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
rates within USA are USPS under 1 pound around 6-10 usd depending on the state
Also app NetParcel, shipwizmo.com
I am also looking for products but it's really hard to find something with the criterias the course is telling me.
What about you guys? Are you thinking similar or I am the only one here? :)
This year is amazing time to start ecommerce, because so many new tools are developed and released and with new amazon review policies it's getting harder for low quality sellers just to buy tons of 5 star reviews and flood the market like it was last year. So i think it's getting even easier for people to stand out when most of those low quality sellers are banned for incentivize reviewes.
The great place to start looking for ideas is "Niche finder tool". http://sellslikehotcakes.co/niche_finder.php for example who know that baby towels or corner flags might be a great idea to sell? This will give you great ideas on how to find a product!
. I till not have first sale for me :(. I don't have direction right for me? How do you make the first sale?
Great news, as you know I've been super active and super excited about the course, and today I'm glad to announce that I have added not 1, not 2 but 3 new great videos for you!
1. Exit Strategies: How to sell your business and buy other thriving businesses
This is a video showing why and how you can buy and sell the ecommerce businesses (small or big)
2. Fullproof tips how to avoid paying huge long term storage fees on Amazon FBA
THis is great to show you how to avoid pitfalls with storage fees and get rid of slow selling product!
3. Using Crowdsourcing Campaign to boost your sales and jump start your product (Case study)
I dont always win and this is a fun video showing how i failed in crowdsourcing on kickstarter but still made $10k along the way and what you can learn from my mistakes! I hope my story will give you great ideas on how to boost your sales with crowdfunding!
By the way if you enjoy our course, please let me know, I really appreciate your reviews and your comments and questions!
You joined the course on the insane low price for first early-bird 500 betatesters (you know similar courses usually charge $150-190 or more for way less content) so your early feedback is really important to me!
If you have any questions, let me know!
Mike
Sells like hot cakes guy!