There are more than 10,000 online platforms in the EU, 90% of which are small or medium size. These platforms experience tough competition and are forced to play by the rules imposed on them by large marketplaces.
On December 15, 2020, the European Commission introduced a new step in creating a safe and fair digital environment. The new rules are described in the Digital Services Act (DSA) and Digital Markets Act (DMA).
These acts mean a shake-up for the whole eCommerce industry which involves marketplaces and web applications. Those who do not comply with the new rules risk losing up to 10% of their annual revenue in fines; they might even be banned. At the same time, the new regulations give a boost to small businesses and startups who have not been able to compete with the industry gatekeepers.
What should business owners and startups get ready for? How to update your platform in accordance with new rules? Let’s find out!