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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 Optimus says at 21:02 et
hi guys! great to see you are all crushing it. Any help would be really appreciated.. How can I ship Fedex DHL from ali without killing the bank?
 
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Claudia says at 21:02 et
Welcome to community! You will love it here! Regarding your question - Make a deal with your supplier or get your own Fedex and DHL account. Usually a big factory that ships a lot get special deals and lower rates on shipping.
 
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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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 Fadey says at 21:26 et
hi friends.. PREP question. do i have to do PREP myself??
 
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Claudia says at 21:26 et
No.. There are many companies who are set up just for this type of service, see resources section!
 
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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
 
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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 Aria says at 21:31 et
What shopify app allows you to quickly make branded Tshirts etc?
 
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 wing11 says at 21:31 et
@ARIA Try Teelaunch app, super easy to make tshirts, etc
 
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 eric says at 21:37 et
I am confused with Facebook ads.. It shows on my FB ad is set I've got 15 conversions but in shopify i just got only 7 sales. WTF?
 
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 Evan says at 21:37 et
Eric. Conversions can be of multiple types. Add to cart, view content etc are all counted as conversions. hover over 15 conversions and see how they are broken down.. In short Conversion = Action. It does not mean sale.
 
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 Wolf says at 21:43 et
My store is ready and doing pretty well. What app to create a contest and collect emails?
 
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 Emma says at 21:43 et
Check kingsumo.. it lets set giveaway on wordpress sites. in exchange for emails.
 
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 Olga says at 21:49 et
I am on FIRE!!! I Got a BIG $1200 order (100 pieces) from a customer. do you think it's fraud? How to avoid chargeback? Shopify says LOW RISK..
 
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 lou says at 21:49 et
Call them to confirm or better via email because if he still try to ask for chargeback you have prove. They could be resellers, distributing.. google map the location is real, ship to billing address .. use paypal protection also..
 
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 Kettle says at 21:50 et
you are hot olga... sorry for offtopic
 
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 Ron says at 09:15 et
where to find local suppliers?
 
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 Aria says at 09:16 et
see resources... for example http://www.wholesalecentral.com/Made-In-USA.html or salehooo
 
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Jan says at 01:27 et
Hey guys, how valid are the estimated sales per month in the best seller finder?
 
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 Uncle Sam says at 01:28 et
They are pretty good, you must understand that real numbers only amazon knows, all the tools can use the estimates based on the BSR approximation!
 
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Sathaporn says at 01:59 et
I think the big concern is shipping times for dropshipping with Shopify. Anyone that have more experience in this concern...please give me for advice. Thanks!!
 
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 little_tiger says at 02:01 et
there is a video about it http://sellslikehotcakes.co/videos.php "The BIGGEST Problem with Dropshipping: TIPS and HACKS on how to SOLVE it " in shopify bonus section
 
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Zaharey says at 05:23 et
Hi Claudia..

Does your store (mybestfriend.store) is Everything Store or Niche Specific Store?
 
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Claudia says at 05:24 et
It's "everything dog related store". Niche specific store would be "Dog's Frisby Store" "Pug Toy Store" or "Dog Halloween Store"
 
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wade says at 10:07 et
Hello Everyone - Brand spanking new here and excited to dig in - I look forward to getting to know you all - And I hope in time to give back as well... Now what to sell? lol that's going to take some thought....
 
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 Victor says at 10:07 et
Good one wade! nice to have you here! welcome!!!
 
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Andres says at 03:05 et
Same here....exploring niches
 
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wade says at 18:39 et
Still working my way though the videos – And it is funny to me how much my opinions on what to sell or the most interesting niches and how easy or difficult this posses is going to be has changed and continues to change as I go along. Really like what I am seeing here – Good job SLHC team !! -
 
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 Mike says at 18:40 et
Thank you Wade, we really appreciate. Well the list of what you can sell is endless... Our job here is to give you tips and tools so you can try to narrow it down to potentially good ones! I cant tell people what to sell but if you follow the criterias and niche finder and other tools I am sure you will find several good ideas that will fit your needs!
 
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 Mike says at 18:41 et
I am at Seller Summit in Miami guys! Great event it's going to be! All top amazon sellers gurus are here!
 
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wade says at 21:14 et
Thats awesome - I hope you learn a lot of new tricks to share ;)
 
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 Mike says at 21:16 et
Super exciting news guys! I just came from the Sellers Summit conference in Miami, it’s the biggest Amazon seller conference in USA organized by Steve Chou

?I had a unique chance to see in person and to talk and listen to the industry leaders such as Greg Mercer (the creator of Jungle Scout), Scott Voelker (the creator of The amazing seller podcast) and of course Manuel Becvar, the creator of ImportDojo and Number 1 Best selling Amazon Course on Udemy.

I had also a chance to talk to Manuel after the session and even made a short video interview where he is going to share his secrets and insights on how to choose the right product and avoid getting scammed. Once I get back home from the trip, I will edit and release the video, really great stuff.
?
The conference was really amazing, a lot of great new strategies, tips and tricks on what is working RIGHT NOW on Amazon. However the biggest surprise for me was that most people have not started yet, they are stuck in the research phase and take too much time picking the product. That’s why I plan to release more videos with helpful tips and ideas on how to pick the right product, right from the start.

During the conference we had a great chance to talk to ex-amazon employees and see how it all works. The biggest thing you need to know is that Amazon is BOOMING right now and it is also cracking down on the shady sellers and scammers, that means you have a great timing to get started and take a piece of the 250 billion dollar industry! Don’t miss out and take action, the timing can’t be better!

Wait… You don’t have time to start ecommerce business? I heard that million times. Truth is, we all have same amount of time, it’s only about HOW you spend your time and what your priorities are. Setting your passive income should be the highest priority and will set you up for life. You don’t have to quit your job, just start it part time, in the evening, on the weekends and you will have a great passive income stream that will bring you money for years to come.

Today during the lunch break I talked to George, he started his coffee related business on Amazon just 7 months ago (on the side from his main job) but already making over $15,000 in sales every month. All is possible! He did not quit his job.. but he might soon

That’s why the best time to get started is right now!

Stay tuned for more videos and updates! And remember if you have any questions, let me know!

Mike
 
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 Amelia says at 21:24 et
wow amazing news mike thank you!
 
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 casey says at 21:24 et
thank you for visiting conferences and china , i am very excited but still not afford to travel a lot so i learn!
 
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 Dylan says at 22:06 et
Choosing product from the start is a good one!!
 
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uma mahesh says at 05:23 et
Hello All,

I am launching a wellness and health niche on shopify. We have our private labeled products and also connected to aliexpress. How can I selectively charge shipping on our private labelled products and not charge on aliexpress products? Thank you
 
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 Chris says at 05:24 et
Uma, two ways...
1. set the shipping zones in shipping settings
2. add shipping cost in price for your private label products and make shipping appear free.