noun
Light-hearted, often playful verbal teasing or making fun of someone, typically among friends or acquaintances.
彼はいつも冷やかしばかり言う。
He's always just teasing.
同僚の冷やかしに笑ってごまかした。
I laughed off my coworker's banter.
noun, noun which may take the genitive case particle 'no'
window-shopping; browsing; just looking
Going to stores without serious intent to buy; often used in the phrase 冷やかしで見る (to look around without buying).
デパートを冷やかしでぶらぶらした。
I strolled around the department store just browsing.
冷やかしの客が多くて、なかなか売れない。
There are many window-shoppers, so sales are slow.
Ateji spelling; rarely used in modern Japanese.
からかい is more about teasing or making fun of someone, often with a slightly stronger nuance of mockery, while 冷やかし is lighter, more playful banter.
ウィンドウショッピング is a direct loanword for window-shopping, while 冷やかし is a native Japanese term with a broader sense of browsing without buying, and can also mean teasing.
Derived from the verb 冷やかす (to tease, to banter; to window-shop). The kanji 冷 (cool) and やかす (verb-forming suffix) suggest a sense of 'cooling' or 'dampening' someone's enthusiasm, which extended to light teasing and later to browsing without serious intent.