Why Should You Look for Ecommerce Website Development with PSG Grant in Singapore?

Admin - December 11, 2023 - 0 comments

Having a user-friendly, scalable, feature-rich, and customisable ecommerce website is a must for any ecommerce business looking to establish itself in the competitive business environment that prevails in Singapore. Two most important things that you’ll need include the budget and the ecommerce website development company that will develop the solution for you.

For many small businesses in Singapore, having either of these two things is a bit difficult while some businesses find it a challenging proposition to manage both. The Productivity Solutions Grant (PSG) can be an excellent solution to these problems, making it an attractive choice for entrepreneurs/ owners of small and medium businesses in Singapore.

ecommerce website store on mobile and laptop

In this article, we’ll learn why small businesses with customers to satisfy should pursue ecommerce website development with PSG grant. Before discussing the benefits of the PSG, we’ll discuss how the grant has had its impact on businesses in Singapore.

How has the PSG helped improve the business landscape for SMBs?

The government of Singapore has taken a range of initiatives to bolster small businesses, with the Productivity Solutions Grant (PSG), standing out as a notable contribution and support from the Singaporean government in this regard.

The PSG grant is designed to assist small businesses in Singapore by facilitating the adoption of technology to enhance their overall productivity. This particular section explores the facts about the PSG grant, exploring its impact on small business proprietors in Singapore.

In 2010, the Productivity Solutions Grant (PSG) was initially rolled out as a crucial component of the government’s strategy to incentivize small businesses to embrace technology and enhance their productivity and operational efficiency.

Geared towards providing financial assistance, the PSG Grant supports businesses in procuring and integrating a spectrum of digital/ technological tools, encompassing accounting and management applications, specific aspects of web development such as custom-tailored e-commerce solutions, social media integrations, and a diverse array of business applications including even professional consulting services.

Notably, the grant extends coverage for up to 80% of the overall cost associated with implementing productivity solutions and services, with a maximum cap of $30,000 for a company per fiscal year.

As of today, there have been many examples that show how small businesses in Singapore have reaped benefits, getting the PSG grant. Whether it is a company that provides logistics solutions or engineering services, there is always room for improvement when it comes to their operational efficiency.

One of the instances where the grant can be useful is the development of an Enterprise Resource Planning or ERP system. The ERP can help any company in Singapore with certain resources to utilise to ensure an increase in their productivity.

Another common yet highly sought-after solution can be a well-rounded, custom-developed e-commerce website or web application. Every business in Singapore that deals with customers knows how challenging it gets when they are to provide services and products on a daily basis.

With a custom-developed ecommerce solution and integrated customer relationship management module, a business finds it easy to streamline its processes, inventory management, customer interactions, and administrative activities. Adding to these benefits is another consideration, cost-efficiency.

Many small businesses in Singapore that have received the PSG grant have seen a considerable reduction in their cost which falls anywhere between 10% and 25%. Those Singapore-based businesses have also seen some remarkable changes in their performance in terms of customer satisfaction and sustainability.

The PSG grant has not been considered as some sort of financial support for only the ecommerce companies in Singapore. This grant has had its impact on companies that run operations in other fields of business in Singapore.

That being said, it is the ecommerce businesses that have benefited most from the PSG and for good reasons. This grant has its focus on the adoption and use of technological solutions, and an ecommerce company in Singapore as well as other places around the world cannot function properly without an online platform like a website/ web application, promotions on social media, and other digital means.

With an ecommerce business already going on well in Singapore or a plan to take its efficiency to the next level, you would definitely want to consider putting some effort into getting the PSG.

Why should you pursue ecommerce website development with PSG grant?

For a business in Singapore to get the PSG, there are certain eligibility criteria to meet. After fulfilling those requirements and being awarded the grant, you will have to look for a pre-approved vendor that specialises in building ecommerce website development for customer-centric businesses.

You need to contact a pre-approved vendor not just because it is mandatory but because a website development company has to fulfill certain eligibility criteria to become a pre-approved vendor. Those criteria have been set to ensure that the vendor has the developers with required expertise and experience in ecommerce website development.

Having a working relationship with a pre-approved vendor in Singapore, you can not only expect to get a fully-functional and user-friendly ecommerce website but also have the peace of mind that the solution works exactly the way it is supposed to. The concerned authority awarding the PSG conducts inspections to ensure that each ecommerce website or solution developed for a business in Singapore works properly.

On top of the above advantages, you can consider the cost of ecommerce website development in Singapore which is upwards of SGD 8,000. A lion’s share of the cost will not be your concern once your business is eligible for the PSG.

So, you are getting a top-notch ecommerce solution or web application at a fraction of the cost. Not only will you be able to use the ecommerce website or solution to enhance your operational efficiency, you will also be able to save some serious cash in the process. Remember that you’re also saving yourself the hassle of hiring an ecommerce developer.

Not all website development companies in Singapore are listed as pre-approved vendors, but the list of pre-approved commerce website development companies in Singapore is not small, making it confusing for business owners to find the right one.

As an award winning website development company in Singapore, Orfeostory has been working to help businesses like yours with sophisticated ecommerce solutions.

Feel free to contact us anytime and discuss the possibilities. If you already know what you need for your business, you can request a quote.

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