Productivity Solutions Grant | What is PSG Ecommerce?

E-commerce businesses in Singapore can help improve their operation with the help of eCommerce PSG. Find out how your business can benefit!

SINGAPORE, SINGAPORE, Feb. 4, 2022 /EINPresswire.com/ — Going digital is a must in running a business these days. Given the current situation, having a physical store is not enough to attract customers and hope to make a lot of profit.

Additionally, fewer people are willing to leave their homes to shop due to the continued threat of the COVID-19 pandemic. This shift in customer behavior has forced small and medium-sized enterprises (SMEs) to digitally transform their business to stay afloat and survive.

The problem, however, is that digital transformation isn’t just about having social media accounts and an e-commerce website. They are just a push to establish an online presence, and expanding it is another story.

As more and more SMBs go digital, the competition to stand out becomes fiercer and will require more effort and effective e-commerce SEO strategies to grow and grow their customer base. Obtaining an eCommerce Productivity Solutions (PSG) grant is one of the options to achieve this.

𝐖𝐡𝐚𝐭 𝐈𝐬 𝐓𝐡𝐞 𝐄𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞
An E-Commerce Productivity Solutions (ESP) Grant funds government support to encourage SMEs to adopt IT solutions and equipment to further improve their operations.

This funding covers and supports various solutions and equipment for SMEs in various industries such as food, retail, engineering, and most importantly, e-commerce.

If SMB owners apply for the eCommerce PSG and receive approval, the benefits they will be able to enjoy include:

– Apply to PSG ecommerce to invest in web design and launch an ecommerce site.
– SMBs can only request a PSG of a different solution to complement the e-commerce solution for their business
– An e-commerce PSG according to their business needs. But if they wish to receive other financial assistance, they can apply for another non-e-commerce PSG after applying for the e-commerce PSG.
– Applying for PSG ecommerce can give you access to the latest digital tools and equipment.

All of these are attainable up to 80% financial support from PSG ecommerce until March 31, 2022. After that day, the maximum level of financial support will return to 70%.

𝐖𝐡𝐨 𝐈𝐬 𝐄𝐥𝐢𝐠𝐢𝐛𝐥𝐞?
Before an SME can receive the benefits of the e-commerce PSG, it must be eligible to apply for financial assistance and receive approval. The eligibility criteria they must meet are as follows:

– An SME registered and operating in Singapore.
– All purchases, rentals or subscriptions of IT solutions or equipment must be used in Singapore.
– Either an SME owner must hold at least 30% local shareholding/has a turnover rate of less than S$100 million, or the number of employees must not exceed 200 workers (for certain solutions only)

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In addition to the eligibility criteria mentioned above, any SME planning to apply for the e-commerce PSG must not be part of the following entities.

– Charities, Public Establishments (IPC)
– Government agencies and subsidiaries
– Religious goods
– Voluntary Welfare Organization (VWO)

𝐖𝐡𝐚𝐭 𝐓𝐡𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐝 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐏𝐒𝐆 𝐏𝐒𝐆 𝐏𝐒𝐆 𝐏𝐒𝐆?
Being eligible to apply for PSG ecommerce is just the first step. For small business owners to be successful in applying and receiving financial assistance, they must comply with all required documents.

– An unsigned quote proposal for IT solutions or equipment from a pre-approved PSG supplier
– Financial statements for the last three years. Other important supporting documents, such as projected income statements and up-to-date unaudited financial accounts certified by the directors or shareholders of the SME listed in the ACRA, are required for startups less than one year old
– Licenses are required for industry solutions such as food and retail

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𝟏. 𝐓𝐡𝐞 𝐈𝐓 𝐎𝐟 𝐈𝐓 𝐈𝐓 𝐈𝐓 𝐈𝐓
After confirming the eligibility criteria, SMBs can choose one from various e-commerce PSG packages from pre-approved PSG vendors.

To make their choice, they must access the list of IT solutions. SMEs should go to gobusiness and click on the “Productivity Solutions Grant Listing” tab. From there, on the left side of the screen, they should press the “Predefined IT Solution” button and choose the industry they belong to.

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On the same page, SMBs can also find and confirm who the pre-approved PSG provider is by clicking on their preferred IT solutions. After that, they can contact their preferred pre-approved PSG provider and get a quote for their PSG e-commerce grant package.

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Apart from the quote, SMEs also need to compile all the required documents before completing the PSG e-commerce application. SMEs must ensure that all information provided by them is free from incorrect calculations, incorrect spelling and grammatical errors.

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Once SMBs have submitted their e-commerce PSG application, along with the required documents, the next step they need to take is to wait and make sure their line is still open. This should ensure that they won’t miss any calls or emails from government personnel assigned to their PSG e-commerce application.

The PSG eCommerce application processing time is expected to take 6 weeks.

𝐀𝐛𝐨𝐮𝐭 𝐎𝐎𝐦
OOm has been a leading e-commerce digital marketing agency in Singapore since 2006 and was recently named a pre-approved PSG provider. With this recognition, they can provide e-commerce services to SMEs with accredited e-commerce PSG and help them develop and strengthen their online presence.

For SMBs looking for experts to enhance their e-commerce and SEO strategies, they are assured that OOm will take a customer-focused approach to provide them with exactly what they need to meet their needs.

SMB owners interested in learning more about PSG e-commerce can visit their website or contact OOm at the following contact details.

Ian Cheow
OM Singapore
+65 6391 0930
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