The research findings have practical implications for online marketplaces and online sellers.
For online markets of expensive products, risk relief services are necessary and important to lower the buyers’ risk perception.
The risk relief services like OES and warranty should be integrated into the online markets.
Maintaining a good online reputation score is very important for sellers, because generally in Buy-it-now auctions online buyers would trade with sellers with good reputation to avoid risk.
The online markets should take means to retain traders that have good reputation scores.
For sellers that just entered online business and have not accumulated reputation
some promotion strategy, for example, posting lower product price and offering more net benefit, should be effective to attract buyers in BIN auctions.
And new sellers are suggested to start with search goods, and transfer to experience goods after they accumulate enough online reputation.
The cross-country difference should also be considered by online sellers.
Risk-seeking behaviors are relatively common in Asian countries due to the collectivist cultures, while risk-averse behaviors are common in western countries due to the individualist cultures.
For online sellers who are extending business globally, such differences should be considered in business strategy making.