The Story of Old is Gold

It was about 4 years ago, that S. Prithvirajan, K.P. Jayashree, and Sanjay Dattatri came up with a novel idea to open the first-of-its-kind store in India which would focus exclusively on fulfilling the needs of the senior citizens of India.

And that’s how Old is Gold was born.

Co-founders Somdev Prithviraj, his wife K P Jayshree and Sanjay Dattatri (Source: Your Story)
Co-founders Somdev Prithviraj, his wife K P Jayshree and Sanjay Dattatri
(Source: Your Story)

“From the outset, we were very keen on hybrid model for our business, that included brick and mortar stores as well as an online ecommerce platform.” And because the elder buyers are usually seen to be more comfortable dealing with people as well as tangible companies, rather than doing their purchases – especially their first time purchases – online, “ Our brick and mortar stores help elders try and buy products without having to worry about online payments and returns etc.”

But at the same time, many of the actual buyers are people procuring products for their elderly parents and relatives and would like the option of doing their purchases online and have the products delivered home. And so, in order to cater to their special customers, “we are committed to ensuring all possible avenues for them to check out our products and buy them.”

The Problems They Faced

They say they didn’t face many problems setting up the online store.  “After deciding we would not build our own platform, we tried out two or three ecommerce frameworks and found buildabazaar to our liking. We are very happy about having gone with Buildabazaar as we have had very few problems and almost negligible downtime in the over 3 years that we have been using the platform.”

As for the operations, they have an extremely senior-friendly customer service team that goes over and beyond selling products, and takes pride in helping elders choose what is best for them – and this is what has resonated with their customers. “This philosophy of ours has helped us become the number 1 go-to resource for any senior citizen need in areas where our stores operate and this has helped our online presence spread among elders through word-of-mouth.”

Understandably, as a large portion of their customers are not Internet savvy, they have faced challenges in reaching out to the elder buyers; but there again things are changing for the better, as more and more of their customers are coming on board the Internet-wagon and starting to buy online.

Balancing a Social Cause With Entrepreneurship Goals

(Source: Old is Gold Information Centre)
(Source: Old is Gold Information Centre)

The people at Old is Gold store are committed to helping the elderly lead a more comfortable, safe, and secure life. “Towards that end, we are ready to do whatever it takes to realize that goal.” They truly believe that going about their business this way will definitely lead them to become a more successful business – both in terms of delivering on their promises to their customers, as well as becoming financially successful and delivering on their promises to their investors.

And when it comes to balancing the social and business goals, they say, “As a social enterprise, we really do not see any conflict between our twin goals of helping senior citizens and building a profitable business.”

“Of course, there are challenges”, they say, but those challenges, they feel are the ones that every retail business faces. The best thing is that they don’t think their challenges are any bigger than others, just because they have a social cause to service. “In fact many of our challenges are diminished because we are doing good.” Even their staff is with them, all the way, in this cause. The say, “the morale of all our staff is extremely high because of the gratitude expressed by our customers. They get blessed by our customers, multiple times each day which results in giving them the kind of satisfaction that very few people can expect to experience at work.”

How Does The Future Look Like

Their goals, they say, are very simple. “We want to reach as many senior citizens as possible and ensure that they know what options they have to make their own lives during their silver years better.”

And to do that, they say that they have to continue to make their online presence felt as well as open more outlets across cities around India. Over the next two years, they even plan to open Old is Gold Store outlets in all the major cities as well as some of the larger tier-II towns and cities.

Additionally, they are constantly looking at new products that are useful to their customer base and adding to their portfolio. They also manufacture products that are not readily available in the market. One such product category is senior friendly clothing, which they recently launched under the brand name, Cocoon. “These are clothes that are specially designed taking into consideration the needs of elders including those with limited mobility, without compromising on style and fashion”, they say.

Old is Gold and BuildaBazaar

Their experience with Buildabazaar, they say, has been fantastic throughout.  “The platform does most things for us. It is fairly easy to use requiring very little training for our staff.” They’re also happy with the customer support system, and find it highly responsive.  “We have dealt with a single person only till date and we wish to use this opportunity to express our appreciation for all the support that Sumanth Nagar has given us. Thank you.”

And we at BuildaBazaar thank Old is Gold Store for choosing our platform to support a great social as well as entrepreneurial cause. Thank you!

 

Vrinda
I am a quirky person who loves to read and eat. I love sharing cool facts and my smile is highly infectious.

Above all... writing is my passion.

13 thoughts on “The Story of Old is Gold

  • June 5, 2016 at 11:20 am
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    Old is definitely Gold! Kudos to the amazing team for their efforts!

    Reply
  • June 5, 2016 at 8:18 pm
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    It is not an easy thing to balance a social cause with an entrepreneurship goal. Well done team!

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  • June 5, 2016 at 9:38 pm
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    Always a pleasure reading such inspirational articles!

    Reply
  • June 5, 2016 at 10:07 pm
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    Awesome work by buildabazaar and the Old is Gold team. We must have more organisations like them.

    Reply
  • June 6, 2016 at 10:28 am
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    Such people are very inspiring, It is good to know that people like them still exist.

    Reply
  • June 6, 2016 at 10:40 am
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    Doing good for senior citizens and fulfilling their every needs is such a good gesture. Thank you for being such beautiful human beings.

    Reply
  • June 6, 2016 at 11:32 am
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    Gracious, generous and wholehearted. It is an absolute delight to read an article that addresses the elephant in the room. Taking the needs of the senior citizens seriously and making and effort to make a change. Hats off to you guys.

    Reply
  • June 6, 2016 at 12:32 pm
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    A lovely concept. It is nice to see people making the effort to do something for the senior citizens. God bless. May the holy spirit guide you.

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  • June 6, 2016 at 1:04 pm
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    What a beautiful venture. I am sure that the old is gold store will do wonders for senior care!

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  • June 6, 2016 at 2:20 pm
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    Amazing thought. Good concept and nice strategy.

    Reply
  • June 6, 2016 at 6:21 pm
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    Senior care products are really a market segment that are not taken care of. I am happy that someone has come up with this venture

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  • June 7, 2016 at 11:35 am
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    Wow. Good that BuildaBazaar has been making sure that such noble ventures are also given attention though articles. Nice.

    Reply
  • July 7, 2016 at 12:10 pm
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    I like how I can ask questions on here and get pretty much instant feedback, however I kind of want to be able to just share my general thoughts and ideas and have people comment on them. Does anyone know of a blogging site that could offer me this luxury? Oh, and I don’t want anything where the people that comment on it are people that know me personally, like on tumblr or facebook or something..

    Reply

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