Reputation in online buying

This business runs on reputation and if you get a bad one, your image on the online auction site will be damaged, possibly beyond repair. Many buyers won’t do business with you. In the worst case, you can be suspended from the online auction site.
Retracting a bid is considered serious and it is strongly advised that you do not to do it unless under extreme circumstances.
You may retract an online bid under exceptional conditions like:
i) You accidentally bid a wrong bid amount. For instance, you bid Rs.9950
instead of Rs.995. But this doesn’t hold good if you want to make a small change to your bid amount, people will, take it harshly.
ii) The item description of something you’re bidding on has changed a lot.
Sellers will sometimes add to the description of an item. If this changes,
bidders will sometimes withdraw their bids.
iii) You cannot verify the seller’s identity, or she won’t respond to any of your
questions. Even though this is sometimes accepted by sites as a legitimate
excuse, you really should figure all this out before bidding, not after.

They can’t make you buy it-true. However, online auctions sites
expect the bidder to fill out a form explaining the reason for the withdrawal.
If you absolutely must retract, do it before the auction is over to reduce the
damage. It is unfair to leave the seller hanging after the online auction is over. Even if your explanation is accepted, it will go into your feedback profile and make
future sellers and buyers wary of dealing with you.
A seller may always refuse to sell to any particular person, and needs no
reason for her refusal. You might find this happening to you a lot if you decide
to retract your bids.

Similarly reputation is of utmost importance for online sellers, once damaged there would be detrimental effects on the business. Since regular, experienced buyers buy mostly after seeing the feedbacks on the seller any negative feedback will be damaging for the seller's business.

So ,deal fairly every time you trade on online auctions, since bad reputation spreads like a forest fire as in the real world market,albeit at a more rapid pace.
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