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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 Claudia says at 23:22 et
And don't put all eggs in one basket. Launch several products (ideally related) to build a brand quickly + Build your LIST!
 
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 adam says at 21:09 et
What books do you recommend for personal growth guys?
 
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 Claudia says at 21:09 et
The 4 hour work week, Secrets of the Millionaire Mind, Losing My Virginity, Think and grow rich, Laptop millionaire, Millionaire fast lane, 10x rule, How to influence people, Cashvertising,
Rich dad poor Dad, The richest man in Babylonia, The blue truth, The hidden entrepreneur, Tony Robbins books and audios.
 
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 Jonas says at 21:12 et
guys, how do you prevent long term storage fees for things that sell slow?
 
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 Claudia says at 21:12 et
Several options.. Liquidate It, Ship it back to you, Have Amazon Destroy it
go to INVENTORY > INVENTORY PLANNING , then INVENTORY AGE link. You'll see which products are coming up for the 6 month or 12 month long term storage fees. Just make sure nothing stays over 365+ days.
 
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 Lane says at 21:13 et
@Jonas, make sure you get rid of duds that dont sell over 6 months!
 
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 freedom says at 21:41 et
Anyone knows on demand print for shopify in UK??
 
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 Lucy says at 21:41 et
Check https://apps.shopify.com/all-over-print and teemill.co.uk (it doesn't integrate with Shopify)
 
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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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Blaine says at 00:14 et
I'm watching the videos. I can only watch a couple a day, looks very exciting. I will try to get it going this weekend.
 
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 Claudia says at 00:14 et
No rush, take your time! I know that's a LOT of info but they are pretty short and up to the point!
 
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Ricardo says at 07:30 et
We are improving a lot our fb ads, yesterday we've reach 200 orders, and today we are closing with almost 900, but I have a question: How do you manage lots of orders? I use oberlo but is it anything beside 'clicking' to every order? I also, how to deliver automaticaly to my customer when their tracking code is available(?) (this hugh increase is because I just started facebook ads, before I just do everything organic) thanks!
 
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 Alice says at 07:45 et
900 orders per day??? wow that is amazing result Ricardo, well done! With such big volume you need to hire virtual assistant to help you "clicking". Oberlo automates prefilling the forms, address, sync of the orders but still some clicking is needed!
 
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 Caleb says at 07:46 et
WELL DONE BRO!!! WAY TO GO! Your story is very inspirational. Are you selling only to Mexican audience with such success?
 
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 Roman says at 10:41 et
Great success always inspiring for me, thanks for sharing!
 
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Ricardo says at 07:30 et
we are targeting, USA and Our own fan page, we have 3.2 Million people of our niche and more than a half are from mexico, and other parts of the world (latinoamerica for most), I started some years ago managinf only fan pages and make them viral, recently I have this new adventure of ecommerce. If you want you can visit one of them here: fb.com/elrockescultura.org anything else glad to help!!
 
4
Clay says at 16:29 et
How current is the information on the FBA fees and top sellers/total sales? I have another product that I am using and there is a big varience between the numbers.
 
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 Mike says at 16:31 et
Its auto updating Clay. It will be alwayas a varience as there is no right or wrong way to calculate it, the real numbers only Amazon know.. What we or Jungle scout do is just approximation based on BSR to get an educated guess on sales
 
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Angela says at 13:27 et
Mike

Thank you.
 
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 Mike says at 08:27 et
New video added (NEW!) Visiting Coffee Factory Insights & Tips
Today we are in Guangzhou, an industrial city in China and visiting a
Coffee Maker Factory that is producing coffee makers for the top
European brands. We will see the production, show you real life
insights on how Chinese factories look and work, what questions you
should be asking when visiting your supplier and what quality control
is in place. Great insights from the real Chinese factory!

As a bonus we are sharing great tips for Amazon FBA sellers.

Visiting China is not required but will put you ahead of competition
if you really go extra mile and visit your suppliers and establish
personal level of trust with them. It's much harder for supplier to
scam you and provide poor quality if he knows that you can just hop on
the plane and visit their factory in person next day to check the
quality! Trust me, it works!
 
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 diego says at 08:28 et
where to see it Mike??
 
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 tom says at 08:30 et
In China with Love series (BONUS) http://sellslikehotcakes.co/videos.php
 
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 Samuel says at 07:53 et
great video!
 
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GERRIE says at 08:26 et
I would love to go to the Canton Fair. Do they contract with Dropshippers?
 
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 Mike says at 08:27 et
Yes many of the factories are glad to be a dropshipper.