considerable financial penalties in case of non-compliance to these regulations are detected.
As stated by the GDPR, the penalties for non-compliant businesses and apps can go up to 4% of the annual revenue of a business or €20 million, whichever amount is bigger.
Obviously, this set of regulations is coming with far-reaching implications for any e-commerce store.
Among many other things, this new set of regulations will give a makeshift to the compliance criterion for any app to be included in your eCommerce store.
This new set of rules and compliance laws will not only boost the trustworthiness and credibility of e-commerce stores and attract new customers to the trusted e-commerce brands; it will also reduce the entire operational hazards associated with maintaining compliance of third-party apps for stores.
You can make people feel safe while browsing products, sharing their personal information and buying products.
That is really a standout advantage we can expect from these regulations.
One e-commerce store by simply being GDPR compliant can boost their credibility to a great extent.
The new regulations pertaining to the GDPR will regulate the data collection, processing, storage, and disclosure of any individual’s personal data within the European Union.
Among the businesses that are most exposed to the digital data of the customer, e-commerce comes at the top.
Naturally, the wide-ranging implications of the GDPR will be greater in e-commerce stores than most other business niches.
E-commerce stores deals and interact with customer’s personal data in several layers and in doing so they take help from a variety of third-party apps and tools.
Now, the new compliance regulations for data security will enforce a new approach towards these third-party apps that actively interact with customer data.
This new set of laws on the compliance of apps for interaction with customers personal data will change the dynamics of the business and add a positive to the trustworthiness.
While handling the customer’s personal data such as email address, shipping address, phone number, and purchase history every stakeholder and participant apps will be subjected to follow stringent compliance norms.
If an e-commerce app is hosted by a platform and the data is further processed by other apps, then along with the merchant both the data processor platform and other apps will be held accountable for data security and safety.