Blogshops are money spinners

From: http://newnation.sg/2011/12/blogshops-are-money-spinners/

Blogshops are money spinners

Posted on 25 December 2011

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Cold hard cash to be made, if LiveJournal’s recent survey on Singapore blogshops is accurate.

Now you know why every other chick you meet these days is a blog shop model.

According to the LiveJournal press release on Dec. 22, approximately 10 percent of blogshops in Singapore earn more than S$2,000 (US$1,500).
LiveJournal estimates that there are 50,000 or more blogshops in Singapore: That would mean over 5,000 blogshop owners can make a decent living selling fashion items, accessories and even muffins online!
On the other end of the spectrum, 80 percent of blogshops earn S$500 (US$385) or less.
On average, Singapore blogshops conduct eight transactions a month, generating about S$160 (US$123) worth of income.
These figures were revealed after a survey conducted by LiveJournal on 868 Singaporean users in December 2011.
LiveJournal is a popular blogging platform hosting over 30 million accounts around the world.
In Singapore, its users are predominantly female.
The top earner is reportedly generating some S$20,000 a month in revenue.
Tan Yi Fong, the owner of Ministry of Retail, a recent Nanyang Technological University graduate, made the news recently for being one of the top earners for the latest batch of students to leave the institution.
She makes about S$10,000 a month.
Other details revealed in the survey:
About 480,000 out of 1.2 million LiveJournal users visit a blogshop hosted on LiveJournal each month.
S$8 million worth of items are sold on LiveJournal blogshops every month.
Less than four percent of blogshop owners use paid advertising as the majority of traffic is derived from LiveJournal’s forums and communities.
LiveJournal claims that it represents six percent of forecasted e-commerce volume in Singapore for 2011.
Although these figures might appear rosy, aspiring entrepreneurs who want to go into the blogshop business should consider ways to stand out from the crowd.
There is no indication how new blogshops are doing compared to the more established ones.
And while an average monthly revenue of S$160 per blogshop sounds decent, it has not factored in the cost of procuring or manufacturing of items for sale.