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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 Mike says at 23:02 et
Make sure that your product is already in Amazon Warehouse before June.
 
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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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 Claudia says at 20:56 et
Name one thing that you or your business has struggled with this year?
 
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 USA says at 20:56 et
Motivation and Traffic
 
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 Aria says at 20:57 et
I have more ideas than time to implement them
 
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 Wolf says at 20:57 et
Conversions
 
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 ED says at 20:57 et
Conversions too. Glad I'm not the only one
 
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 Chris says at 20:57 et
Keeping up with stock levels. I always sell out and run out of stock too fast.. Hard to predict what will sell so well
 
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 mya says at 20:58 et
Weight loss lol
 
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 JO says at 20:58 et
Traffic and conversion...Planning to implement new FB strategy from your mastery video!
 
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 Bill says at 21:23 et
What's my FBA return policy??
 
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 Claudia says at 21:23 et
If you FBA then the Amazon return policy is YOUR return policy http://www.amazon.com/gp/help/customer/display.html?nodeId=15015721
 
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 Raven says at 21:23 et
How do i win buy box??
 
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 Claudia says at 21:24 et
We already discussed it.. Please SEARCH first... In short.. Sell your own product and get rid of hijikers! See more http://www.amazon.com/gp/help/customer/display.html?nodeId=200401830
 
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 Natalie says at 21:24 et
Should i lower the price than competition? We all sell same things. Thanks for replies
 
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 Chris says at 21:24 et
The race to the bottom is a dangerous game. Instead of lowering price try to offer unique product, a bundle, a set, to stand out from competition. You lowering the price will just make other sellers lower their price as well, and now everybody is making less profit with no added benefit.
 
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 Ted says at 21:25 et
Think of doing a bundle or a set and RISE the price, not lower it
 
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 chris says at 21:26 et
Any good ideas for bundles?
 
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 Emma says at 21:26 et
Ex Garlic press+ peeler, Salt and pepper shaker, coffee mug set for mom and dad, hammer and nails, golf gloves and golf balls, phone case + charger bank etc..
 
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 Lucy says at 21:25 et
hi guys.. Can I get BAD product reviews deleted off my products page?
 
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 Claudia says at 21:25 et
It's very rare to get bad review removed.. Usually it's better to prevent them like we teach in the course.. see video about negative feedback removal.. Also read https://www.amazon.com/gp/help/customer/display.html/?nodeId=12177361
Also dont over sweat about bad reviews, it's natural for any good product to have 1-2 one-star reviews, nobody is perfect and your customer don't expect just 5 start reviews, it might even look suspicious and fake.
 
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 Emma says at 21:25 et
Let it go.. Let it go...
 
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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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 max says at 21:42 et
What app to collect emails on shopify?
 
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 Claudia says at 21:42 et
We already discussed it Max... Fish Bowl app. it gives you an opp to offer great prize giveaways on your Shopify store and capture email addresses from your website visitors to turn those visitors into returning customers.
 
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 tyro_meg says at 21:48 et
Wondering if you guys and take a look at my situation? Running FB ads and getting like 200 visitors a day but zero conversions!

thanks a lot!
 
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 Claudia says at 21:48 et
Seems like you are not doing it right.. check the new FB mastery bonus series in the VIDEOS.. You need to target right audience with right ads! It's really helpful stuff there.
 
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 freedom says at 21:49 et
Also about FB... FB video ads.. should i try with voice or muted?
 
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 little_tiger says at 21:49 et
Most people watch their videos muted so it has to make sense without audio. With captions too if possible.. Attention span is 15-60 seconds. Remember facebook counts a video view as something like 3 seconds so its better to ignore views and track engagement.
 
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 Natalie says at 22:32 et
Today's marks the 5th product launch on Amazon. First product failed completely. Second was ok (4 units per day), 3rd was a flop. 4th was 20 units per day (I think i strike the gold here). Looking for a new one! So far I am making around $700 per day and looking to grow more! this stuff WORKS!
 
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 Tycoon says at 22:33 et
Congrats Natalie. Inspiring stuff! Keep up great work!!!
 
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 jack says at 22:33 et
Thank you for sharing with us!!!
 
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 Chris says at 22:34 et
So true.. i don't always win but when i do I win superbowl!
 
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 victoria says at 23:07 et
Great stuff, thank you guys for the videos! I am launching soon next product and goal is to reach $450 profit per day.
 
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 Evan says at 23:08 et
Way to go victoria. Thank you for inspiration!
 
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 chris says at 09:57 et
I posted my Critics today, if you care - please send me suggestions here http://sellslikehotcakes.co/critics.php
 
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Kizzie says at 14:22 et
Great job