Merchandise for channel (7)
I believe the answer is:
product
'merchandise' is the definition.
('product' can be a synonym of 'merchandise')
'for channel' is the wordplay.
'for' becomes 'pro' (I've seen this before).
'channel' becomes 'duct' ('duct' can be a synonym of 'channel'**).
'pro'+'duct'='PRODUCT'
(Other definitions for product that I've seen before include "See 5" , "Result of multiplication" , "Manufactured article for sale" , "Drop cut (anag.)" , "Commodity offered for sale" .)