Question

Which of the following is the standard definition of a retail ecosystem?

A. An interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want.
B. A group of stores that work together collaboratively to serve customers' needs.
C. A team of store employees who help each other.
D. A set of technological systems that work together in order to make sure all products in a retailer's inventory are tracked and accounted for.

Answer 1

A retail ecosystem is an interconnected system ensuring the provision of goods and services to customers, incorporating technology, supply logistics, and customer service.

Step-by-step explanation:

The standard definition of a retail ecosystem is an interconnected system of approaches focused on achieving the goal of retail, which entails providing customers with the merchandise and services they desire. This includes various elements ranging from technology and supply chain logistics to customer service and store ambience, all working together seamlessly.

Given the vast improvement in communications technologies and globalization, retail ecosystems have evolved so that consumers can effortlessly purchase items globally, increasing competition among retailers and changing the dynamics of local and global markets.

A retail ecosystem is an interconnected system of approaches for meeting the goal of retailing by providing customers with the merchandise and services they want.

The standard definition of a retail ecosystem is option A. An interconnected system of approaches for meeting the goal of retailing, which is to provide customers with the merchandise and services they want.