73
COMPETITIVE IMPACTS
OF DIGITALIZATION ON
BRAZILIAN MARKET
DYNAMICS: CASE STUDY
ON RETAIL
1_2
Impactos concorrenciais da digitalização na
dinâmica do mercado brasileiro: estudo de caso
sobre o varejo
Silvia Fagá de Almeida
3
Ecoa Consultoria Econômica – São Paulo/SP, Brasil
Anna Olimpia de Moura Leite
4
LCA Consultores São Paulo/SP
Gabriel Silva Takahashi
5
Ecoa Consultoria Econômica – São Paulo/SP, Brasil
Miguel Silveira Moreira
6
Ecoa Consultoria Econômica – São Paulo/SP, Brasil
1 Editor responsável: Prof. Dr. Victor Oliveira Fernandes, Conselho Administrativo de Defesa Econômica (Cade), Brasília,
DF, Brasil. Lattes: http://lattes.cnpq.br/5250274768971874. ORCID: https://orcid.org/0000-0001-5431-4142.
Recebido em: 16/01/2025 Aceito em:11/06/2025 Publicado em: 25/06/2025
2 We acknowledge financial support from Amazon. The opinions in this paper are the authors’ sole responsibility.
3 Sócia-fundadora da ecoa, formada na FEA-USP, doutora em economia pela FGV. Foi visiting scholar na Columbia
University-NY. Com mais de 20 anos de experiência como consultora, é também professora do programa de MBA da Fundação
Getúlio Vargas (FGV), Vice-Presidente do IBRAC (Instituto Brasileiro de Estudos de Concorrência, Consumo e Comércio
Internacional) e Presidente da WIA (Women in Antitrust).
E-mail: sfaga@ecoaecon.com.br. Lattes: http://lattes.cnpq.br/1252258851070293.
ORCID: https://orcid.org/0009-0007-0743-023X.
4 Mestre e graduada em economia pela FEA-USP. Trabalhou como assessora técnica do Gabinete do Prefeito e na
Assessoria Econômica da Secretaria de Finanças e Desenvolvimento Econômico da Prefeitura Municipal de São Paulo.
Atualmente é diretora da LCA Consultores.
E-mail: anna.olimpia@lcaconsultores.com.br. Lattes: http://lattes.cnpq.br/6799293897895906.
ORCID: http://orcid.org/0009-0000-6909-2562.
5 Economista pela FEA-USP e mestre em Economia pelo Insper. Consultor econômico há mais de oito anos, com foco
em temas relacionados à defesa da concorrência, regulação e políticas públicas. Possui experiência em diversos casos de
aquisição e condutas de elevada complexidade no Cade e discussões de regulação em mercados digitais.
E-mail: gtakahashi@ecoaecon.com.br. Lattes: http://lattes.cnpq.br/5566541776161503.
ORCID: http://orcid.org/0009-0009-6296-8248.
6 Mestre e graduado em Economia pela UFRJ. Atuou como economista no Departamento de Estudos Econômicos do
CADE. Possui experiência em temas de defesa da concorrência e regulação, incluindo análises de fusões, aquisições e condutas
anticompetitivas, com foco em mercados de plataformas digitais e petróleo e gás.
E-mail: mmoreira@ecoaecon.com.br Lattes: http://lattes.cnpq.br/8248482042715748.
ORCID: http://orcid.org/0009-0007-1874-4963
4
74
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
STRUCTURED SUMMARY
Context: The Brazilian economy has undergone significant digital transformation, and retail is no
exception. More retailers are now using digital tools and oering customers more attractive oers
on how to shop, which in turn has brought oine and online retail closer together to the benefit
of consumers.
Objective: To analyze how increasing retail digitalization has altered competitive dynamics between
sales channels and how these changes are reflected in consumer behavior patterns and choices.
Method: Economic literature review and descriptive statistics using publicly available data.
Conclusions: Digital transformation in Brazilian retail has been incremental rather than disruptive,
with evidence showing that online and oine channels compete while serving complementary roles.
Keywords: digitalization; retail sector; market competition; transaction costs; e-commerce;
Brazilian market.
JEL Classification: L81; L86; D23; O33.
RESUMO ESTRUTURADO
Contexto: a economia brasileira passou por significativa transformação digital, e o varejo não
é exceção. Cada vez mais varejistas estão usando ferramentas digitais e oferecendo aos clientes
propostas mais atraentes de como comprar, o que por sua vez aproximou o varejo oine e online em
benefício dos consumidores.
Objetivo: analisar como a crescente digitalização do varejo alterou a dinâmica competitiva entre
canais de venda e como essas mudanças se refletem nos padrões de comportamento e escolhas
dos consumidores.
Método: revisão de literatura econômica e uso de estatísticas descritivas a partir de dados públicos.
Conclusões: a transformação digital no varejo brasileiro tem sido incremental ao invés de disruptiva,
com evidências mostrando que os canais online e oine competem enquanto desempenham
papéis complementares.
Palavras-chave: digitalização; setor varejista; competição de mercado; custos de transação; comércio
eletrônico; mercado brasileiro.
Summary: 1. Introduction; 2. How digitalization changed
retail in Brazil; 2.1. Does online channel compete with
oine channel?; 2.2. Data and methodology; 2.3. The
digitalization impact on retail competition dynamics;
2.3.1. Omnichannel shopping: the hybrid approach; 2.3.2.
Dierences in consumer behavior across sectors; 2.3.3.
E-commerce growth and its challenges; 2.3.4. Competition
dynamics in Brazil; 3. Conclusion; References.
75
1 INTRODUCTION
Digital adoption represents a fundamental shit in how many companies and industries
operate, creating new markets and services, with disruption manifesting in dierent ways across
sectors. While in some cases digitalization has enabled the rapid creation of entirely new digital markets
and services, in many traditional sectors the transformation has been more cumulative, with digital
technologies gradually enhancing and complementing existing market dynamics rather than replacing
them entirely. This transformation has delivered benefits to consumers and businesses, enhanced
competition, and boosted productivity across sectors. By reducing transaction costs, increasing price
transparency, and enabling the development of new business models, digital technologies create
new business models that foster a more dynamic landscape, catalyzing productivity gains across the
economy while changing and preserving the fundamental characteristics and nature of these markets
(Vial, 2019)
7
.
Cennamo (2021) states that the eects of digitalization are also evident in many traditional
sectors that have undergone digital transformation, such as banking, media, and hospitality
8
. While
creating opportunities for smaller, innovative firms to enter and disrupt some markets, the competitive
dynamics between traditional and digital channels have been at the forefront of discussion amongst
antitrust regulators and policymakers in several jurisdictions, including in Brazil. The competition
between online and oine channels is a key element in this discussion.
The improvements for customers caused by digital tools are particularly evident in e-commerce,
where technologies have enabled new sales strategies, optimized inventory, and streamlined
operations. Traditional brick-and-mortar stores and online sales methods now consistently interact
and compete, blurring the lines between oine and online channels.
Recent evidence from the Brazil’s Ministry of Finance
9
report on the competition of digital
platforms demonstrates that economic growth and productivity gains are directly linked to the
adoption of digital technologies across dierent sectors of the economy. The magnitude of these
eects, however, varies significantly across markets and depends on structural conditions and
competitive dynamics. Understanding these market-specific characteristics and their broader impact
on competition and productivity is crucial as Brazilian regulators and policymakers debate regulatory
approaches to digital markets.
Given this context of broad digital transformation across the economy, this paper focuses
on digitalization impacts on Brazilian retail’s dynamics as a case study of particular interest.
The present work has three specific objectives: (1) to analyze how digitalization has reshaped
competitive structures in Brazilian retail by examining the interaction between traditional
and digital channels; (2) to identify digital adoption patterns across different retail segments,
highlighting sectoral variations; and (3) to assess whether online and ofline channels constitute
7 As Vial (2019) points out, digital transformation brings structural changes that help companies reduce frictions in
value creation, particularly in sectors where transaction and operational costs were initially high.
8 In Cennamo (2021, p. 39), the author arms that digitalization has led to the creation of new business models in
traditional sector of the economy, such as automotive, retail and hospitality, and that the creation of these new models has
oten originated in startups.
9 The recent report released by the Finance Ministry on the economic and competition aspects of platform regulation
associates digitalization with significant productivity gains and economic growth (Brasil, 2024).
76
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
separate relevant markets or compete directly with each other.
Retail provides an ideal setting to examine how digitalization aects market dynamics, as it
combines traditional physical infrastructure with emerging digital capabilities, while directly interfacing
with evolving consumer preferences and behaviors. Specifically, this study investigates market shares
outcomes disaggregated by sales channels and sector over time, and explores consumers behavior
linked with competitive findings. Through analyzing the Brazilian retail sector’s digital transformation,
this analysis provides better understand both the opportunities and limitations of digitalization in
traditional industries.
The following sections explore a central question driving debate about retail digitalization:
to what extent do online and oine channels compete with each other? Section 2.1 examines the
theoretical foundations of this competition, drawing on transaction cost economics and recent
literature on omnichannel retail dynamics. Sections 2.2 and 2.3 then apply this framework to the
Brazilian market, analyzing empirical data on consumer behavior, price convergence, and channel
interactions. This analysis challenges simplistic narratives of digital disruption, revealing instead a
more nuanced competitive relationship where channels simultaneously compete and complement
each other, while traditional retailers adapt through hybrid business models and consumers
demonstrate increasingly fluid “zigzag” shopping patterns across digital and physical environments.
The primary contribution of this paper is to provide a theoretical framework, through
literature review and the use of complementary data to provide evidence that the digitalization
process in Brazilian retail has been more incremental than disruptive. Using data from IBGE (Brazilian
Institute for Geography and Statistics), CETIC (Center for Studies on Information and Communication
Technologies), together with the finds of the Ministry of Finance’s report on digital regulation. These
findings have important implications for competition policy, suggesting that regulatory frameworks
should recognize the complex interplay between online and oine channels rather than treating
them as separate markets.
2 HOW DIGITALIZATION CHANGED RETAIL IN BRAZIL
Digital transformation in retail has been examined through multiple theoretical lenses in
the literature. This section builds on several complementary frameworks including transaction cost
economics (Williamson, 1985; North; Wallis, 1994), platform competition theory (Parker; Van Alstyne;
Choudary, 2016; Evans; Schmalensee, 2016), and digital business model innovation (Vial, 2019; Verhoef
et al., 2021). Together, these perspectives help explain how digitalization has reshaped retail by
reducing various transaction costs, enabling new competitive dynamics, and transforming business
models. This section first examines the theoretical foundations of digital transformation in retail
before analyzing the specific case of Brazilian retail markets.
Digital technologies have emerged as important tools in reducing operational and
transactional costs across sectors. By creating shared infrastructure and standardized processes,
digital solutions help minimize many traditional barriers to transactions, such as search costs and
information asymmetries.
Through mechanisms like digital search tools, standardized payment systems, and automated
feedback mechanisms, digital technologies facilitate smoother exchanges and lower frictions
77
traditionally associated with transactions (Cusumano; Gawer; Yoe, 2019). By facilitating smoother
exchanges through transparent feedback systems and data algorithms, digitalization lower frictions
traditionally associated with negotiations and post-transaction enforcement, ultimately improving
market eciency. This is particularly relevant in retail settings, where digital adoption enables
matches and transactions that might be economically unfeasible through traditional channels due to
high search, coordination, or monitoring costs.
The reduction of transaction costs may not be automatic, as its intensity depends on the
nature of the product, service and business model. Following Williamson (1985) and North and Wallis
(1994) proposed framework, Golovanova et al. (2024) analyze how digitalization may help reduce
transaction costs at dierent stages:
1. Ex ante costs: Costs incurred before a transaction, including search and information
costs, as well as negotiation and contracting costs.
2. Ex interim costs: Costs associated with executing the transaction itself.
3. Ex post costs: Costs related to monitoring, enforcement, and dispute resolution ater
a transaction.
Figure 1 illustrates how digitalization may work to minimize costs at each of these stages in
a retail setting. At the ex-ante stage, search and price comparison tools have significantly reduced
information gathering costs, with CETIC data showing increasing use of online price research by
Brazilian consumers, even for oine purchases. For ex-interim costs, standardized payment systems
and delivery services streamline transaction execution. In addressing ex-post costs, integrated
rating systems and user reviews create transparent feedback mechanisms, reducing monitoring and
enforcement costs through automated reputation systems.
Figure 1 - Examples of cost reduction potential found in the Brazilian retail
Source: Author’s elaboration
This systematic reduction of transaction costs at each stage is evidence of how digitalization
may be transforming Brazilian retail by addressing specific friction points in the transaction process
(Goldfarb; Tucker; 2019, Calvano; Polo, 2021). To further discuss the impacts of digitalization on the
economy, it is important to distinguish between two broad categories of digital transformation. The
first category, referred to as “Primarily Digital Sectors”, includes services that operate predominantly
online, such as search engines, social media platforms, and pure digital content providers. This
distinction between born-digital and digitally transformed sectors aligns with typologies proposed
by several scholars (McIntyre; Srinivasan; 2016, Nooren et al.; 2018) who emphasize the dierent
78
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
transformation paths across industries.
These sectors were born digital and maintain minimal physical infrastructure beyond their
technical operations.
The second category encompasses traditional sectors that have undergone significant
digitalization while maintaining substantial oine presence. This includes industries like retail,
banking, and transportation, where physical infrastructure and face-to-face interactions remain
important despite increasing digital capabilities. These sectors present particularly interesting cases
for analyzing how digital transformation aects existing market structures and competitive dynamics.
This paper focuses on the second category, examining how traditional sectors - particularly
retail - adapt to and benefit from digital technologies while maintaining significant oine operations
10
.
The evidence, as it later explored in more detail, indicates that digital and oine channels do indeed
compete across many sectors of the economy.
2.1 Does online channel compete with oine channel?
Evidence suggests that companies compete across multiple channels, particularly as
digitalization has reduced operational frictions and business models vary in their reliance on physical
assets and technological capabilities, with dierent features and cost structures. This competitive
interaction is especially evident in markets where companies combine physical infrastructure with
digital capabilities to serve customer needs, the “brick-and-click” model
11
.
Hovenkamp (2024) makes a compelling case that online and oine channels are not siloed,
but rather exist in a state of active competition. He argues that the focus should be on the products
and services being oered, rather than the digital or physical nature of the firm itself. According to the
author, digitalization does not create an absolute separation between the two types of markets, and
competition actively occurs between the products oered by digital and oine firms.
Hovenkamp (2024) also points out that hybrid models - where companies operate both digital
and physical channels in an integrated way, oten called “bricks-and-clicks”
12
- blur the lines between
digital and oine channels. Many firms now operate in both digital and physical spaces, eroding
any clear distinction between the two. The author emphasizes that market definition should rely
on empirical evidence of substitutability rather than the nature of the channel. In this direction,
Cade has employed consumer surveys to assess substitutability patterns and define competition
boundaries based on actual user behavior rather than theoretical assumptions
13
. This perspective is
10 These categories are used as analytical constructs to help understand dierent patterns of digital adoption and
their implications. In practice, virtually all modern businesses utilize some degree of digital technology in their operations. The
distinction lies in the extent to which digital technologies are central to the business model and service delivery, rather than
implying a complete absence of digital tools in traditional operations.
11 See Hovenkamp (2024), “Antitrust and eMarkets”, for a discussion of how brick-and-click models enhance competi-
tion across channels, integrating physical and digital infrastructures.
12 Hovenkamp (2024) refers to this as the “Bricks-and-Clicks” model, where companies integrate their physical opera-
tions with e-commerce channels to create a more dynamic and flexible business model.
13 See Cade’s analysis in the iFood case (Processo Administrativo nº 08700.004588/2020-47) and Google cases (In-
quérito Administrativo nº 08700.003498/2019-03), where surveys were used to understand consumer behavior and market
boundaries. For a comprehensive analysis of these cases, see Bastos (2023) ‘Mercados de Plataformas Digitais - Versão Revista
e Atualizada’. All Cade’s cases mentioned in this article can be consulted at: https://tinyurl.com/y7obr4z5.
79
consistent with Rochet and Tirole (2003) seminal work on platform competition, which emphasizes
how interactions between dierent user groups shape competitive dynamics.
When assessing whether digital goods and services compete with those from oine channels,
the key consideration is whether consumers view and treat these options as substitutes. The ability
to substitute between digital and traditional oerings is critical in determining whether they truly
compete within the same market, reinforcing the need for an empirical approach to market definition.
This perspective aligns with the broader discussion of product-centric competition, where the focus
is not on the nature of the firm - whether digital or oine - but rather on how well its products or
services meet the same consumer needs.
This is particularly evident in the case of the retail sector, where the distinction between
digital and oine channels becomes increasingly blurred. Consumer behavior has evolved to what
has been termed ‘zigzag consumption’, where individuals move fluidly between online and oine
channels throughout their purchasing journey (Brasil, 2024, p. 26). While shopping experiences may
dier between channels, consumers exhibit heterogeneous preferences regarding these dierences -
some value the immediate access and tactile experience of physical stores, while others prioritize the
convenience of digital. A book purchased online through a marketplace competes directly with one
bought from a local bookstore, with consumers choosing based on their individual preferences for
factors such as price, convenience, delivery speed, or in-store experience. This pattern of consumer
behavior, where individuals actively switch between channels to optimize their purchasing decisions,
has led retailers to adopt omnichannel strategies, further intensifying the competitive interaction
between online and oine channels.
It is then straightforward to understand how the rise of hybrid models, such as “Bricks-and-
Clicks”, further blurs the lines, as many oine retailers integrate digital channels into their operations
to meet evolving consumer preferences. This convergence underscores the importance of considering
empirical evidence when defining relevant markets in retail, as the nature of competition is shaped
more by consumer behavior and the interchangeability of products than by the business model and
the digital or physical presence of the firm. As Hagiu and Wright (2015) demonstrate, the boundaries
between dierent business models become increasingly flexible as firms adapt their strategies to
changing market conditions and consumer preferences.
Across these sectors, the competition between dierent business models exemplifies the core
arguments presented by Hovenkamp (2024). It reinforces the idea that digital and oine channels are
not distinct or isolated, but rather, they compete for the same consumer needs.
As a result, the competition between digital and oine channels has significant implications
for both innovation and productivity growth. In one side, oine channels face increased pressure
to innovate, as they must adopt more ecient processes to remain competitive with digital-focused
companies. As highlighted in the Ministry of Finance report (Brasil, 2024), the intensive use of
digital technologies is crucial for driving productivity gains across various sectors of the economy,
emphasizing the importance of fostering competitive environments that stimulate innovation and
ongoing development. This competitive pressure drives oine businesses to rethink their strategies
and embrace digital transformation to stay relevant in the evolving marketplace.
In the present case, digital retailers observe substantial gains in eciency, as they operate with
fewer assets while achieving faster growth compared to traditional firms, as demonstrated by Parker,
80
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
Van Alstyne, and Choudary (2016). In the Brazilian context
14
, most of the potential gains stemming from
the digitalization process remain to be fully realized, as Brazilian companies lag behind in the productive
use of digital tools compared to OECD averages despite ample access to broadband (OECD, 2020).
As mentioned above, beyond traditional benefits such as economies of scale, scope, and
network eects, a crucial advantage of digitalization lies in its ability to reduce transaction costs,
particularly in retail settings. This reduction enables matches and transactions that might be
economically unfeasible in oine channels due to high search, coordination, or monitoring costs
(Goldfarb; Tucker, 2019). For instance, niche products that would be too costly to stock and sell in
physical stores can find viable markets through digital channels, where the costs of matching buyers
with specific preferences to specialized sellers are significantly lower. This transaction cost reduction
is especially relevant in retail as it can facilitate a higher volume of transactions at lower costs per-
transaction, enabling markets to operate more eciently. The ability to reduce these friction costs
represents a distinct contribution to market eciency, separate from traditional scale, scope and
network eects.
Furthermore, digitalized sectors exhibit significant user heterogeneity and more localized
rather than global network eects, which is key to understanding retail competition dynamics. While
global network eects depend on the total user base, retail network eects are typically local -
consumers mainly value users in their own segment or “neighborhood”. As Calvano and Polo (2021)
point out, this supports competition by allowing multiple firms to coexist serving dierent market
segments and enabling new entrants to compete by focusing on specific niches rather than needing
to build a large total user base. This explains, for instance, the rise of specialized retail business
focusing on specific product categories (Xu, 2014).
Multi-homing is another key factor boosting competition in digital retail, as both consumers
and sellers frequently use multiple online retailers simultaneously with low switching costs
15
. This
fundamentally changes competitive dynamics, as using online retailers no longer requires giving
up access to incumbent networks. This makes it significantly easier for new entrants to persuade
consumers to ‘try out’ their services, even if they initially lack the scale of established incumbents
(Calvano; Polo, 2021).
Additionally, the high heterogeneity of business models and the large number of players still
active in these markets contribute to the competitive gains mentioned. As highlighted in the ALAI study
(2023), the e-commerce sector in Brazil includes dozens of relevant players. This diversity supports a
more balanced competitive environment, allowing numerous firms to coexist and thrive. Brazil’s large
market size plays a crucial role in enabling sustainable operations for multiple companies. As Morais,
Lima and Takahashi (2023) demonstrate, companies can achieve minimum viable scale with relatively
small market shares, allowing various firms to reach sustainable growth levels while serving dierent
customer segments.
14 The Ministry of Finance further reinforces that digitalization has the potential to significantly boost productivity in
Brazil, contributing to economic growth by fostering a competitive environment that promotes the adoption of digital techno-
logies (Brasil, 2024).
15 According to Akman (2022), Brazilian consumers demonstrate a high propensity for multi-homing in digital retail,
surpassing all other countries in the study. The research revealed that Brazilian shoppers actively engage with an average of
four dierent online retail platforms for their purchasing needs.
81
In the light of the digitalization process that many industries have been through, it is expected
that industries with high transactional and operational costs should be the first to digitalize due
to the significant potential for eciency gains
16
. The innovation provided by digitalization has also
allowed sectors heavily dependent on personnel and physical operations to reduce transaction and
operational costs, as is the case with retail.
2.2 Data and methodology
This section presents the data sources and methodology used in this analysis of Brazilian
retail digitalization. This study draws primarily from two complementary datasets that provide both
supply-side and demand-side perspectives on digital transformation in the retail sector.
The data from CETIC is the result of an annual survey on domiciles and firms regarding the
level of access and use of information and communication technologies. Both the individual-level
and firm-level surveys examine household access to and use of information and communication
technologies, with recent iterations including detailed questions about online purchasing habits,
delivery preferences, and price research behavior.
It is important to note that CETIC’s survey design varies across years, with some questions
administered annually while others do not appear every year, oten biannually. Throughout this study
the most recent data available for each indicator is presented, which means that not all statistics
necessarily correspond to the same reference period. To mitigate potential comparison issues arising
from this approach multiple years of data are presented whenever possible, allowing for meaningful
temporal analysis despite variations in data collection schedules.
The other main data source is the Annual Trade Survey (PAC, from Portuguese Pesquisa Anual
de Comércio) (IBGE, 2022), which investigates information about the basic structural characteristics of
the business segment of commercial activity in Brazil. The survey uses formally constituted commercial
companies whose main source of revenue is commercial activity as the unit of investigation.
PAC collects various economic and financial information, including gross and net revenues;
marketing margin; number of companies and local units; employed personnel; personnel expenses;
financial, operational and non-operational expenses; purchases and inventories of goods for resale;
and acquisitions and disposals of fixed assets, among other aspects.
The survey is conducted annually with national geographic coverage, and results are published
for Brazil, Major Regions, and Federation Units. This comprehensive dataset allows the analysis of
the evolution of traditional and digital sales channels across dierent retail segments and regions,
providing crucial insights into how digitalization has impacted the structure and dynamics of Brazilian
retail. The PAC data is particularly valuable for examining revenue distribution between online and
oine channels, as well as tracking changes in market structure over time.
16 Digitalization has notably reduced search costs, improved price transparency, and enhanced operational eciency,
making these industries prime candidates for early adoption of digital technologies (Goldfarb; Tucker, 2019). In retail, for example,
the rise of e-commerce led to a redistribution of market share from higher-cost producers to more ecient digital firms, driven
by the reduction of transaction costs (Goldmanis et al., 2010) . Furthermore, online business models have streamlined previously
high-friction processes, enabling industries with significant operational burdens to operate more eciently (Hanelt et al., 2022) .
82
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
From the PAC (IBGE) data, was extracted information on revenue distribution across sales
channels, with special attention to the proportion of sales conducted through internet channels versus
traditional methods. To account for sectoral dierences, separate analyses for specific retail divisions
were conducted, excluding categories like supermarkets and fuel retail where physical infrastructure
requirements create natural barriers to digital adoption.
The CETIC survey data complemented this analysis by providing insights into consumer
behavior, including online purchasing habits, delivery preferences, and price research practices. This
dual approach - examining both supply-side data from PAC and demand-side information from CETIC
- provided a more comprehensive understanding of the Brazilian retail digitalization process.
When presenting results, data from multiple years are oten displayed to facilitate temporal
comparisons, especially important given the acceleration of digital adoption during the COVID-19
pandemic period. For certain analyses, this study focuses on firms with over 20 employees to minimize
the impact of infrastructural challenges that smaller businesses face when transitioning to digital
channels, allowing better isolation of competitive dynamics from structural limitations.
This methodological approach enables the observation of not only the growth of e-commerce
in Brazil but also the emergence of hybrid business models and the persistent importance of
traditional retail channels, reflecting the incremental rather than disruptive nature of digitalization
in Brazilian retail.
2.3 The digitalization impact on retail competition dynamics
Evidence shows that technology adoption can enhance retail market competition through
several channels. Although online and oine prices can be nearly identical (Abrantes-Metz; Maloney,
2022), research shows that online prices tend to be more responsive, changing approximately every
three weeks versus every four to five months in physical stores (Gorodnichenko; Talavera, 2017).
Technology adoption has also significantly lowered barriers to entry, allowing small sellers
to reach broader markets and quickly scale their operations (Verhoef et al., 2021; Lendle et al., 2016).
In sectors like retail, small sellers can reach broader markets through e online marketplaces, directly
competing with established brands. The ability for small entrants to quickly scale through these
marketplaces increases competitive pressure on incumbent firms, driving innovation and eciency
within the market
17
. Studies consistently show significant consumer benefits from these competitive
dynamics, driven by increased choice (Dolfen et al., 2023). Digital technologies also reduce search costs,
which enable consumers to easily compare prices and features across sellers, making it harder for
inecient or overpriced sellers to survive while expanding consumer choice (Goldfarb; Tucker, 2019).
The pro-competitive eects of digitalization described above are evident both in general
retail transformation and specifically within the Brazilian market. Brazil’s retail sector demonstrates
many of the pro-competitive elements discussed in the theoretical framework, where digitalization
helps reduce transaction costs and enhance market eciency. Consistent with the theoretical
predictions about how digital transformation aects market dynamics, the analysis of empirical data
17 For Verhoef et al. (2021, p. 893) this phenomenon is called digital agility and relates to the “ability to sense and
seize market opportunities provided by digital technologies”, and in the digitalization process is related to the intensified
competition due to the removal of barriers to entry.
83
from the Brazilian retail market reveals how competition, consumer behavior, and business strategies
have evolved as firms adopt digital technologies and new business models emerge.
The following analysis examines key dimensions of this transformation in Brazilian
retail: omnichannel strategies, sectoral variations, e-commerce growth patterns, and resulting
competitive dynamics.
2.3.1. Omnichannel shopping: the hybrid approach
In the Brazilian context, the “TIC Indivíduos” survey data
18
demonstrates the integration of
hybrid retail models into consumer behavior. By 2022, approximately one-third of online shoppers
reported using hybrid shopping models. This adoption pattern indicates that the “brick-and-click”
approach aligns with consumer preferences while providing established retailers with a competitive
strategy to respond to ongoing digitalization.
As previously exposed, omnichannel approaches have become standard practice among
traditional retailers, reflecting evolving consumer preferences. Data demonstrates the diverse ways
consumers receive their online purchases: research conducted by McKinsey and Company (2024)
shows that 55% of consumers prefer digital or omnichannel shopping experiences. The research also
indicates that, in the foreseeable future, online channel will not prevail as the only way to shop,
since a significant group of consumers still values traditional retail channels. IBGE data demonstrates
that, even with accelerated e-commerce growth, especially during the pandemic, online sales still
represent a relatively small portion of total retail
19
.
18 All the CETIC data used is available at https://cetic.br/pt/microdados/ (Bases […], 2024).
19 Digital retail companies, despite their growing visibility and increasing presence, represent only a small portion of
the broader Brazilian retail market. This becomes more apparent when analyzing data from IBGE’s Annual Commerce Survey
(PAC), which tracks the share of retail revenue attributed to online sales. The data indicates that, while e-commerce is gaining
momentum, traditional sales channels continue to dominate the Brazilian market. Data from IBGE’s PAC shows that since 2019,
traditional brick-and-mortar retail has maintained its position as the primary sales channel. This has important implications
for understanding the dynamics of digitalization in the retail sector.
84
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
Graph 1 – Share of users that purchased products online, by delivery method (2018 and 2022)
Source: TIC Indivíduos (Bases […], 2024), author’s elaboration. Graph displays the share of
interviewed consumers that indicates that has, on the last 12 months preceding the interview,
utilized each delivery method.
Graph 1 above presents results from the TIC survey on consumer behavior towards omnichannel
shopping. The data shows that by 2022, nearly a third of consumers had adopted omnichannel options when
receiving products purchased online. This trend reflects the growing consumer preference for flexibility in
how they shop and receive goods, blending online and oine experiences to meet their needs.
While this hybrid approach gains traction, digital adoption varies significantly across retail
segments, with product characteristics and consumer preferences influencing digitalization patterns.
2.3.2. Dierences in consumer behavior across sectors
As Hovenkamp (2024) highlights the extent of competition between online and oine
channels varies depending on the product category. In some cases, such as consumer electronics
or books, e-commerce has become very popular due to the convenience of online product searches.
However, in other sectors, such as grocery retail, physical stores still capture the lion’s share of sales,
as logistical challenges and consumer preferences for inspecting products in person limit the growth
of online channels.
Data from CETIC shows that digitalization adoption varies significantly across retail sectors
in Brazil. While some segments readily embraced e-commerce, others face substantial barriers -
particularly in categories like supermarkets and fuel retail, where physical infrastructure requirements
and logistical demands create natural obstacles to online operations.
85
The last available ocial data related to the Brazilian retail sector (PAC-IBGE, 2022), that
shows how dierent channels and sector of Brazilian retail have adopted digital sales, as shown
in Graph 2. It is possible to identify another perspective of the progress of the digital channel in
Brazil. The percentage of sales conducted through the internet for dierent retail divisions reveal
significant discrepancies. For instance, sectors like electronics, home appliances, and furniture have
shown a much higher propensity to adopt digital sales channels. This can be attributed to several
factors, including the nature of the products (which are easier to sell and distribute online) and the
consumers’ willingness to purchase these goods without the need for physical inspection.
Sectors such as clothing, which might seem ripe for digital transformation, have faced slower
adoption rates. Consumers oten prefer to physically try on clothes before purchasing. Although these
discrepancies may also result from the potential for reducing operational and transaction costs,
cultural factors and local consumer preferences should not be disregarded.
Graph 2 – Percentage of total revenue divided into internet channels and others (2022)
Source: PAC (IBGE, 2023), author’s elaboration. Notes: The divisions of the retail and commerce
presented are the same as those presented in the IBGE’s survey. The graph presents the share of
total retail value in each category that is sold through internet or other channels.
A more suitable approach to assess the degree of digitalization should consider how product
characteristics and consumer preferences shape channel selection decisions, rather than merely
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ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
identifying which segments are more digitalized. Specific product attributes - such as need for physical
inspection, perishability, and purchase frequency - interact with consumer preferences to determine
online-oine channel suitability. For instance, consumers oten prefer to personally examine
perishable items in supermarkets. Similarly, the inherent physical nature of fuel retail presents
particular challenges for digital distribution. This product and preference-centered perspective
provides a more nuanced understanding of online-oine competition across retail contexts, beyond
simple categorization of sectors by digitalization potential.
Graph 3 – Main obstacle to selling online, as answered by companies (2017 and 2019)
Source: TIC Empresas (Bases […], 2024). Notes: This identifies the main, but not all, obstacles the
companies face when selling online. The graph displays the percentual of business interviews that
identified each presented answer as the main obstacle for selling products or services online.
These sectoral variations and obstacles help explain why e-commerce in Brazil has followed
an incremental rather than disruptive growth trajectory.
2.3.3. E-commerce growth and its challenges
Graph 4 tracks the overall growth of e-commerce in Brazil over a series of years, illustrating
the steady increase in the share of retail revenue generated online. Between 2006 and 2021, there
was a clear upward trajectory, with online sales gaining importance, particularly during the COVID-19
pandemic, when lockdowns and health concerns drove consumers towards online shopping. However,
even with this boost, the proportion of total retail revenue derived from online sales remains modest.
The pandemic undoubtedly accelerated the growth of e-commerce, but this growth has not
=displaced traditional retail to a significant degree. In 2021, online sales still represented only a small
fraction of total retail revenue. This highlights an important characteristic of the Brazilian market:
while digitalization is progressing, it is still in its early stages compared to more developed economies.
Factors such as internet infrastructure, consumer trust in online transactions, and payment system
87
accessibility continue to influence the slower adoption of e-commerce.
Graph 4 – Percentage of total retail and commerce revenue divided between internet and other
channels (2006 – 2020)
Source: PAC (IBGE, 2023). Notes: This graph presents the division based on the total revenue of
commerce and retail. Revenue in the x-axis in millions of BRL and displayed on the top of the bars.
The share of sales through internet or other channels in displayed inside the bars of each category.
The geographic distribution of digital retail adoption reflects broader structural challenges
in the Brazilian market. Urban centers demonstrate higher digital engagement due to superior
infrastructure and logistics networks, while rural areas show limited adoption. This spatial heterogeneity
provides important context for understanding the pace and extent of retail digitalization across Brazil’s
diverse regions. This geographical variance in digital adoption reflects both infrastructure limitations
and socioeconomic dierences between urban and rural areas, directly impacting retailers’ ability to
implement digital strategies and consumers’ capacity to engage with online commerce.
Graph 5 provides a more focused analysis by examining firms with over 20 employees.
By restricting the data to larger companies, the impact of infrastructural challenges that smaller
businesses face when transitioning to digital channels can be reduced. These larger firms are more
likely to have the resources to invest in technology and logistics, which are critical for e-commerce
success.
Despite these advantages, the graph reveals a similar pattern: while the percentage of sales
made through the internet has increased, it still accounts for less than 20% of total sales by 2022. This
finding underscores a key point about the Brazilian retail market: even among larger, more resource-
88
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
rich companies, the shit to online sales has been slower than might be expected. Oine sales
channels continue to play a dominant role, and the reliance on physical infrastructure remains strong.
Graph 5 – Percentage of selected retail categories revenue divided between internet and other
channels (2019 – 2022)
Source: PAC (IBGE, 2023). Notes: This graph presents the division based on the revenue of selected
categories of the total survey. From the total amount, the following categories were subtracted:
supermarkets and hypermarkets, fuels, lubricants and GLP. Revenue is displayed in millions of BRL,
for the period of 2019 to 2022 for firms with over 20 employees.
The same can be seen on the demand side where consumers, while progressively adapting
to online orders, still prefer interaction with the oine channels. In the last six years the share
of consumers willing to buy from online retailers grew from 35% in 2017, reaching almost half the
consumers in 2022. Although this showcases the undeniable growth of online retail it also points to
the fact that a significant share of consumers still prefers the traditional oine channel.
One possible reason for this may be some persistent preference of part of the Brazilian
consumers for physical stores. The experience of in-store shopping, which includes personal
interaction with sales sta and the ability to inspect products, seems to remain valued. Additionally,
part of the consumers seems to prefer the immediacy of purchasing products in person, rather than
waiting for delivery, which can still be slow in certain regions despite improvements in logistics.
89
Graph 6 – Share of consumers that purchased products or services online, in the last 12
months. (2017-2023)
Source: TIC Indivíduos (Bases […], 2024), author’s elaboration. The graph displays the percentual of
individuals interviewed that purchased products online in the 12 months preceding the interview.
Series available from 2017 to 2023.
These consumer preferences create a distinctive competitive landscape where digital and
traditional channels interact in complementary ways.
2.3.4. Competition dynamics in Brazil
In Brazil, the dominance of oine channel creates a unique competitive landscape. Rather
than simply displacing brick-and-mortar stores, the digital channel faces competition within a dual-
channel system, where physical stores continue to capture the majority of consumer spending.
A significant factor shaping Brazilian retail is the heterogeneity in internet access across
income levels and regions. While about a quarter of the population still lacks fixed broadband
access (reaching 40% in lower-income brackets), CETIC data shows robust growth in connectivity:
fixed broadband adoption increased by 22% in the last 7 years, while mobile internet has become
widespread, with cellphone being the main way individuals interact with the internet specially in
segments where broadband is less common. This widespread mobile connectivity has enabled
significant engagement with digital retail channels, as smartphones provide essential features for
omnichannel experiences such as price comparison, product research, and mobile purchases, helping
explain the increasing adoption of hybrid shopping behaviors among Brazilian consumers.
90
ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
The prevalence of mobile internet access has created alternative pathways for digital
commerce engagement. Many consumers, particularly those without traditional broadband access,
actively participate in digital retail through mobile and messaging applications. These consumers
navigate between physical and digital environments in ways that might not be fully captured by
conventional e-commerce statistics, suggesting that actual digital retail engagement could be more
extensive than ocial metrics indicate. This phenomenon helps explain the increasing adoption of
hybrid shopping behaviors among Brazilian consumers.
As broadband infrastructure continues to expand across dierent socioeconomic segments
and geographical areas, the productivity gains from retail digitalization are expected to intensify.
The ongoing improvement in connectivity, combined with the already substantial mobile internet
penetration, provides a strong foundation for further digital transformation across the retail sector,
potentially amplifying eciency gains and market competition.
Moreover, the relatively low market share of online retail reflects the eective competition
posed by digitalized established retailers. These established firms have made investments in
e-commerce capabilities while maintaining their physical presence. This hybrid approach combines
online convenience with the trust and familiarity of established retail brands.
A key feature of retail digitalization is how it aects pricing dynamics. Digital channels show
two distinct pricing patterns: more frequent price adjustments compared to traditional retail, and a
tendency toward price convergence between online and oine channels over time. The economic
literature, drawing primarily from North American and European markets, demonstrates a trend of
price convergence between channels (Cavallo, 2017; Gorodnichenko; Talavera, 2017). This analysis
reveals that the Brazilian market exhibits both characteristics: the higher frequency of online price
changes and the gradual alignment of prices across channels.
The impact of increased price transparency is evident in consumer behavior and plays an
important role in price convergence between channels. As shown in Graph 7, CETIC’s data demonstrates
that an increasing share of Brazilian consumers uses the internet for price research, surpassing the
proportion who actually make online purchases. This suggests that digital channels influence retail
competition even when transactions occur oine.
91
Graph 7 - Share of consumers that conducted price research of products or services on the internet
in the last 12 months (2018 and 2022)
Source: TIC Indivíduos (Bases […], 2024). The graph displays the percentual of individuals
interviewed that conducted, or not, price research using the internet 12 months preceding the
interview.
Despite dierence in pricing patterns between channels, omnichannel strategies provide
consumers with tools to compare prices directly, reinforcing competition through price convergence
over time. This demonstrates that, while channel-specific dierences exist, they do not justify a
fundamental separation between online and oine markets. Instead, each channel’s unique features,
combined with competitive pricing, serve to enhance consumer choice and flexibility.
3 CONCLUSION
The analysis of Brazilian retail demonstrates that traditional sectors undergoing digitalization
oten adopt hybrid models rather than fully transitioning to digital operations. The widespread adoption
of the “bricks-and-clicks” approach reflects both the persistent value of physical infrastructure and
the continued importance of consumer preferences for traditional retail channels.
The Brazilian evidence regarding retail sector showed a cumulative and incremental
digitalization process, impacting the competitive environment. Retailers continue to operate in the
oine channel, seeking hybrid models, with dierent business models, with no prospect of the online
channel prevailing. Similarly, in a heterogeneous way, consumers tend to present zig and zag behavior,
mixing online and oine channels, with price being preserved as a relevant competitive variable.
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ALMEIDA, Silvia Fagá de; LEITE, Anna Olimía de Moura; TAKAHASHI, Gabriel Silva; MOREIRA,
Miguel Silveira. Competitive impacts of Digitalization and market dynamics: case study on retail.
Revista de Defesa da Concorrência, Brasília, v. 13, n. 1, p. 73-94, 2025.
https://doi.org/10.52896/rdc.v13i1.1928
The varied manifestation of digitalization across contexts presents a key policy challenge:
designing regulations that preserve eciency gains while addressing competition concerns. This is
particularly relevant for emerging markets like Brazil, where substantial productivity gains from digital
adoption remain unrealized, especially among smaller firms. As documented by Brazil’s Ministry of
Finance report, capturing these benefits requires careful regulatory design that promotes competition
without disrupting the mechanisms that make digitalization eective.
This study has limitations that suggest directions for future research. The analysis focuses
primarily on broad sectoral trends and consumer behavior patterns but could be complemented by
firm-level studies examining specific adaptation strategies and performance outcomes.
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