For many small and medium-sized enterprises (SMEs) in Singapore, adopting cutting-edge technologies can be a launchpad for growth. In a competitive business ecology, the most successful SMEs distinguish themselves from the intense competition by using technology to develop and separate themselves, and in turn, develop and grow. The best ways are to accelerate the sales processes and optimise operations, especially by going online and offering their products and services on digital platforms.
However, the costs of adopting technology in operations, and the development of dedicated eCommerce sites, may be off-putting for small companies and deter them from going in this direction.
But just how does a small business benefit from eCommerce, which seems to suit only bigger businesses with a large inventory of things to move? Let I Concept walk you through how eCommerce potentially helps your business boom.
How taking on eCommerce can help SMEs?
The past couple of years is living proof of how eCommerce is the life of the future. While many industries and sectors have struggled throughout the past three years, eCommerce has seen a significant boost right from the onset of the pandemic. Its growth has been massive and is set to continue well beyond into the foreseeable future.
Online sales have strengthened over the past year, despite the return to normalcy, and many patrons returning to the brick-and-mortar store. The two have growingly shown how it complements each other, and online sales records are continuously broken. Then enters online shopping on mobile devices that have shifted things in another direction, but justly integrates with the entire experience altogether. These have clearly affected the spending patterns of most consumers across the world, how people shop these days, and their preferred method of comparing goods and services across available businesses.
Companies with online stores have been able to reap the rewards, while those without have been playing catchup, desperately trying to reconnect with their audience. SMEs who have successfully launched their businesses and brands online have seen their online identity grow and strengthen, and both their online and offline presence have an immeasurable impact on overall sales. An overall lifestyle shift helps customers see the benefits of having both physical and digital shopping experiences made present for them, providing convenience and tactility where appropriate, as a choice.
And having and offering eCommerce as an option is only one of the starting points for SMEs to grow bigger and stronger. Connecting with a wider audience base is one thing, moving forward and getting returning customers is another. And having the right engagement is all the more vital, in developing wholesome branding both online and offline.
As for getting off on a good start, develop an eCommerce site that sells both your brand and moves your products and services. Connect through bigger digital marketing. Make your business seen, and have yourself as an option in cyberspace for your customers. And you can do all that with the optimal funding support of the Productivity Solutions Grant.
What is the Productivity Solutions Grant (PSG) and what does it cover?
The Productivity Solutions Grant (PSG) covers sector-specific solutions including retail, food, logistics, precision engineering, construction and landscaping industries. It also supports the adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory checking.
These solutions have been pre-scoped by various government agencies, such as Enterprise Singapore, National Environment Agency (NEA), Singapore Tourism Board (STB), and Infocomm Media Development Authority (IMDA). There are some adoptable digital solutions that are pre-approved, and the design and development of an eCommerce website is one of these. The PSG allows for an enhanced support level of up to 50% of developmental costs for the adoption of the digital solution, subject to approval.
I Concept Singapore, your preferred creative design agency specialising in eCommerce website design and development, is proud to be a Pre-Approved@SMEs GoDigital Vendor, meaning that our eCommerce web solution services comfortably fit the PSG Grant which you can tap on.
If you are keen on adopting eCommerce solutions to enhance your business’s online sales revenue, our pre-approved eCommerce development solution under Retail (eCommerce – Online Shop and Marketplace) is your best bet.
To apply for the PSG grant, your business will have to fulfil these conditions:
- Be registered and operating in Singapore;
- Have a minimum 30% Singaporean shareholding;
- Looking for Singapore-based IT solutions (yes, that’s us, I Concept Singapore!).
Find out more about the Productivity Solutions Grant in our compiled Frequently Asked Questions here.
More than just eCommerce development and integrated website design, you’ll be pleased to learn that digital agency I Concept Singapore is also able to help you in building a comprehensive digital presence for your brand. From creating (or recreating) a complete branding and identity package for your brand, to designing and planning a digital marketing campaign strategy to engage with a wider audience in Singapore and around the region, we are able to help with them all.
Chat with us today, and learn more about how you can tap and benefit from the Productivity Solutions Grant (PSG) and start your eCommerce development with us, or more.