THE IMPACT OF COST CONTROL STRATEGIES FOR RETAIL AND E-COMMERCE BUSINESSES
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- NGN 3000
Abstract: THE IMPACT OF COST CONTROL STRATEGIES FOR RETAIL AND E-COMMERCE BUSINESSES
This study investigates the impact of cost control strategies on retail and e-commerce businesses in Lagos. The objectives are to identify effective cost control strategies, evaluate their impact on financial performance, and determine the challenges faced during implementation. A survey design was employed, gathering data from 250 financial managers and cost accountants in retail and e-commerce businesses, derived using Taro Yamane's formula. A detailed case study of a leading e-commerce company in Lagos provided comprehensive insights. The reliability coefficient score was 0.87. Findings indicate that effective cost control strategies, such as budget tracking and variance analysis, significantly enhance financial performance by reducing waste and improving operational efficiency. However, challenges such as high implementation costs and resistance to change were noted. Recommendations include providing more training on cost control strategies, simplifying processes, and integrating these strategies with overall financial management practices to ensure better financial health of retail and e-commerce businesses.
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