Shopify PSG Grant: A Comprehensive Guide

By: Beatrice Raphaella Aranton

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Shopify

18 Aug 2023

Shopify PSG grant - Verz design

The Singaporean government has been actively offering government grants, subsidies, funds, and tax breaks that small firms can benefit from at any moment in order to support local SMEs. The Shopify PSG Grant is one such offer. This funding helps small businesses develop their online store and digitise their online operations.

Summary

  1. What is PSG?
  2. Shopify PSG Grant Eligibility Criteria
  3. How to apply for the Shopify PSG Grant?
  4. Benefits of Shopify PSG Grant for Your Business
  5. How the Shopify PSG Grant Enhances Your eCommerce Store?
  6. 6 Ways to Maximise the Impact of the Shopify PSG Grant
  7. What are the common challenges of implementing Shopify?
  8. Boost Your eCommerce Store Today with Shopify PSG Grant

What is PSG?

What is PSG? - Verz design

The abbreviation PSG stands for Productivity Solutions Grant. It’s without a doubt one of the government grants that generate the most attention in Singapore, and for a good reason. The PSG is a government award that focuses on encouraging the use of digital technology in various industries. These sectors range from finance to retail to food to engineering to gardening. The PSG grant combined three already-existing government grants: the Spring Singapore Innovation Voucher, the Media Development Authority’s SMEs Digital Program, and the Landscape Grant from the National Parks Board.

How does the PSG Work?

To provide up to 70% finance support for Singapore SMEs, the government established the PSG. The goal was to make Singapore a digitally advanced nation that valued machinery and equipment over manual labour. Although the grant does not completely eliminate the need for physical labour in your business, it does so through utilising technology to increase production and efficiency. The grant demonstrates Singapore’s readiness for the future of digitally transformed industries. Businesses should consider going online if they don’t want to fall behind. The government is prepared to assist any company that wants to make a bold transition toward digital transformation, which is positive.

Shopify PSG Grant Eligibility Criteria

Shopify PSG grant eligibility Criteria - Verz design

If a business entity satisfies the requirements listed below, it may apply for PSG:

  • Your business should be located and officially registered in Singapore.

  • Your company should have at least 30% ownership by local shareholders and have fewer than 200 employees, or have an annual sales of less than S$100 million.

  • The IT solution you avail of must be used in Singapore.

How to apply for the Shopify PSG Grant?

How to apply for Shopify PSG grant - Verz design

To view the list of suitable solutions and find pertinent solutions that best meet your business needs, go to Tech Depot on SME Portal.

Request a quote from the pre-approved vendor for IT solutions; For equipment, choose a supplier and request a price from them.

Utilise a CorpPass account to submit an application on the Business Grants Portal (BGP). After registering, follow these five easy steps on the BGP:

  1. Select the “Get New Grant” button.

  2. Respond to three questions regarding your project.

  3. Fill out and submit the form.

  4. Follow the progress of your application.

  5. Accept your letter of offer.

Benefits of Shopify PSG Grant for Your Business

Benefits of Shopify PSG Grant for Your Business - Verz design

Applying for the PSG will provide you access to a variety of ecommerce options for your company. In other words, you’ll be given enough money to sustain all the facets of your e-commerce business, including the development, upkeep, and redesign of your website.

The government is aware of how far your company could advance with a little financial assistance. They have established a public fund to which any Singaporean business that qualifies can apply and receive up to a 70% discount. Businesses can make long-term technological investments through the Shopify PSG grant. Up to 70% of the funds for grant applications may be supported.

How the Shopify PSG Grant Enhances Your eCommerce Store?

Shopify PSG Grant Enhances Your eCommerce Store - Verz design

By moving your company online, you can reach a larger audience. You shouldn’t limit your business operations to the area you are in. All you have to do to save up to 70% off the cost of services is work with a pre-approved vendor and pay using PSG money. This implies that you will only be responsible for paying them 30% of the total.

Seamless Services Anywhere

If you move your business online, customers can buy anything they want whenever they want from any location as long as they have a reliable internet connection. In other words, neither time nor place will constrain how your firm operates. The Shopify PSG might be a fantastic chance to improve your online visibility. Use the funding to raise your company’s profile, improve website traffic, and—most importantly—increase sales.

Streamline Operational Processes

The Shopify PSG also allows you to work with pre-approved vendors for PSG, scoped for their experience and portfolio. Use this opportunity to include essential features in your ecommerce store. Having an ecommerce store means you have no closing hours, even when you’re sleeping, and there’s no one in the office to attend to your customers. Customers can browse your store at any time of the day and even place an order without any human intervention.

Cut Operational Costs and Boost Profits

You won’t have to worry about paying rent, utilities, and other costs if you have a Shopify ecommerce site. You don’t even need to hire store clerks or other employees to handle the entire company.

6 Ways to Maximise the Impact of the Shopify PSG Grant

Maximise the Impact of the Shopify PSG Grant - Verz design

With the help of this funding, we will introduce consumers to Shopify and the tools they may use to create eCommerce websites. We’ll also discuss Shopify eCommerce PSG Grant’s key features and benefits, which users may use to meet their needs for their eCommerce businesses.

Shopify is a fantastic, highly adaptable platform for a variety of enterprises. Both inexperienced and seasoned vendors can profit from Shopify.

Using Shopify over other systems has a number of distinctive benefits, including

1. Quick and Simple Setup

Shopify is one of the greatest platforms to use if one of your goals is to swiftly and easily launch your business online. Technical knowledge is not necessary to set up a Shopify store, and all of the software is available directly on the platform. The user interface is incredibly simple to use right away and is very user-friendly and intuitive.

2. Mobile Responsiveness

Your eCommerce store must be mobile-friendly given the surge in mobile shoppers. Your store will look stunning regardless of the device being used to view it because Shopify was created with mobile responsiveness in mind. Additionally, the Shopify iOS or Android app makes it simple to manage your entire store.

3. SEO and Marketing Tools

eCommerce also has a significant marketing component, and Shopify makes it much simpler. You may use a variety of marketing techniques, including social media, email marketing, and product reviews, with Shopify. The tools that come with Shopify can also be used to make coupons for discounts. With Shopify, you can create fantastic landing pages for your Google Ads or PPC Social ads. One of the main benefits of Shopify is that it provides robust SEO tools, which enable you to increase your website’s ranking by using highly clean code.

4. Customer Assistance

With Shopify, experts are on hand to help you around the clock. If you have any inquiries about how their store is run, they can assist. The Shopify Help Center also provides access to user forums and other resources. Shopify offers dependable and convenient customer service in comparison to many other platforms.

5. Security

Protecting confidential customer and business information requires security. Shopify provides PCI compliance and SSL certification to encrypt all data. You can make sure that your website security and all of your confidential personal and financial information are protected by using Shopify. For a secure, dependable payment gateway that accepts the Stripe payment option, integrate your payment service as well.

6. Versatility

The adaptability of the Shopify eCommerce PSG Grant is one of its best features. With its many built-in capabilities, Shopify is simple to customize for your company. You may display products that are on sale, provide coupons, and create unique delivery options with Shopify. Shopify also has helpful systems for inventory management, shipping, payments, and fulfillment. Additionally, there are a large number of expert, cost-free, and highly adjustable Shopify themes that you can use to customise the style and feel of your store.

What are the common challenges of implementing Shopify?

Common challenges of implementing Shopify - Verz design

1. Integration of ERP

When implementing the Shopify eCommerce PSG Grant, the integration of the ERP system would be quite advantageous for a Shopify merchant who frequently handles large volumes of data or intricate back-office procedures. A Shopify interface with an ERP system is necessary if your order volume continuously rises significantly or your financial reporting is delayed.

And whatever ERP system you ultimately decide to go with, you must make it worthwhile by considering the appropriate aspects. If your preferred ERP system doesn’t work well with Shopify, it may hinder your ability to expand your firm.

Furthermore, you are not required to build this integration, but if you choose not to, you will be left with no other option except to manually transfer data between your Shopify online store and ERP systems. Manually performing your procedures will waste time and almost certainly result in human blunders that may cause Shopify issues.

2. Integration of Multiple Channels

Having numerous channels connected to your Shopify has significant benefits. Selling on numerous Shopify sites gives you the opportunity to grow your clientele and improve customer service. With all of this being stated and put aside, managing the development of numerous Shopify sites can be challenging.

When this happens, you start to consider every account, order, item, and piece of inventory data separately. This is the most practical solution to address your Shopify problem. In order to retain a 360-degree picture of your consumers across all of your sites and to properly reduce inventory when the same things are sold on two different stores, you will need to respond to Shopify’s queries.

3. Putting Products in Store

How to get items on Shopify is one of its main drawbacks. It becomes difficult to pinpoint the exact reason for this issue because it could be a problem with your product listings or those of other marketplaces. Yes, you can easily import products using CSV files, but you must use extreme caution because even one mistake could cause it to fail. Why do Shopify stores fail, and how sensitive is it to failure? When you are only importing a small number of products, it is better for it to fail because you can quickly submit each product individually. Bulk transfers, however, operate in a reverse manner. Think about having to upload hundreds or thousands of products in a short period of time, for instance.

4. Obtaining Customers

Finding clients for their items is quite likely to be an issue for beginners using Shopify for the first time. It is usually difficult for new Shopify customers to drive traffic to each of their entities. You can tackle this rather typical Shopify issue by being aware of the positives and cons of the Shopify eCommerce PSG Grant. Make sure you are aware of the benefits and drawbacks in comparison to other eCommerce platforms so you can develop an effective marketing plan to draw in clients.

5. Managing Marketplaces

Working under a tremendous deal of strain and workload is a requirement of managing several marketplaces. If you run a business that needs your undivided attention seven days a week, twenty-four hours a day, it gets even worse.

Boost Your eCommerce Store Today with Shopify PSG Grant

Boost your ecommerce store with Shopify PSG grant - Verz design

Because of the considerable incentives provided by the Singaporean government, the future of Singapore is promising. The vast number of possibilities that the Shopify grant may provide your eCommerce firm only serves to further sweeten the deal. Verz Design is a licensed provider of the Singapore eCommerce PSG grant, enabling you to receive funding of up to 50% for your Shopify website design. Schedule a free consultation and call 6841 1680 or email [email protected] today.

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