Retinol is usually associated with leave-on creams and serums, so it is reasonable to question whether it does anything in a wash-off product. In a shower gel, the contact time with the skin is short, so the effect is more subtle and more surface-oriented than a dedicated leave-on retinol treatment. The source describes this product as having retinol-focused skin conditioning: the retinol helps the surface feel less coarse and look more refined, and the formula has antioxidant action that helps protect the skin from external stress factors.
This is not a replacement for a leave-on retinol body cream or serum if you want a strong, targeted effect. It is better understood as a gentle, everyday way to keep body texture smooth while cleansing. The panthenol balances the formula by helping the skin hold moisture and reducing the tight feeling after washing, so you get a cleaner result without the stripped sensation some shower gels leave behind. If your goal is a high-dose retinol treatment, choose a leave-on product instead; this gel is for regular routine maintenance.