With this store, the company has forayed into the franchise business model and is eyeing a stronger network of franchise-owned stores across the country over the next couple of years.
Seniority, India's largest shopping destination for senior citizens, has launched its first-ever franchise store in Pune. With this store, the company has forayed into the franchise business model and is eyeing a stronger network of franchise-owned stores across the country over the next couple of years.
Seniority follows an omnichannel strategy, having established its e-commerce platform as well as retail experience zones in 4 cities across the country, including Pune, Chennai, Coimbatore, and Bhiwadi.
With over 10,000 products ranging from medical and wellness to lifestyle and leisure categories, the company is a one-stop-shop for all needs of seniors and their caregivers. This venture into the franchise model will give an added boost to the senior care market, while also bolstering its presence across the country.
Tapan Mishra, Co-Founder, Seniority, said, “While chalking out the future roadmap for Seniority, the franchise model emerged as a great driver for growth and expansion. According to a CII industry report, the senior care market for medical and lifestyle products is aimed at Rs 43,000 crores, offering tremendous potential for companies like ours to strengthen our footprint across the country.”
“Our first franchise store launch in Pune will help us leverage the existing strong base of customers we have in the city, while also exploring further opportunities in other cities. We are looking forward to collaborating with enthusiastic franchise entrepreneurs and reach out to more customers to fulfill their lifestyle and health needs. As a proud home-grown company, this venture further supports PM Narendra Modi’s vision of creating an AtmaNirbhar Bharat,” he added.
Seniority’s rationale for venturing into a franchise business model
Venturing into the franchise business model is a part of Seniority’s offline expansion strategy. Over the last 3-4 years, the brand had received queries from plenty of entrepreneurs who were keen to start franchise operations of its products, due to the novelty of the business idea.
The senior care market has been largely untapped and under-explored, but over the last few years, brands have begun to identify seniors as a lucrative consumer segment with tremendous growth potential. As a company that aims to become the first port of call for the elderly and their caregivers, Seniority wants to establish a strong retail footprint across the country.
Mishra stated, “We have experimented with various retail formats through the 4 experience zones we currently have, and franchise business was the next obvious move for us to explore. We are looking forward to working with entrepreneurs across the country to help strengthen our position in the senior care industry.”
The franchise model, as it typically works, involves the franchisee to invest in setting up the store, stocking products, introducing offers and generating revenues, etc. Seniority, in turn, would lend its marketing expertise, proprietary knowledge, operations processes, and similar support functions to the franchisee to help them scale the business.
“We are keen to onboard franchisee entrepreneurs who understand the sector we operate in, believe in our company, and are passionate about their business,” Mishra further said.