SMEs nowadays are focusing on advanced technological solutions to improve their e-commerce business operations. PSG works as a transformative element to support SMEs in adopting IT equipment and solutions. Among industries like logistics, retail and food, PSG is an important tool for SMEs to improve and digitize productivity.
Big opportunities come with big decisions. Many SMEs face a dilemma whether to use the PSG Grant for Shopify subscriptions or invest in store development. The decision between store development and subscription is basically a strategy that impacts your online presence, future scalability and operational efficiency.
Let’s explore the options and get insights to make a strategic decision that aligns with your business goals.
Understanding the PSG Grant
PSG is a smart initiative by the government of Singapore to help local SMEs to digitize their e-commerce transformation. The grant focuses on IT equipment and solution adoption that help SMEs streamline their e-commerce business operations. It also helps SMEs to boost their efficiency and productivity across all industries.
Singapore has always been working to make itself a hub for digital technology and innovation. The government assists SME in shifting manual work to technology-powered solutions. In addition, the PSG covers up to 50% cost to minimize the financial constraints on SMEs. This way, PSG is the best scheme to invest in technologically advanced solutions.
The PSG is an evidence of the Singaporean government’s dedication to encourage a digitally-driven ecosystem. It permits SMEs to use advanced technology like Shopify without incurring any cost on digital upgrades. With the PSG grant, SMEs can improve their business operations and future-proof their success rate in the digital world.
Eligibility Criteria for PSG
You must meet the eligibility criteria to get benefits of PSG provided by the government of Singapore. The criteria ensure that your grant assists and targets the local SMEs. You can find the eligibility requirements below:
1. Business Registration
You must be operating and registered in Singapore to ensure the PSG grant will support the local business.
2. Local Shareholding
Minimum 30% of your business must be owned by local shareholders.
3. Company Turnover and Size
You should either have less than 100 million SGD annual turnover or less than 200 employees in the business.
4. Usage in Singapore
The IT equipment or solutions that you subscribe, lease or purchase with the PSG funding must be used in Singapore.
Shopify Subscription with PSG Grant
Shopify has an easy-to-use interface for its e-commerce platform. It also provides different subscription plans for distinctive business requirements. The plans include Advanced Shopify, Basic and Shopify- each plan comes with its improved capabilities and features. From professional reporting to developing an e-commerce storefront, the plans fulfill various e-commerce requirements of flexibility and scalability.
If your business becomes eligible for the PSG grant, you can receive considerable financial support that covers up to 50% subscription cost. The PSG grant helps SMEs to affordable advance their e-commerce platform while encouraging digitalization in almost all industries.
PSG Application for a Shopify Subscription
The PSG application process involves various steps such as quotation, application submission, cost impact, approval, cost impact, etc. Each step is detailed in the below section:
You have to get a quotation for your selected Shopify subscription plan from an IMDA or pre-approved provider.
2. Application Submission
You have to create an CorpPass account to apply for PSG via BGP (Business Grants Portal). This process comprises answering project inquiries, choosing the grant, and application submission with the obtained vendor’s quotation.
3. Business and Cost Impact
You have to mention the subscription cost in the application and articulate how Shopify helps you improve your business efficiency and operations.
You have to wait for 42-56 days to get approval from the Singaporean government after the PSG application submission.
Shopify Store Development with PSG Grant
You have to follow through various activities and services for developing a Shopify e-commerce storefront under the PSG Grant. The steps include:
1. Website Creation
You have to launch and design a personalized storefront that perfectly aligns with your business operations and branding requirements.
To keep your store secure and functional, ongoing updates and maintenance are important for changing business strategies.
3. Theme Development
You have to use unique themes that resonate with your brand’s identity and help you improve your user experience.
4. App Development
You have to create personalized Shopify apps to your specific business requirements for marketing, customer relationship management and inventory management.
Shopify Store Development Benefits
An e-commerce storefront unlocks opportunities for your business to reach a global audience by transcending geographical limitations. You can automate your business operations to streamline processes, improve efficiency and minimize manual errors. By creating an online store, you can minimize the overhead costs related with utilities, rent and other physical retail spaces.
If you have an online store, it will remain open 24*7 to allow your customer to shop without any time limitations. You can even custom develop your store for unique design and features to differentiate your brand in the ever-evolving e-commerce marketplace.
Developing a Shopify store with the PSG Grant empowers your business to establish a strong online presence and provides you with the capabilities and tools necessary to thrive in the digital economy.
The Productivity Solutions Grant (PSG) provides various opportunities for Singaporean SMEs to embark on their digital transformation. You can select between a Shopify subscription, which provides a cost-efficient way to establish an online presence, and store development, offering a more customized online platform.
Your decision should align with your business's goals, digital strategy and budget. A Shopify subscription is ideal for SMEs new to e-commerce or those with limited budgets. On the other hand, store development suits businesses aiming for scalability and unique branding.
You have to measure your business digital aspirations and requirements. If you see the potential for growth and enhancement through digital means, you must consider applying for the PSG grant.
It is the right opportunity to leverage Singaporean government support to either kickstart your online journey or elevate your online presence to new heights. Take this step towards transforming your business and staying competitive in the digital age with MS Web Designer.