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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 Cyril says at 23:14 et
What do you suggest for product quality inspection?
 
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 Cyril says at 10:01 et
Btw, I got a reply to my question "How many keywords to put into listing?" from Amazon!

Response from amazon directly:
Greetings from Amazon Seller Support, There is no "right" amount of keywords that should be provided for a product. There is a 1,000 character limit for keywords. These 1,000 characters can be provided all on one line or split between 5 lines.
 
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Claudia says at 10:01 et
Thank you Cyril!
 
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 Vin says at 21:06 et
Why retail Arbitrage SUCKS?
 
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 Emma says at 21:06 et
It does not.. And it works ok still, but it's more like OLD SCHOOL method to make money... 10 years ago it was a golden age of RA, but now more and more brands are closing their listings from piggibackers (RA crowd) so you might end up buying stock and then can't list it..
 
Claudia says at 21:07 et
For me RA is WORK... Not a passive income. If it works for you, fine. But it's not my song.
 
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 Tyro Meg says at 21:08 et
Say Vin, you buy discounted stuff in Wallmart, you sell it ... and then WHAT? You need to start all over again. It's not scalable business model. just a quick buck. I know it works for some people if you have a team of assistants helping find deals and listing them quickly.. Online arbing
 
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 Antony says at 21:47 et
Why you hate retail arbitrage so much?
 
Claudia says at 21:47 et
Anthony.. Have you watched the video about it? We don't hate it, we just say it's A JOB and hardly a passive income. Moreover brands are getting it harder and harder for you to sell their products on amazon.. More and more restricted categories will create a slow death for RA.. It's much better to get into FBA or Shopoify at this point. 10 years ago Retail arbitrage was booming but it's days are soon gone..
 
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 Aria says at 21:19 et
What's ASIN?
 
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Claudia says at 21:19 et
A 10-character alphanumeric unique identifier assigned by Amazon.com and its partners for product identification within the Amazon.com organization
 
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 Ray says at 21:26 et
How can i do a basic photo setup without paying too much for professional fotographer??
 
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 Ted says at 21:26 et
a) in case of BIG products like umbrella, put 2 chairs and white sheets and take your photos, then remove background in photoshop
b) in case of small products use white BOX-setup like this http://imgur.com/a/VcRVM
 
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 Chuck says at 21:28 et
Can you guys review my Shopify store and give suggestions?
 
Claudia says at 21:28 et
Sure Chuck, go to CRITICS section!
 
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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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 Vlad says at 21:41 et
Any good freight forwarder to help me ship?
 
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 jo says at 21:42 et
@Vlad Try flexport..Full-service air and ocean freight forwarder providing visibility and control over your entire supply chain through software..
 
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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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Leslie says at 00:15 et
I was on shopify then left over grey areas of card merchants not wanting to support product. Months later I came back and then left after 10 days due to lack of available products in my niche. Aliexpress vendors using misleading titles or description don't help. I then tried an app to upload Amazon products as an affiliate and do a review site, but it looks gawdy compared to shopify, and I will never make money like that. Therefore, I am convinced that shopify is way better. I'll just have to find a different niche that Aliexpress or a US dropshipper can fulfill!
 
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 jack says at 00:16 et
I think the niche finder tool and the "Most passionate niches" report will help you find the product http://sellslikehotcakes.co/niches.php Good luck, keep us posted on your progress.
 
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 Tyro Meg says at 00:16 et
Shopify supports Stripe and Paypal, no grey areas there, very easy these days. Try to attach them both!
 
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Leslie says at 01:27 et
Videos provide two examples of searching niche. I need more. By the time I go to camel, and best finder, and video, back and forth, i get lost. I thought I found something, all looked good, until I went to aliexpress. Price was more than amazon! That was hours of research for a dead end. Maybe I'm not doing it right.
 
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 Father says at 01:30 et
Aliexpress price does not have to be lower than amazon.. Aliexpress is only good for Shopify Dropshipping business.

If you plan AMAZON FBA business, then check prices on Alibaba, not on amazon! hope it helps!
 
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Leslie says at 22:56 et
Can't do FBA until business succeeds. The lower the price when buying, the better one can compete with anyone. I don't want to stock or ship, so I'll stick with the dropshipping model. I'll Keep searching I guess.The videos however are very good. Some company tried to sell me $3500 dollar CDN course on dropshipping. Was already doing what they are teaching. This is way better!
 
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Claudia says at 22:57 et
Thank you Leslie. Don't buy into overpriced courses. All the tools you need is right here. FBA model you can also start without big investments using the "alibaba wholesale" instead of whitelabelling... One of the videos cover it.
 
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Dean says at 12:32 et
I'm new to Shopify and was following another course but it was very general. This is exactly what I needed. Thanks for the great course!
 
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 Mike says at 01:40 et
thank you for kind words Dean! we really appreciate it
 
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Jay says at 11:46 et
i am quite confused with driving traffic i keep hearing multiple people say different things do you recommend i start with Instagram influencers or FB ads? if FB ads do i start with conversion Ads and make multiple ad variations with one interest per variation? Just need some clear direction. Thanks
 
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 Mike says at 11:47 et
You can do both of course, no need to limit just to one source.
FB ads I made several videos showing step by step what to do, yes start with multiple ad variations with one interest per variaton and see which converts better and then kill bad ads and scale up good ones!
Influencers is also good. Famebit etc.