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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 george says at 22:49 et
I've been selling on amazon FBA for the last 14 months.. Doing well, around 14,700 usd net profit after costs and taxes per month.. Looking to expand now to Shopify too with your help! Thank you!
 
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 george says at 22:58 et
Good point. thx for sharing! Love the effort you put in helping others here
 
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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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 daniel says at 21:27 et
What do I need to have to sell in EUROPE?? in pan european seller central
 
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 Claudia says at 21:27 et
Business registration in an EU country or company in EU, VAT registration in every country where your inventory is held, (usually its UK, Germany, France, Italy, Spain, Poland, and the Czech Republic) Also need CE certification. then you do in future also Annual income tax filings in your EU registered country, Monthly VAT filings in your registered countries, Annual, quarterly, or monthly filings of your activities with Interstat (the frequency depends on your sales volumes), A continuous customs bond for Schengen countries.
Continuous customs bonds for non-Schengen countries (basically the UK). There are companys that handle all that paperwork like FBA-Hero, check resources sections..
 
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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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 Boris says at 17:39 et
I started private label selling 6 weeks ago and my conversion rate is 8.5%. Is that good or bad? I sell around 7 units per day
 
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 lou says at 17:39 et
It's good. Your goal is to sell 10 units per day, $10 per unit profit. You are on the right track, keep pushing!
 
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 bitmap says at 22:28 et
Hey everyone, I'm looking for recommendations on tools or strategies for doing follow-ups with customers for further sales. Thanks
 
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 Alex says at 22:29 et
I like salesbacker but you have got to be creative and personal in your follow up emails.
 
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 Ted says at 22:29 et
I use feedbackgenius by sellerlabs and LOVE it!
 
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Tiabrihani says at 12:32 et
Hello everyone, I am so grateful to be a member of this program, I have just started
 
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 Ted says at 03:25 et
Summer is coming soon, think of summer related products.. just got mail from suppliers of the Beach Blanket (similar to https://www.amazon.com/dp/B01LZ1555T ) they might go big this summer, keep an eye on it, best seller tool shows good numbers.
 
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 victoria says at 08:06 et
My advice for people who are not successful with dropshipping/shopify - remember its not just about the product but the ads strategy!without building REAL community cold traffic ads just don't work to the cold traffic. I see others who are successful with dropshipping among my partners do a serious community and devote great effort into building it (like baby / moms community) or funny products community.
paying just for clicks to cold traffic with no community just does not work, no matter how hard you work or how much you test! So my advice is first build a facebook community before paying for facebook ads. there is some great video about it in the sells like hot cakes course in the end of the shopify mastery.
 
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 Speedy says at 08:06 et
Great point. People love to buy from people they like!
 
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James says at 07:30 et
Hi guys quick question, once your store is up and running filled with products how can you fully automate it. Do you think bringing in VAs is clever ?
 
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 Gab says at 07:31 et
of course james, i use VA else you spend valuable time fullfilling orders. but first do yourself so you can easily teach VA!
 
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JADA says at 10:21 et
Hi there, I'm new here. I wanna launch a new product. I'm going to ask a few friends to get the product and make review with 5 star. How many reviews should I get at the launch in that way?. 15 is too much at the start?
 
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 Mike says at 10:23 et
Welcome Jada.. Please see the course video about getting reviews. Amazon will most likely remove most of your friends reviews as it's against their TOS.
 
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Sergey says at 05:12 et
Good day, community!

My name is Serhii Nediak and I'm from Ukraine! I looked at all videos concerning Amazon FBA and now trying to understand all phases of launching process of new product more deep to calculate approximately the amount of funds needed. I even looked at couple products: since I'm fitness coach I'm interested in supplements niche. That is why I will annoy you a lot in the nearest future with all the questions, sorry for that))).

And the first one is: as I've already mentioned I'm from Ukraine, Ukraine is among countries eligible to work on Amazon, to work on Amazon I will need to open professional account, so I will need to open a company and finally the question - where would be better to open a company, in Ukraine, in USA (if this possible) or maybe in offshore zone and what kind of a company it should be?

Will be glad to hear from you, maybe you know any kind of services that can help me with this.
 
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 Ted says at 05:15 et
hi Sergey, good idea about supplements and you can be the face of your product since you are looking so Good yourself. Ukraine is loved in USA and Europe after the donbass thing so you can play this card even more as Ukranian Giant and his secrets of health supplements. Where to open the company - probably locally if it is eligible so no point to overpay high usa fees for companies, as you need bank account and visa/mastercard as well to work! However you need to understand how you ship products to amazon FBA and if you plan selling in germany or europe (pas european acc) or USA ?
 
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 Dr. Jam says at 05:15 et
Good luck Sergey, great idea and what a body!