked, the source is one-off statement pieces (50–100% return); the core stud line is healthy.4.4% → 13.9% (Jun) → 12.9% (Jul) · $51,518 returned YTD

Off targetOver half of all refunds are booked with no product attached, the single biggest returns line, and it hides what’s actually being sent back until refunds are tied to line items.$24,655 of $51,518 returns unattributed (48%)

Seasonal, normalRevenue is seasonal, not declining. April spiked, May–June returned to the store’s off-peak level, and July is rebounding. Year-on-year the business grew sharply.Baseline ~$48–73K · Apr $102K · Jul $111K (highest) · Dec 2025 peak $168K

Off targetGoogle ad efficiency is below the profitable line. Google costs ~4x what Meta does per order. Meta is the winner.Meta 8.30x ($258/order) · Google 2.40x ($879/order) · TW · July

WatchDeep discounting cut the average ticket without adding any orders.May: 15.8% discount · 60 orders · AOV −21%

ImprovingEmail campaigns finally started firing, they carried 84% of July’s email revenue, reversing the near-zero campaign activity before. Flows are still mostly draft, the remaining upside.Jul: Campaigns $47.2K (84%) · Flows $8.9K (16%) · $56.1K total

WatchComp and exchange orders are booked as ~100% discounts, distorting the discount and return numbers.Apr 7 + Apr 23: $41,320 booked as discount

WatchOnline has almost no repeat business, 94% new customers. Repeat buyers return by phone, not the site.Online YTD: new $493K (367) vs returning $23K (23 customers)

WatchMost revenue closes by phone and consultation, not checkout, the site is a lead engine.Jul: 203 leads · 61 calls · $275K lead-tied sales · but 65.5% still unreviewed

Seasonal, normalCheckout isn’t broken, the store converts ~0.5% on normal traffic. Recurring junk-traffic spikes drag the blended rate down.Normal day 0.5–0.9% · spike days (4–8K sessions) ~0.02%

Action Plan

Nine actions. Three start this week.

#	Action	Addresses finding	Expected effect	Start
1	Move statement pieces to consultation-led sales; keep studs frictionless	#1	returns <8% in 60 days ≈ +$5K/month	This week
2	Stop sitewide discounts; keep offers to abandoned-cart & VIP only	#4	recover ~5–8 pts of gross margin	This week
3	Cut Google Ads 30–40%; kill mid-funnel; reallocate to Meta bottom-funnel	#3	blended ROAS net ≥ 4x	This month
4	Lean into the lead engine: prominent call/book-a-consult CTAs, capture & route more leads to phone	#2, #8	more of 197→more closes	This month
5	Connect lead data (WhatConverts). Klaviyo now in; scale winning flows	#5	full funnel visibility + email to 20%	This month
6	Turn on the draft email flows (abandoned cart, browse) & send 2–4 campaigns/month to the 5,000-person list	#5, #7	flows already earn $200K+/6mo · campaigns near $0	This month
7	Book comp/exchange orders properly, not as 100% discounts	#6	clean metrics from July onward	This week
8	Find & cut the junk-traffic source (recurring 4–8K-session spike days converting ~0)	#9	true CVR ~0.5% surfaces; ad data cleaner	This month
9	Concentrate ad targeting on FL, TX, CA, NY (FL alone = 27% of sales)	geo	spend follows where buyers already are	This month

Forecast: no action, Q3 online net lands ≈ $140–155K (June run-rate); with actions 1–4 executed ≈ $185–205K. Scored against actuals in the October review.