Develop an eCommerce website for your business and enjoy PSG up to 50% grant in Singapore.
In this article, we’ll discuss how to develop an eCommerce website with PSG up to 50% grant. Digital technology is transforming every sector of Singapore’s economy. Small and medium-sized businesses must adapt to improve sales and productivity. Modern and automated solutions help businesses innovate. They also help expand into the overseas market.
E-commerce is one of the best automation solutions for businesses. It makes it easier to scale operations. Customers today are shifting to E-commerce for a better user experience. However, not all small or medium-sized enterprises can afford this costly IT solution. So, how can small enterprises keep up with high-end technologies?
There are programs that can help, such as the Productivity Solutions Grant (PSG). PSG is an example of why Singapore leads in the economy. You can develop a website or e-commerce site for your business. If you hire a a pre-approved PSG vendorpre-approved PSG vendor, you can receive up to 50% funding for your eCommerce website. If you're unfamiliar with PSG, this article will guide you through it.
What is the Productivity Solution Grant?
Please make each sentence of this paragraph shorter “The Productivity Solutions eCommerce website with PSG up to 50% grant 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 50% 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 eCommerce website with PSG up to 50% grant 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?
We live in a fast-growing digital age. There is no room to underestimate the importance of digital platforms and IT solutions. Every new SME in Singapore should know that 75 percent of businesses have an online presence. A well-developed website is essential for company goodwill, market confidence, and increased sales.
Pre-approved PSG vendors like 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 50% 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 50% funding support
As an SME, setting up an eCommerce website can be challenging. One key difficulty, for instance, is managing a large budget. Small to medium-sized enterprises, therefore, often struggle to afford expensive solutions. However, fortunately, the Singapore government supports SMEs through the Productivity Solutions Grant. This grant, in fact, covers various industries, including eCommerce. Moreover, a pre-approved PSG vendor can help SMEs build their eCommerce website with up to 50% funding. In addition, they can also access digital equipment to manage their business smoothly.
E-commerce solutions for SMEs
The government, in an effort to encourage business owners to use digital solutions and equipment, especially SMEs, created the eCommerce website with PSG, offering up to a 50% grant. As a result, SMEs, in particular, benefit the most from PSG. Specifically, it covers up to 50% of the cost for digital solutions, making it, therefore, a valuable investment. Additionally, there are, importantly, almost no hidden fees or charges when obtaining PSG from the government.
Access to modern and digital equipment
Every business, without a doubt, needs unique solutions. For instance, you may need to improve SEO, web design, or other software to enhance productivity. Therefore, look for tools that specifically enhance your SEO and web design to attract customers. In fact, the eCommerce website with PSG, offering up to a 50% grant, provides a variety of tools, IT solutions, and customized programs for your digital campaign. If, however, your business requires these solutions, simply sign up with a PSG vendor offering a full suite of services.
Going Global
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.
Increased revenue
Let’s look back on last year, for instance. Due to the COVID-19 outbreak in 2020, online presence and increased sales revenue, as a result, made the eCommerce net worth $9.5 billion in Singapore. This, in turn, shows how businesses have, over time, become solely dependent on eCommerce to grow. Therefore, it wouldn’t be too soon to say that eCommerce may, in fact, replace physical stores online in the coming days.
During the crucial period of the pandemic, PSG, along with eCommerce booster packages, came with a handful of advantages. Specifically, these packages provided small-medium enterprises with the opportunity, therefore, to gain more online exposure, reach out to an extensive target audience, and ultimately 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 50% grant. To know more about PSG, give us a call or contact us here, and get a free quote today.