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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 freedom says at 21:01 et
Why to go Shopify and not WooCommerce??
 
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 Ted says at 21:01 et
Shopify Is Easier to Use, it's a turn-key solution. (hosting, ssl etc all included) + great app store to boost your sales.
WooCommerce is free opensource plugin and working with Wordpress which means you have to install and confirgure everything yourself, buy hosting, ssl separately too so there is no real saving just more headaches.
Go for shopify and jump straight into selling rather than micromanagement tech parts with WooCommerce..
 
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 Iriness says at 21:05 et
WooCommerce looks like saving but in reality you have tons of hidden costs like domain, ssl and tons of extra hassles... Why not go easy with Shopify!
 
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Claudia says at 21:05 et
I agree with Iriness!
 
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 mya says at 17:20 et
Is Jungle Scout a scam or real deal?
 
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Claudia says at 17:21 et
Of course it's not a scam, and greg is a great guy! we use a lot of tools and have a video about it, all the tools are helpful! The more tools you have the better.
 
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 Mister A says at 17:40 et
How accurate are sales estimates based on BSR?
 
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 Aria says at 17:42 et
It's pretty accurate but it's only a GUIDE, not exact amount. You need to understand that amazon does not release real sales amounts on public. So it's an EDUCATED GUESS. The problem is that all of that information is based on the sales rank at the time you are viewing the product. So if they ran some promo last week they have more BSR than usual.

That's why good to use TRACKING tools like "Track my product" in sells lik ehot cakes..
 
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 Lane says at 17:44 et
FBA toolkit, Unicorn smasher, Jungle scout, all give you some estimate. Nothing is "ACCURATE" and cant be accurate as you dont know real numbers, only amazon does... all tools just try to help you research. Dont worry about "accuracy".
 
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 JO says at 23:01 et
Thanks for the golden nuggets! Great course and community here! Love the vibe!
 
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 Nick says at 16:22 et
I'm starting shopify, any tips on what kind of products ell best for you?
 
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 lou says at 16:23 et
I have good success with Print On Demand T-Shirts and Mugs.. Search Tee launch and Tee spring... Best part is that you don't need to dropship - they fullfill orders for you! Hard part is to get it profitable. You must find a passionate niche. Use the Niche finder from sellslikehotcakes - see menu above
 
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 Dakota says at 16:23 et
Great to see u start Nick! Good luck!
 
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 Rob says at 16:25 et
Last year i was successful selling trendy products, like Solar Powered Speakers, Solar powered iPhone chargers, wireless chargers. All that geeks love!
 
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Claudia says at 16:45 et
Try DOG stickers. Give them away for free and charge 2 usd for shipping. Then upsell your customers with second offer!
 
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 Kylie says at 16:47 et
Nick, Jewerly is super seller. Find it cheap on aliexpress, you typically spend $1.00 per item – $1.50 to acquire a customer – $2.00 Shipping and then we sell them for $15.00 + a $19.99 upsell which converts at like 20%...

necklace+ earlings
ring then upsell earrings

make sure it is related to your passionate niche (ie dog lovers etc)

Example PUG Necklace https://www.aliexpress.com/wholesale?catId=0&initiative_id=AS_20170218084713&SearchText=pug+necklace
 
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Andres says at 10:01 et
Hello Im a fresh rookie Im a little confused on the Goal of 45,000.00 .....It reads...."Our goal is to make at least $10 per product per sale and at least make 10 sales per
day from each product, which means from five products, we are going to make
$45,000 at least per month plus your Shopify store profits and, of course, minus the
cost of sales, production, shipping and advertising. Our estimated profit is $45,000
per month. Well you can’t live with that but you would agree it’s a good start "

Is that goal only when you start with Amazon, or still good if you take the Shopify to start with...?
 
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 Mike says at 10:02 et
Welcome Andres. $10 per product per sale and 10 sales is a universal rule of thumb for any ecommerce store. 10-10 rule some people call it. It's same rule no matter if you start shopify or amazon or even better BOTH channels combined.
 
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 Diego says at 10:04 et
I agree, starting both is a way to go, you never know the future and which source will be more profitable for your product or niche! Good luck!
 
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 meni says at 05:04 et
Great tips, thx guys!
 
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 Mike says at 16:25 et
New cool video released "Exit Strategies: How to sell your business and buy other thriving businesses"
 
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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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JAMES says at 15:00 et
Greetings !!! Glad to be here! I need guidance--i am a true Newbie!!! Please help--do i just start by watching these videos???
 
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 Mike says at 15:01 et
Yes please. Welcome James!
 
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A says at 04:51 et
Hi,
I have finished watching the video about "incorporation and taxes" but I'm lost. If I understood correctly the suggested way to open a seller central account is as a professional.
-What do I need to open a professional account?
-Do I need a LLC? bank account? address??
Can someone explain ---> my situation will be "Rest of the world selling in the US"
Thank you!
 
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 jo says at 04:52 et
You need an LLC, Bank account and a credit card. Yes your company does not have to be from USA even if you plan to sell in USA