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Wondering if your company is OKR ready?

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Paislei and its OKR journey with JOP

22 September, 2022
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Read on to know how Paislei increased shoppers to buyers conversion from 45% to 75%
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Located in New Delhi in India, Paislei is a retail organization all about redefining elegance with designer fusion wear for modern Indian women. They fulfill their customers’ expectations with apparel that will fit various occasions and will cater to women from all wal ks of life.

It is no secret that the global pandemic wreaked havoc on organizations across each and every industry. The retail industry was no exception to this, as it was this industry specifically where the consumer behavior changed multiple times during and after the pandemic. One of the primary transitions the world has seen in the retail and e-commerce business has been the huge shift to online shopping.

JOP’s team knew solving such challenges required a level of alignment and momentum that had not been seen by the team before, and that OKRs were the best solution ! Paislei finally decided to place their trust in us for 2 quarters, and the rest, as they say, is history!

MAKING SENSE OF THE CHAOS WITH JOP

While 30 % of Paislei’s employees did not need to be part of the OKRs, we worked intensively with the management team to turn their major challenges into company- level objectives. The next step was to devise metrics that, when aligned, would serve as a single source of truth and goal for each member of the company.

Simply thinking in this framework of goals and the metrics which would signal progress forced them to think deeper about where the solutions would come from and create action plans on how to really solve them. Some of the areas we tackled are given below.

Like in most retail companies, employee attrition is a peshy pain area. Knowing what a huge impact this can have in slowing down operations, JOP ensured it was taken as a top company level objective. We then helped the HR department identify the reasons for attrition, and create a plan to add ress it. The process involved:

  • Ensuring scores on periodic e NPS (employee net promoter score) increased from 40 % to 60 %. This was measured through surveys run on J 0P to develop foresight on employee satisfaction
  • Setting a high priority hey result to reduce attrition by 50 % in 6 months
  • Ensurinq the teams’ biq wins were seen by the CE0 and top leadership, so employees were acknowledqed and celebrated on a company wide scale

In their case, inventory shortages were addressed through:

  • Diversified channels of procurement for raw materials
  • Reduction in shipping times for procurement, and
  • Higher standards of quality and stock audits

As for customer retention, they knew they had to engage their clientele beyond just impeccable in-person service. For this, they tracked:

  • New signups for their loyalty program
  • The ratio of digital : in-store purchases
  • Increased engagement on their social media pages

To solve their pain point of improving their store performance, they tracked:

  • Conversion rate of shoppers to buyers
  • Daily foot traffic of the store

While there are obviously many other activities and aspects that go into managing a retail store + e-commerce brand, Paislei already had them running smoothly, so we did not intervene here. The real power of using OKRs is that they work on metrics and campaigns outside of business-as-usual activities that need momentum to get off the ground.

The Impact

Working with 0KRs fostered an improved and deliberate degree of higher transparency that hel ped employees understand the impact of their day—to—day work. Team members developed a laser—sharp focus on these metrics, which allowed them to cut through the noise of their day—to—day hassles and deliver on what really impacts the business.

With these objectives transparently developed and projected, the allocation and cross—utilization of resources are planned and manaqed efficiently.

  • They were able to establish four new channels of procurement and manage them effectively through OKRs.
  • The shipping time for procurement was reduced by 20%
  • By prioritizing customer retention, the signups for the loyalty program were increased from 20% to 60%
  • The social media impressions increased from 2000 to 6500 weekly
  • The foot traffic of the store got boosted from 1600 to 2000
  • The conversion rate of shoppers to buyers increased from 45% to 75%