eCommerce is becoming an indispensable part of every business. As the digital landscape continues to evolve, the number of eCommerce users is predicted to grow to 4.3 million users by 2027.
However, despite its undeniable perks, many heartland retailers are still struggling to take their business online. Four out of ten business owners do not have an online presence, citing resource-intensiveness as one of the main restricting factors.
With that being said, businesses are able to overcome this struggle by approaching a pre-approved vendor for the PSG eCommerce Grant, to receive up to 70% funding to start their eCommerce store.
Local web design agency Verz Design is one such agency that business owners can work with. Under the PSG, an initiative started by the Infocomm Media Development Authority (IMDA), Verz Design has helped many local businesses develop platforms that have been pre- approved by IMDA, which means that the solutions have gone through many rounds of auditing by IMDA and Enterprise Singapore and determined to be effective.
In order to be eligible for the PSG eCommerce grant, businesses must meet the following criteria:
- The business must be owned and registered in Singapore
- The IT solution must be used in Singapore
- Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover of not more than S$100 million, OR employee size of not more than 200 workers
“The last few years were especially trying for small businesses, who have been hit the hardest. As a business owner myself, I’ve realised how important it is to establish an online presence, and together with the support of the IMDA, we can help our local businesses overcome the challenges of selling online, and bounce back to new heights.” said Henry Ng, Managing Director of Verz Design.