Final answer:
A retail ecosystem is a system of interconnected retail businesses and their interactions with the physical environment and other businesses. It includes various components such as suppliers, distributors, retailers, and customers. The ecosystem is influenced by technology advancements and globalization.
Step-by-step explanation:
A retail ecosystem refers to the interconnected system of retail businesses and their interactions with the physical environment and other businesses. It includes various components such as suppliers, distributors, retailers, and customers.
For example, in the retail ecosystem of the fashion industry, clothing manufacturers produce garments, which are then distributed to retailers, who in turn sell them to consumers. The ecosystem also includes logistics companies, fashion magazines, and online platforms that facilitate the buying and selling process.
The retail ecosystem is influenced by factors such as technology advancements and globalization, which have expanded the reach of businesses and increased competition. These shifts have allowed consumers to access products and services from different locations, and have created opportunities for businesses to connect with a global market.