PSG Grant Ecommerce: What It Is, Who Qualifies and How to Apply

The PSG grant ecommerce is a government initiative that supports ecommerce ecommerce businesses in Singapore to transform their digital capabilities. The ecommerce grant in Singapore offers a big help for those businesses as they need substantial financial support to stay competitive and grow.

Today, TechTIQ Solutions will explain what the PSG Grant E-Commerce is, who can apply, and how to get started. Check this out to gain this precious opportunity to enhance your online presence and improve efficiency!

What is the PSG Grant Ecommerce?

The Productivity Solutions Grant (PSG) aims to assist businesses in developing and improving their technology solutions. It covers up to 50% of eligible costs for local small and medium-sized enterprises (SMEs), with a cap of $30,000.

The PSG grant includes various crucial costs to run ecommerce businesses, such as:

• Customer account
• Inventory system
• Add to Cart feature
• Payment gateway integration
• Creation of unlimited categories/products
• Loyalty point system
• Discount/Promotion system
• Integrated parcel delivery system
• Visual report system

Additionally, the grant covers marketing services like SEO setup, email marketing integration, and social media marketing integration. These tools help drive traffic to ecommerce websites and increase brand visibility across different digital platforms.

Ecommerce businesses can implement the mentioned technologies to improve efficiency and enhance customer experience. For example,  they may use marketing tools to boost their online presence and reach more audiences. Then, with a growing customer base, they can drive sales.

Who Qualifies for the PSG Grant Ecommerce?

To qualify for the PSG ecommerce, SMEs must meet the following criteria:

• Business registration: The business entity must be registered and operate in Singapore.
• Operating sector: The business must operate in the retail sector and engage in e-commerce activities. Yet,  it must not fall under these categories: Religious Entities, Charities, Voluntary Welfare Organisation (VWO), Institutions of Public Characters (IPCs), Government agencies and subsidiaries, and societies.
• Local shareholding: The business must be at least 30% owned, either indirectly or directly, by Singaporeans and/or Singapore permanent residents, as determined by the ultimate individual ownership.
• Grant cap amount: The PSG covers about 50% of eligible costs, with a cap of $30,000.
• Annual sales turnover/Employment size: The company’s annual sales turnover must not exceed $100 million, or its employment size must be 200 employees or fewer.

Please refer to the Enterprise Singapore website for the latest and most detailed information!

Benefits of Applying for the PSG Grant Ecommerce

Ecommerce businesses can gain many benefits when applying for PSG funding, such as:

Financial Support

PSG provides eligible businesses with financial support. This substantial boost helps them adopt advanced solutions to grow their business. For example, they can use the funds to develop ecommerce websites with outstanding features to attract customers.

Grow your business with a PSG-funded ecommerce website! Check out our services: Ecommerce Website Design and Development

Improved Operational Efficiency

Ecommerce businesses can enhance their operational processes through technology adoption. They can automate repetitive workflows and implement effective marketing strategies. Such improvements increase operational efficiency since companies can operate smoothly without worrying about manual errors.

Enhanced Customer Experience

PSG allows for robust features like secure payment gateways and user-friendly interfaces. Hence, businesses can offer enjoyable shopping experiences and increase customer satisfaction.

Increased Competitiveness

In the digital era, many businesses rely on technology to thrive. If you choose PSG funding to grow your online store, you can easily enhance its capabilities and meet the growing expectations of your customers. As you increase competitiveness, you will ensure long-term success in the dynamic marketplace.

How to Apply for the PSG Grant Ecommerce?

Application for the PSG ecommerce involves a four-step process as follows:

Eligibility Check

First, ensure your business meets the eligibility criteria mentioned above. After confirming your eligibility, sign in to your CorpPass account to transact on the Business Grants Portal.

Next, visit GoBusiness Gov Assist to access a comprehensive list of adoptable solutions and find the relevant ones for your online store. Each type of solution requires specific quotations. For example:

• IT solutions: Quotations from pre-approved vendors
• Equipment: Quotations from vendors and sources for the equipment
• Consultancy services: Quotations from pre-approved consultants

Proposal Preparation

You need to prepare a proposal outlining your ecommerce project. Remember to include the details and budget of the technology solutions you plan to implement. Gather the necessary documents and information, such as:

• Contact details and main contact person
• Letter of Offer addressee
• Proposal details including IT solution, vendor name, vendor’s quotation, and supporting documents/licenses
• Detailed project cost
• Description of overall business impact and productivity gains from the proposed solution

Submission Process

Submit the application through the Business Grants Portal. Follow the online submission guidelines and ensure you have included all required documents.

Approval and Disbursement

After submission, the website will review your application. If approved, you will receive a Letter of Offer. And once you implement the solution, you can submit claims for reimbursement. For this policy, ensure you purchase or subscribe to the solution as approved, have used it for 30 days, and have paid in full. Then, submit all documents to receive the funds.

If you want to check the status of your application and access more detailed information, visit the Business Grants Portal.

PSG Approved Vendors

PSG-approved vendors are businesses that have been approved for funding under the PSG. They offer many benefits to ecommerce businesses applying for the grant, such as:

• Expertise in IT solutions: PSG-approved vendors have knowledge and experience in delivering IT and digital solutions designed for ecommerce businesses. Hence, they ensure that what businesses receive is reliable and meets their needs.
• Alignment with PSG: The offered solutions align with the PSG eligibility criteria, reducing non-compliance risks. It means businesses will have a higher chance of securing funding.
• Support and training: The vendors provide support and training to help ecommerce businesses work with the solutions effectively. This way, they can maximize the benefit of the fund.

Conclusion

The PSG grant ecommerce provides ecommerce businesses in Singapore with financial assistance for technology adoption. The grant covers various solutions, including PSG grant ecommerce web design, to help companies to develop robust online platforms.

So, if your business qualifies, consider applying for the grant. It’s time to transform your ecommerce operations to stay ahead in the marketplace!