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The 3 Government Grants design for Singapore Retailer (Latest)

Singapore government grant available to help SME to increase productivity and save cost.

The universal rule applied whether you are a startup SME or multi-national corporation (MNC).

Maximise profit and minimise Cost

Most company focus on maximise profit and overlook on how to save money. First thing that come into your mind about cost saving is probably tighten up spending. If you are a local businesses, the good news is that you can leverage on the government grants available in the market to help you save cost. 

The perk as Singapore retailers, you have as many as 10 different types of government grants cater for start up, local companies or partnership programs when you broaden your territory oversea.

Amongst all, we have shortlisted the top 3 important grants that you should pay attention to.

The Top 3 Government Grants for Retail Business

  1. Productivity Solution Grant (PSG)
  2. Enterprise Development Grant (EDG)
  3. Market Readiness Assistance Grant

1. Productivity Solution Grant (PSG)

Grant objectives

PSG grant aims to support local companies with adoption of IT solutions and equipment to enhance business processes and increase productivity through automation.

Eligibility

  • The business entity must be registered in Singapore
  • Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
  • Have a minimum of 30% local shareholding (for selected solutions only)

Grant support

Up to 70% funding support, for companies making long-term technology investments

PSG is the most accessible grant scheme for retail business as retail industry is one of the key sector that government encourage to embark on digital transformation. Retail sector contributes up to $35 bil annually, from 21,000 establishments. You can get support from PSG when adopting eCommerce solution (eg. Shopify), Omni-channel POS System (eg. Vend), or integrated cloud accounting system (eg. XERO).

See the full list of supported solutions on Tech Depot

The application process for PSG is straight forward where you can find out the details step by step guide here.

Who should apply

Retailer who has yet to upgrade from the cash register system are likely to benefits from electronic POS System (ePOS) using PSG.

Unlike cash register systems, ePOS system such as Vend, is one of the recommended brand for managing multi-outlet retail business. The cloud based point-of-sale system enhance inventory management, customer engagement and giving real-time information which empower business owner to make strategic decision.

One great example is the multi-outlets fashion retailer, OMOSE who benefits from PSG grant to deploy Vend Retail Management System to all his outlets, integrate with Shopify eCommerce, XERO accounting software and enable Omni-channel Loyalty program at one go. The fashion retailer has since experience the cost saving, revenue increase with greater customer retention.

Solution Pricing

Singapore retailer can purchase Vend pre-approved package at $5100 and get subsidy up to $2670 to enjoy all the benefits that advanced IT system can benefits them. And they can purchase multiple packages up to $30,000 for retailers who has multiple outlets.

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2. Enterprise Development Grant (EDG)

Grant objectives

EDG grant is design for company that has already transform with basic digital solution such as POS System or accounting system to strengthen the business foundation and further enhance and optimise the process for further scaling. You can regards that as “Phase 2” digital transformation.

The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:

Core Capabilities – Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.

Innovation and Productivity – Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.

Market Access – Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.

Eligibility

  • The business entity must be registered in Singapore
  • At least 30% local shareholding
  • Be in a financially viable position to start and complete the project (Applications will be assessed by Enterprise Singapore based on project scope, project outcomes, and competency of the service provider.)

Grant support

The grant funds up to 70% of qualifying project costs namely third party consultancy fees, software and equipment, and internal manpower cost.

Related links

3) Market Readiness Assistance (MRA) Grant

Grant objectives

The MRA Grant aim to assists Singapore SME to expand their business to oversea and participate in activity such as market entry, or participation in a trade fair.

Eligibility

  • Business entity is registered/incorporated in Singapore
  • At least 30% local shareholding
  • Group annual turnover not exceeding S$100 million per annum based on the most recent audited report, or group employment not exceeding 200 employees

Grant support

Up to 70% of eligible costs, capped at 20K per company per fiscal year that covers

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More good news

You can apply all these 3 grants together as they are not mutually exclusive. However, you should plan your resources well to maximize the outcome of the grants.

You can visit Business Grant Portal and start applying

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ecommerce omnichannel pos software

How Shopify is Changing the Ecommerce Game for Good

It’s a new year, which means we are in the season of change. Brick-and-mortar stores are increasingly moving online, while famed ecommerce brands like Warber Parker are now opening up brick-and-mortar stores. Up is down. Down is up. And nothing in commerce is the same it was a decade ago.

The distinction between online and physical retail is more blurred than ever as consumers seek out dynamic shopping experiences that adhere to their fast-paced 21st century lifestyles. At the forefront of this sea of change is the suite of ecommerce tools that makes online engagement and POS fluid: Shopify. 

If you run a business in the 21st century, you know about Shopify. Yet despite the pervasiveness of this platform, few truly understand the significant ROI it offers. Born out of necessity, Shopify founders developed this flexible platform after discovering that current ecommerce options were inadequate for selling their snowboarding products. They built the platform using open-source framework and have since built out its capabilities to include marketing, POS, and user engagement features.

What, exactly, is Shopify?

Shopify is one of those solutions that is frequently brought up in marketing and ecommerce conversations. Everyone nods agreeably, but few actually understand the logistics of the platform. Put simply: Shopify is a suite of products used for ecommerce and online point of sale transactions. Put not so simply: Shopify is a platform that allows those with a limited budget to enter the ecommerce space, allows those with larger budgets to grow their brand, and, maybe most importantly, allows brick-and-mortar stores to bridge the gap between their online sales and in-person business, thanks to a proprietary POS system.

Shopify is a lot of things to a lot of different businesses, which is why it has become ubiquitous among successful ecommerce and online marketing this last decade. Sell products online, in a store, on social media, after concerts at the merch booth, etc. — the flexibility of the platform allows businesses of all sizes to sell the way they want.

According to Shopify, its suite of products and services are scalable to businesses of any size. Physical sales, digital sales, consultations, memberships, ticketing, lessons, and rentals — this platform is meant to be a one-stop “shop” for all things ecommerce. This is especially appealing to aspiring entrepreneurs who find it difficult to enter the industry, or for established brands looking to extend their reach.

Why platforms like Shopify are the future of ecommerce 

Global ecommerce sales are projected to hit nearly $5 trillion in the next year. This represents a 265 percent growth change compared to 2014. This growth can largely be attributed to new opportunities in the global market. Over the next year, nearly 20 percent of ecommerce sales will be attributed to consumers overseas. Same goes for the domestic consumer base — as the Internet breaks regional divides and cultural boundaries, ecommerce gives consumers an opportunity to engage with foreign brands like never before.

Business is booming, and this business needs a strong infrastructure to support this unprecedented growth. Shopify is currently the competitive big dog in the ecommerce world, but it’s not the only game in town. Square Space, Wix, Big Commerce, and others also offer ecommerce site building features. However, what makes Shopify stand out, and makes it the most competitive option, is its versatility. 

A cohesive ecommerce experience depends on the cumulative success of many factors. Branding, building an audience, cataloging products, support features, etc — all-in-one platforms like Shopify help to reduce the barrier of entry for anyone interested in buying a businesses by making ecommerce turnkey. 

Whether you’re selling handmade jewelry out of your basement or designer dresses from Milan, ecommerce gives everyone a shot at establishing a customer base. Ecommerce is the great equalizer. No longer do deep pockets automatically equate to lasting business. Today, savvy strategy, a resonate brand, and even altruistic business practices can lead to repeat business. Thanks to platforms like Shopify, the barrier for entry into the ecommerce landscape has never been lower — anyone with a good idea, a strong work ethic, and a little luck can have success in the online marketplace.