The GDPR is Coming! What It Means For You And Your Business

E-commerce allows for scalability and immense growth if you play your cards right, but this growth comes with a price! As you branch out and start selling in other countries, you need to learn how business is conducted there and most importantly, you need to follow the rules.

Enter the GDPR….

What is the GDPR?

The GDPR is an acronym which stands for General Data Protection Regulation. It is Europe’s data privacy law, and it has been fleshed out by the EU and will take effect soon. When signed into law, the GDPR will become the most comprehensive data law on the planet, it will affect all business in Europe whether small or big, and it will influence how businesses collect data from consumers, including e-commerce businesses.

Even if you don’t do business in Europe, you still need to prepare for it because you may not be based in Europe, but the GDPR will affect you if you have European customers!

How does it work?

The GDPR gives more power to the customer over their data, allowing them to access all their information, change it, delete it, correct it or even prevent organizations from accessing it. So, essentially, with the GDPR in place, you need to be more careful about how you obtain and process people’s data.

What does this all mean?

The GDPR now puts you in charge of protecting your customer’s data and will hold you accountable if anything goes wrong. There has to be transparency when you collect and process people’s data. Under the GDPR, you will need consent to access or process your customer’s data. For example, a customer in the EU might email you and demand you clear out his/her purchase history from your store, under the GDPR, you must oblige this request.

What will happen if I don’t comply with the GDPR?

There will be consequences for failure to comply with GDPR policies. The Supervisory authorities in charge of enforcing the rules could fine you 4% of your global annual turnover. Your business reputation may suffer, and you will lose customers. If you’re in doubt of this, just ask Mike Zuckerberg 🙂

When does the GDPR take effect?

The GDPR will become effective starting May 25th, 2018.

What to do before it kicks in?

To get ready for the GDPR, you need to begin to make some updates to your business:

–    Revisit your privacy policy and your customer disclosures

–    Ensure third-party apps that you use are complying with GDPR rules

–    Consider appointing a Data, protection officer

–    Consider documenting data protection impact assessments

–    Consider revisiting methods used to obtain data and ensure they comply with the GDPR

–    Ensure you obtain consent from your customers before processing any of their personal data

–    Re-evaluate your business and determine if you will be able to comply with the GDPR rules.

Because every business is different, these aren’t hard proof steps to take for the new GDPR age, but they’re practical things to do to get you ready. The best advice here will be to consult with your lawyer so that you have a full proof backing and understanding of the GDPR and how it will really affect you.

In the wake of Facebook data privacy scandal, it is only logical that even more countries will begin to tighten the rules on data privacy in order to protect their citizens. This is one of the perks of living in the 21st century, to survive; we have to keep up with the trends, even if that trend is new data laws.

 

Keep selling guys!

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Last Wall Comments

 
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 Cyril says at 19:39 et
Is it still ok to give away discounted coupons?
 
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 Claudia says at 19:40 et
Yes as long as you don't ask for reviews in exchange. It will still increase your sales velocity and ranks.. However maybe it makes more sense to run PPC instead of giving away your product too cheap 50-75% OFF instead of PPC? Depends on the niche..
 
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 Jeff says at 21:15 et
Can i get negative feeback removed??
 
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 Claudia says at 21:16 et
yes, JEFF. please see video about feedback removal. It's pretty easy to prevent negative feedback with followup series.
 
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 Ray says at 21:26 et
How can i do a basic photo setup without paying too much for professional fotographer??
 
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 Ted says at 21:26 et
a) in case of BIG products like umbrella, put 2 chairs and white sheets and take your photos, then remove background in photoshop
b) in case of small products use white BOX-setup like this http://imgur.com/a/VcRVM
 
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 lou says at 21:33 et
Glad to see you are all rocking! I am hitting 20 units sold per day this week. EXCITING STUFF! Just wanted to share! If you doubt - time to START! JUST DO IT!
 
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 Claudia says at 21:33 et
you rock LOU! thanks for all the help to the community!
 
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 Cameron says at 21:33 et
Great stuff lou! Keep up great work!
 
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 Bill says at 21:34 et
I am planning to reach $150 profit per day next month.
 
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 Optimus says at 21:35 et
Good to hear, good for you! i am just starting is it late?
 
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 Lucy says at 21:35 et
It's never too late. It's a perfect time actually to start Shopify and Amazon FBA! GOLDEN TIME!
 
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 Claudia says at 21:35 et
I agree with Lucy, great time to start is NOW!
 
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 Mother Wit says at 23:06 et
Hello everybody. I've been watching the SLHK group for some time with the intent to start my own FBA business... Sexual Wellness category, where will i be allowed to promote?
 
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 Samuel says at 23:07 et
Maybe CPC banner on adult sites and link it to your listing
 
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 mia says at 09:35 et
Question about inspections in CHINA for amazon FBA. How to get my shipment inspected in China so you can have it sent directly to the Amazon warehouse? Thx
 
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 jack says at 09:36 et
Use a 3rd party inspection company. Check out www.chinaqualitycheck.com or guidedimports.com
 
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Carrie says at 01:25 et
Hi everyone! Are the videos out of order? Or am I missing something? :)- good to be here!
 
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 Claudia says at 01:26 et
Welcome Carrie. What do you mean "out of order" ? The order is correct here http://sellslikehotcakes.co/videos.php Which one is out of order?
 
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Andres says at 10:01 et
Hello Im a fresh rookie Im a little confused on the Goal of 45,000.00 .....It reads...."Our goal is to make at least $10 per product per sale and at least make 10 sales per
day from each product, which means from five products, we are going to make
$45,000 at least per month plus your Shopify store profits and, of course, minus the
cost of sales, production, shipping and advertising. Our estimated profit is $45,000
per month. Well you can’t live with that but you would agree it’s a good start "

Is that goal only when you start with Amazon, or still good if you take the Shopify to start with...?
 
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 Mike says at 10:02 et
Welcome Andres. $10 per product per sale and 10 sales is a universal rule of thumb for any ecommerce store. 10-10 rule some people call it. It's same rule no matter if you start shopify or amazon or even better BOTH channels combined.
 
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 Diego says at 10:04 et
I agree, starting both is a way to go, you never know the future and which source will be more profitable for your product or niche! Good luck!
 
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 meni says at 05:04 et
Great tips, thx guys!
 
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Alessandro says at 08:58 et
Hi to all, I'm new here. I was thinking about starting an action figure store, but I don't think items from Aliexpress are original. Is it a problem for collectors?
Thanks so much.
 
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 Good Vic says at 09:00 et
I see pretty big choice for action figures on aliexpress. but you need to decide for whom are you selling? if you are selling 10-15 usd action figure for kids they dont care if they are "original or not". if you sell memorabilia for collectors then you can charge premium and drop ship from other marketplaces as well.
 
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 Gab says at 09:08 et
Alessandro you can even dropship from ebay and amazon as well for your store. I see the prices start from 5-15 usd for basic action figures toys and 50-100 for "high end" more quality figures
 
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 Gautam says at 04:49 et
I want to open a store selling oils and alternative health products. Will there be issues shipping to the U.S. like customs?
 
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 Violet says at 04:54 et
It's hard to say, are you shipping in mass quantities or one by one? Usually anything for personal use does not go to customs. Best advice here is to find your competitors selling same and then ask their support something like "Hi, I am from Chicago, do you ship your oils to USA and do I have to pay any taxes?" So they will help you this way :)
 
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 Gautam says at 01:59 et
I guess in mass quantities; I can use the Amazon FBA so they can tackle customs. But for shipping one by one, from your answer, it seems I will not have issues shipping to the US or Europe. In India(where I live), however, they charge customs even if it is a single item and for personal use. So, I think I should be okay. I will use the trick you mentioned too. Cheers!
 
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 lou says at 05:09 et
I asked shipping agent, here is what they say "only one by one is OK. and there is a limits (no more than 30ML). Mass import to US not allowed"
 
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 Gautam says at 01:59 et
Thank you for your answer. Helpful!
 
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Pavel says at 02:17 et
What to do in case of goods return taking into consideration that delivery done to US and I am located outside of US? Does it mean that returned goods to be deliveried to my home? How I should proceed in such cases?
 
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 Alex says at 02:18 et
Hi Pavel. There is a video lesson talking about it, you can set the forwarding address in US.
 
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Pavel says at 13:27 et
Alex, thank you. Could you please indicate the name of the video.
 
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 casey says at 13:28 et
It was I think a video about the biggest problems with dropshipping and how to solve it
 
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Pavel says at 02:18 et
Any answers? It is important to know in such situations. Similar questions related to refunds. How to work with the suppliers in case of refunds? I will appreciate answers for my questions.
 
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 Violet says at 02:19 et
If you do FBA then Amazon will take care of returns and refunds.
If you do dropshipping then customer can return item to your forwarding address. If the item is cheap it's easier just refund without return.
 
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Pavel says at 13:27 et
Yes, I do understand it. Thank you. The question related to dropshipping part.
 
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 Mike says at 12:15 et
Our new Summer “Take Action” contest is LIVE!!

Details and prizes
http://sellslikehotcakes.co/blog/index.php/2017/07/08/summer-take-action-contest-live/
 
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 Vin says at 12:15 et
wow sounds great!!!
 
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 diego says at 12:29 et
Count me in!
 
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 Mike says at 15:15 et
Another great idea what sells $100 NET? Check out here http://sellslikehotcakes.co/blog/index.php/2017/10/24/another-great-idea-sells/