PSG E-Commerce Websites | PSG Singapore (Productivity Solutions Grant Singapore)
×

Oct 20 2020

Productivity Solutions Grant (PSG) For eCommerce Websites 101

Written by Carlo Angelo Suñga

 


 

Introduction

Many sectors in Singapore, such as food, retail, and engineering industries, are shying away from manual labour and resorting to technology. After all, why stick to old and outdated ways of working when you can speed up the process and make your job much easier to do? Such is the case for the eCommerce industry, where you can utilise high-end solutions to reach your goals.

 

When setting up an eCommerce website, you will encounter many challenges, such as competing against other eCommerce businesses, managing a sizable budget, and maintaining your SEO ranking. However, one of the biggest challenges in the eCommerce industry is adapting to the exclusivity of technology.

 

The goal of eCommerce is to conduct transactions through online and electronic means. Managing your tasks without the use of technology and various digital solutions will be troublesome.

 

Fortunately, you can request the Productivity Solutions Grant (PSG) to access digital solutions and equipment to help you manage your eCommerce business. The Productivity Solutions Grant, also known as PSG in Singapore, covers a wide range of industries, such as logistics, construction, and most importantly, eCommerce sectors.

 

If you want to set up an online store, one of the first things you should consider is the sheer number of tasks under your management. Data analytics, financial management, web design, SEO services—these are just the tip of the iceberg when it comes to managing an eCommerce website. Without a PSG, running your eCommerce business will be much more difficult due to the limited tools and solutions at your disposal.

 

The Importance Of The Productivity Solutions Grant For Ecommerce

How does the Productivity Solutions Grant or PSG benefit the eCommerce industry? What makes the Productivity Solutions Grant an integral part of eCommerce in Singapore?

 

Let’s start with the state of eCommerce this 2020. In Singapore, the eCommerce market is worth $9.5 billion, due to the increased sales and number of online shoppers because of COVID-19.

 

 

The numbers show how the eCommerce industry in Singapore is shaping up as the future for most businesses. Fortunately, the government is helping SMEs in Singapore with the Productivity Solutions Grant or PSG and the eCommerce booster package.

 

The combined benefits of the PSG and eCommerce booster package are essential for SMEs, as it helps physical stores transition from offline to online. They provide businesses with a wide range of solutions, including funding support to boost finances early on.

 

For online stores, the same benefits apply. If you are planning to start an online business, you can request grants like the PSG and eCommerce booster package to access a wide range of solutions and tools.

 

Singapore: A Nation Of Innovation

 

Small and medium-sized enterprises (SMEs) benefit from PSG the most. With up to 80% funding support, applying for a PSG seems like the wisest choice to make, not only for SMEs but eCommerce websites as well.

 

80% of funding support is a lot of money. You might even ask yourself: what’s the catch? What are the pros and cons of applying for a PSG? In reality, requesting a PSG is a truly worthwhile investment for your business. There is almost no drawback to getting a PSG from the government.

 

Singapore is already shaping up as one of the world’s most “business-friendly” countries. The Productivity Solutions Grant or PSG is just an example of why Singapore is revered as a top-tier country when it comes to economic growth.

 

Progress and innovation are two of Singapore’s most prominent selling points for investors. As proof, the government is providing SMEs with the Productivity Solutions Grant or PSG.

 

 

Nonetheless, business owners still need to request a PSG before experiencing its benefits and rewards. As long as your business qualifies under the government-mandated criteria, you can apply for a PSG and gain access to a myriad of digital tools and equipment.

 

The government created the PSG with the hope of encouraging SME owners to utilise digital solutions and equipment. If you agree and want to request a PSG for your eCommerce business, you have to understand the importance and use of PSG first.

 

What exactly is the Productivity Solutions Grant anyway, and how can it help your eCommerce website?

 


 

Part I – What Is The Productivity Solutions Grant?

 

The Singaporean government invented the PSG to provide SMEs with up to 80% funding support. The purpose of doing so is to establish the country as a digital-centric nation, one that embraces technology and equipment as opposed to manual labour. The result of providing businesses with PSG is not to eliminate the need for physical work, but to enhance efficiency and productivity with the help of technology.

 

Besides proving that Singapore is ready for the future of digitised businesses, the purpose of requesting a PSG is to gain access to a variety of digital solutions. In doing so, you have enough money to financially support various areas in your eCommerce business, such as digital marketing, SEO services, financial management, and web design.

 

The government encourages entrepreneurs to apply for a PSG to experience the benefits of digital solutions. If you want to try getting a PSG for your eCommerce website, you have to make sure your business is eligible based on the criteria provided by the government.

 

How can your eCommerce website be eligible for a PSG, anyway? Here’s a list of qualifications to consider you can gain access to a Productivity Solution Grant or PSG for your business.

 

The Eligibility Criteria For The Productivity Solutions Grant

 

1. Your Business Is A Registered Entity In Singapore

The first criterion is a given. Of course, your eCommerce business should be a registered entity in Singapore. Otherwise, there is no point to using a PSG if you do not operate in the country. You have to register your business as an incorporated establishment in Singapore to apply for a PSG.

 

2. You Have At Least 30% Local Shareholdings

SMEs in Singapore should have at least 30% local shareholdings. The same applies for your eCommerce business. Your website may need specific tools to get enhanced and developed, which is attainable with the help of the PSG.

 

Fortunately, as long as your online store has 30% local shareholdings, you can utilise different tools to develop your eCommerce website and improve its performance. However, this rule also applies to select solutions, so keep that in mind.

 

3. Any Use Or Purchase Of Equipment And It Solutions Should Take Place In Singapore

If you are using or subscribed to any equipment and IT solution, it should take place in Singapore. If not, then your eCommerce business is not qualified for the PSG.

 

Also, signing a contract with a third-party vendor or supplier related to your equipment will render your business ineligible for the PSG. Avoid purchasing from or subscribing to any third-party vendors or suppliers to request a PSG.

 


 

Part II – Productivity Solutions Grant: What Can It Do For Your Ecommerce Website?

 

The Productivity Solutions Grant or PSG works best for SMEs in many sectors. Retail, food, engineering, wholesale—these are the industries that benefit the most from applying for a PSG. With the approval of the Singaporean government, your small business already has more room for the potential to succeed and gain traction, thanks to around 80%% funding support.

 

However, with all this talk about how the Productivity Solutions Grant or PSG can do wonders for various industries, can we say that it also applies to eCommerce? Yes, you can request a PSG as long as your online store qualifies for the given criteria. The 80% funding support is more than enough to help you generate more revenue with eCommerce compared to running a brick and mortar store.

 

Applying for a PSG is the highly recommended method of kickstarting an online store. You can get enough money and access different tools and solutions to develop a high-quality eCommerce website. You could also Incorporate SEO services to make worthwhile investments using your funds. Doing so will allow you to reach your target audience and get better web visibility.

 

The Benefits Of PSG For Ecommerce

 

1. Launch An Ecommerce Business

When it comes to designing and developing an eCommerce website, having a stable Internet connection is the least of your worries. Besides having Internet access and following rules and regulations of eCommerce in Singapore, you need a variety of tools at your disposal to kickstart your business.

 

Fortunately, the Productivity Solutions Grant or PSG can provide you with all the cutting-edge digital solutions your online business needs to succeed. The eCommerce industry is unpredictable, but thanks to the PSG, you can use better digital solutions and advanced technology to gain the upper hand over your competitors.

 

2. Apply For More Than One PSG

If you are happy with the benefits of the Productivity Solutions Grant or PSG, you can apply for another application. However, this only applies depending on your business needs. Also, you can only extend the financial support for one package per solution and location. You cannot request a PSG for the same digital solution.

 

3. Improve Staff Retention

No man or woman is an island, especially when it comes to managing an eCommerce business. You need all the help you can get to develop a high-quality and SEO-friendly website. Luckily, the Productivity Solutions Grant or PSG can help you improve staff retention by providing you with a wide array of tools at your disposal.

 

With better equipment and IT solutions, you have lower chances of losing valuable teammates. Your tools should allow you and your staff to handle an eCommerce website with ease.

 

4. Access A Variety Of Tools

The best part about the PSG is gaining access to various tools, such as equipment and IT solutions for eCommerce, that can boost your productivity. Not to mention, you can choose specific tools that you can fit into your digital marketing strategies.

 

To find the perfect tools and solutions for your eCommerce website, you can look for a pre-approved vendor. As mentioned earlier, the Productivity Solutions Grant or PSG is eligible for business owners using equipment and IT solutions from approved vendors or suppliers.

 

Once you get in touch with a pre-approved vendor, you can utilise a bunch of different software tools and IT solutions to give your online store an edge over your competitors. Look for tools that can benefit your web design and SEO strategies to improve your online presence and attract potential customers.

 

For example, besides investing in tools for financial management and inventory tracking, you could also look for an eCommerce platform that lets you modify your website with enhancements and web design features.

 

On top of that, you could use an SEO tool for detecting anomalies in your website so you can predict and measure your performance. Plus, you could gather more information about your SEO performance and come up with better marketing strategies to improve your rankings.

 

5. Learn How To Utilise Advanced Software

Managing an online store is easier said than done. Without the right tools and knowledge, you can fail to earn money and generate positive results for your eCommerce business. That is why the Singaporean government is promoting the Productivity Solutions Grant or PSG, so more people can get accustomed to using advanced software and applying it in the workplace.

 

Purchase a pre-approved IT solution of your choice, and you can use it to develop a high-quality eCommerce website. Of course, you have to qualify for the PSG and submit an application, but we will talk about that later.

 


 

Part III – How To Apply For A PSG?

 

The government is aware of how COVID-19 is affecting enterprises across all industries in Singapore. Fortunately, with the Productivity Solutions Grant or PSG, the government is implementing measures to help businesses stay afloat in an age where working from home is the meta.

 

Whether you are using a laptop or high-end computer, what matters is you are using efficient tools for both SEO services and eCommerce. As long as the government continues to support SMEs with the PSG, you can send an application and access different tools for your eCommerce website.

 

Whether you are using a laptop or high-end computer, what matters is you are using efficient tools for both SEO services and eCommerce. As long as the government continues to support SMEs with the PSG, you can send an application and access different tools for your eCommerce website.

 

3 Tips For Requesting A PSG

 

1. Choose A Suitable Tool Or Solution For Your Ecommerce Needs

There is a staggering number of software applications for designing and developing an eCommerce website. Expect to be confused when choosing the right one tools for your eCommerce needs. In that case, try to take your time when looking for the most suitable tool for your website.

 

There are countless tools available in the marketplace, with some of them free, while others require payment. Either way, purchasing from a pre-approved vendor or supplier matters the most when it comes to applying for the Productivity Solutions Grant.

 

For instance, you need to know which tools can benefit you the most at the moment. Here are some categories of tools that you can choose from:

 

 

Digital Marketing Tools

The goal of eCommerce is to establish a reputable online presence and attract potential customers. To do so, you need to utilise efficient digital marketing tools that will help you promote your online store in many different ways.

 

Know More: 10 Best Tools For SEO And Digital Marketing

 

For example, you can use Ahrefs, a digital marketing tool for enhancing your SEO services. Every SEO agency in Singapore is more than likely to utilise this tool, thanks to its many features, such as keyword research, backlink research, content research, and web monitoring. Other similar SEO tools, like SEMRush and Seobility, are highly recommended, especially for eCommerce startups.

 

Web Design Tools

The success of your online store will depend on the efficiency of your web design tools. Not surprisingly, utilising quality web design tools will help you launch a successful eCommerce website. Fortunately, there are many software applications and platforms that cater to both SEO services and eCommerce.

 

Know More: 3 Ideal Web Design Tools For Startup Companies

 

One good example of a web design tool is WordPress, the perfect choice for beginners. It offers user-friendly features for creating quality content and accessing different types of media, such as videos and pictures.

 

Management Tools

Launching an online store is one thing, but it’s another to keep it afloat. You will fill your eCommerce website with a ton of content, which can benefit your business as long as you deliver consistent performance. The task itself is challenging, so use a management tool to make your job easier.

 

For example, when it comes to optimising an eCommerce website, Monday is an excellent choice for managing projects, leads, schedules, and a bunch of other things. Operating an online store may be overwhelming at first, but your management tool will make every task seem like a breeze to accomplish.

 

2. Access The Business Grants Portal

The Business Grants Portal is a government-owned website that will let you apply for the PSG. Here you will find all the steps you need to take for requesting the PSG. Applying for a grant is easy, and the website will even show you how to file a claim if necessary.

 

For an in-depth guide to requesting a PSG, click on this link to know how to submit an application.

 

3. Monitor Your Application While Waiting

After submitting your application, all you have to do is wait for a letter of approval from Enterprise Singapore. After a few weeks or one month, you should receive a confirmation regarding your application. In the meantime, you should monitor your progress. Send a follow-up message from time to time if it is taking too long for your application to be approved.

 

PSG Application: Factors To Consider

As a Singapore-based online store owner, applying for a PSG may be one of the best decisions you can make for your business. Doing so at the earliest opportunity is an excellent way to access a variety of efficient tools. Apart from submitting your application and choosing the IT solutions for your eCommerce website, there are other factors to consider when it comes to requesting a PSG.

 

1. Honesty And Transparency

When applying for the PSG, being qualified is just one of the many ways to get approval. One essential part of your eCommerce website is its credibility and reputation. You need to earn trust before you can get a confirmation.

 

Establish your credibility by submitting documents and proof that your online business is a registered entity in Singapore. Whatever the agency requires you to give, show them a copy to prove that you are trustworthy.

 

2. Boosting The Country’s Economy

SMEs are the driving force behind the economic growth of Singapore. Around 99% of enterprises are SMEs that contribute to nearly half of the country’s Gross Domestic Product (GDP). Perhaps you can let your eCommerce business be a part of the Singapore economy and its economic boom?

 

 

Take part in the country’s growing economy by requesting a PSG that helps in supporting the government’s mission to establish a more digital-focused nation. Not to mention, with COVID-19 as an existing threat, the Productivity Solutions Grant or PSG is becoming more relevant than ever by providing people with more options to utilise digital solutions.

 

3. Consider Other Grants

The PSG is not the only grant mandated by the government. There are loads of different government grants that can cut through expenses and offer more room for improvement.

 

Besides the Productivity Solutions Grant or PSG, here are the other government grants that you can consider for your business.

 

  • The Enterprise Development Grant
  • Market Readiness Assistance
  • StartUp SG Founder
  • Career Support Programme
  • Financial Sector Technology and Innovation (FSTI) scheme

 


 

Conclusion

With the number of tools available, there is no doubt that applying for the Productivity Solutions Grant or PSG is the best way to kickstart your online business. You can choose a software program that suits your needs, and even generate revenue in an instant, thanks to approximately 80% funding support.

 

With the PSG, you can get ahead of your competitors and gain traction to make your presence known. Nonetheless, some of the parts of the Productivity Solutions Grant or PSG is utilising efficient SEO tools that can pave the way for the future of your online store.

 

We understand that the eCommerce industry is highly competitive, which is why you should consider requesting a grant from the government to get things going. The significant boost in your funds and use of efficiency tools might be just what you need to increase your SEO rankings and improve your online presence.

 

For more information about digital marketing, feel free to contact our SEO agency in Singapore anytime at 6391-0930.

Related Posts

Nov

12

2020

Local SEO Essential for Business

Oct

15

2020

How to build trust eCommerce Marketing
Social Whatsapp Whatsapp Us