INDUSTRY REPORT
Office Products: 2025 performance review
Office Products revenue stayed flat in 2025, but behind that number was a complete operational transformation. PO Fill Rate jumped from 64% to 91%, cutting out-of-stock losses and improving conversion even as traffic declined. The challenge? Unit margins compressed from 30.9% to 13.6% despite less discounting.
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Key takeaways
- Execution fixes unlocked conversion: PO Fill Rate improved 22 percentage points from January to November, directly improving conversion rates and reducing revenue leakage from stockouts
- Pricing stayed stable without heavy discounting: Average selling price (ASP) remained consistent year-over-year even as discount frequency swung from 28% in March to 6.8% in September
- Margins compressed despite lower promotions: Unit margins fell from 30.9% to 13.6% mid-year as rising input costs and competitive pressure outweighed reduced discounting
- Paid efficiency fell even with lower CPCs: CPC improved 7.5% but ROAS dropped 6.4%, proving the issue wasn't auction costs but declining organic traffic and demand
- OOS leakage decreased materially: Revenue loss from out-of-stocks fell substantially as reported OOS rate dropped from 2.6% to 1.5%, validating operational improvements
- Peak demand windows exposed remaining gaps: OOS dollar loss spiked in October and December, showing vulnerability during high-volume periods despite year-round execution gains
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