Digital technology transforms every sector of Singapore’s economy. So, every small or minimum sized business must adapt and make the best use of the technological facilities to improve sales and productivity. The use of modern and automation solutions not only helps you upgrade or innovate your business but also expands it to take its first step into the overseas market.
One of the best automation solutions for business is E-commerce that has made it easy to advance business on a larger scale. Customers these days are shifting to E-commerce expecting a better user experience. But not all small or medium-sized enterprises can afford this expensive IT solution. So, how would the small enterprises possibly move along with the high-end technologies?
There are programs in place that can help, and one of those is the Productivity Solutions Grant (PSG) which stands as an example of why Singapore is a frontline country in terms of economy. For your attention, you can develop a website or e-commerce site for your business and enjoy up to 70% funding for your eCommerce website if you hire a pre-approved PSG vendor. If you are yet to discover what PSG is, this article can guide you through it.
What is the Productivity Solution Grant?
The Productivity Solutions Grant eCommerce solutions are incorporated to support companies adopting internet technology solutions that include specific industries such as retail, food and beverages, engineering, logistics, and landscaping industries. The Singapore government launched the grant in April 2018 to provide companies with significant financial aid to grow.
Considering the Covid-19 outbreak, the maximum funding support level was raised from 70% to 70% from 1 April 2020 to 31 March 2022. The Singapore Government believes that this initiative encourages all SME enterprises to invest in technology and IT solutions and thus enhance business processes and improve productivity.
Who qualifies for PSG?
To qualify and apply for the grant, SMEs have to –
- register and operate in Singapore.
- use the purchase/lease/subscription of the IT solutions or equipment in Singapore.
- (For selected solutions only) have a minimum of 30% local shareholding.
- (For consultancy service solutions only) have at least three local employees at the point of application.
There are some actions an application can get rejected. The business entity must not –
- make any payment to a supplier, vendor, or third party concerning the purchase/lease/subscription of the IT solution or equipment
- sign any contract with a supplier, vendor, or third party concerning the purchase/lease/subscription of the IT solution or equipment
Who doesn’t qualify for PSG?
The following SMEs do not qualify for grant supports –
- Voluntary Welfare Organisation (VWO)
- Charities, Institutions of Public Characters (IPCs)
- Government agencies and subsidiaries
- Religious Entities
How does PSG help your business to go digital?
While living in a fast-growing digital age, there is no room to underestimate the importance of updating your business with digital platforms and IT solutions. Every new SME in Singapore must understand that up to 75 percent of business farms in Singapore have an internet presence. So, having a well-developed website is essential to ensure company goodwill, market confidence, and increased sales revenue.
Pre-approved PSG vendors like Verz Design, FirstCom Solutions, and Orfeostory can help small and medium-sized enterprises with decent web designs and eCommerce sites at a very affordable price, up to an 70% grant. It’s wise having PSG web designs and eCommerce solutions from the birth of your business to keep pace with the Singapore digital marketing business and eventually expand business on a scalable platform.
Let’s check the facts on how SMEs get benefitted by hiring pre-approved PSG vendors.
Up to 70% funding support
As an SME, you may face many encounters for setting up an eCommerce website. One of the challenges is managing a sizable budget. In most cases, it becomes difficult for small to medium-sized enterprises to afford big-budget solutions like eCommerce. Fortunately, the government is helping SMEs in Singapore with the Productivity Solutions Grant that covers a wide range of industries, including eCommerce sectors. A pre-approved PSG vendor helps SMEs build their eCommerce website with up to 70% and enjoy digital equipment to manage their business seamlessly.
E-commerce solutions for SMEs
The government created the PSG to encourage business owners to utilise digital solutions and equipment, especially small-medium business entities. As a result, SMEs benefit the most from PSG. With up to 70 percent of the cost of funding digital solutions, requesting a PSG is a truly worthwhile investment for your business. Moreover, there is almost no downside or hidden charge applied to get PSG from the government.
Access to modern and digital equipment
Every business requires unique solutions. You may need to improve your SEO strategies, web design, or a different bunch of software to improve your online presence and productivity. Look for tools that can benefit your web design and SEO strategies to improve your online presence and attract potential customers.
PSG offers a wide range of efficient tools, equipment, IT solutions, or customised programs to help you find the right supports you need for your digital campaign. If your business needs these digital solutions, sign with a PSG vendor that provides a full suite of services.
Many risk factors may appear when a company decides to participate in the global marketplace. A good online presence can be a vital component to face those challenges and make full advantage of expanding your business overseas. For example, hiring an e-Commerce design company like Orfeostory can help you integrate with the biggest eCommerce companies such as Lazada, Shopee, and Qoo10 SelluSeller module and ensure your business goes global.
Let’s look back on last year. Due to the COVID-19 outbreak 2020, online presence and increased sales revenue made the eCommerce net worth $9.5 billion in Singapore. It shows how businesses have become solely dependent on eCommerce to grow. It wouldn’t be soon to say that eCommerce may replace physical stores online in the coming days.
During the crucial period of the pandemic, PSG combined with eCommerce booster packages came as a handful of advantages for small-medium enterprises to gain the opportunity of more online exposure, reach out to an extensive target audience, and boost sales revenue.
One of the qualities to attain the grant is using tools from the approved pre-approved suppliers. So, hiring the right vendor from the beginning can take your steps forward. But with so many approved suppliers out there, reaching the best one can be hard. So, the best way is to analyze and find out the basic and unique needs business requires and then look for a renowned web design company that provides all the services with suitable solutions.
Still confused? Orfeostory is right here to give your business a competitive advantage in the digital space with up to 70% grant. To know more about PSG, give us a call or contact us here, and get a free quote today.