5 Reasons why PSG eCommerce is needed by your business
Since the rise of the information age, the internet has become a venue for different activities under the sun. Examples include information and data gathering, banking and payment services, online gaming, social networking, and advertising, to name a few. One popular online business model entails the sale of products and services. This is known as eCommerce.
Sky’s the limit when it comes to what the internet has to offer. It has a wide variety of functions for its users on a daily basis both in Singapore and worldwide. The norm used to be brick and mortar stores and written documents kept under filing cabinets. Now, everything now can be done through the click of a link and uploaded to online cloud systems.
The internet has broken geographical barriers and has made it easier for people to communicate and transact businesses with people around the world. eCommerce is one example of an internet service that has made business transactions more convenient for both sellers and buyers. Online payments have become more accessible to everyone. They are slowly replacing the traditional way of doing physical banking transactions.
Many businesses have sprouted and continue to be established during the rise of the COVID-19 pandemic. There is an urgent need to include web solutions into the budgets of both start-ups and existing businesses. Thus, the need for government grants in Singapore has proved to be beneficial for this.
What is PSG eCommerce?
eCommerce has become a current household name for online businesses. eCommerce marketplace giants such as Amazon, Lazada, and Shoppee are giving physical brick and mortar stores a run for their money. It would be of benefit to Singaporean businesses if they would avail of what they call PSG eCommerce.
The digital world has become a vast space for businesses to thrive despite the rising pandemic. PSG eCommerce grant would be a great contribution to developing businesses in Singapore.
PSG stands for Productivity Solutions Grant. It is a kind of government grant issued in Singapore to aid businesses with their web and IT solutions. It caters to different kinds of businesses, from food to infrastructure and engineering too. PSG Ecommerce development is so crucial nowadays so that businesses can thrive online. This grant would help minimize costs due to the given subsidy.
Both small and large businesses have been greatly affected by the COVID-19 pandemic. This has resulted in lower sales. Companies have opted for cost-cutting measures to keep their establishments afloat during this time. Thus, the benefits of PSG eCommerce development are crucial.
5 Reasons why PSG eCommerce is crucial for businesses
PSG eCommerce development has a lot of benefits for businesses operating in Singapore. Below are 5 Reasons how it could help establishments thrive in this day and age:
#1 PSG grants can shoulder up to 70%-80% of your web solution needs
Businesses will need an allocated budget to migrate both their sales and operations online. The PSG Ecommerce grant would be of great help to minimize costs for your business. Whatever budget you had initially allocated for this can go to other parts of your business like inventory management and operations.
#2 Additional Consultancy Services offered with the grant
The government also offers free consultancy or advisory services for startups and existing businesses that need help with web and IT solutions. This helpful service comes along with the financial assistance offered to Singaporean businesses. It caters to those who need assistance on how to set up their websites and establish their online marketing needs.
#3 Simple requirements needed
The requirements needed to apply for a PSG eCommerce grant are simple. One is that your business is a Singaporean-owned and established business operating within Singaporean territory. Next is that the purchase, lease, and subscription of your web solutions and equipment are only utilized within Singapore. Another is that businesses should have a minimum of 30% local shareholding. These qualifications would make it easy to apply for this grant. An additional requirement necessary is if the business has less than 200 employees. There is also a maximum required sales turnover that does not exceed SGD 100 million.
#4 Cuts Costs for your business
the PSG eCommerce grant will further help contribute to cost reduction for the business. The government can cover a big amount to support the business’ IT needs. Online operations cost less than physical operations and less manpower is needed to transact business on the internet.
#5 Boost Singapore’s Economy
The more PSG eCommerce development grants the government offers, the more businesses will thrive in this pandemic. Thus, this will improve the overall economy of Singapore. The economy’s growth won’t be limited by just physical or brick-and-mortar operations. Online businesses will be of big help to improving the economy of Singapore.
Avail of the PSG Ecommerce development grant today!
Looking to apply for a PSG eCommerce grant but clueless on how to start and how to do it? Great news is that there are agencies that can help you with this. Contact Digital Solutions, one of the leading digital marketing agencies in Singapore. They offer web-based solutions to both small and big businesses alike. Digital Solutions offers the best and reliable service to both their current and prospective clients within Singapore.
One of the services of Digital Solutions includes government grant applications catered to IT solutions. Apply for the PSG grant today with their help. Availing of their service will make it a smoother and faster process for you. Give them a call or check out their website to avail of their service.