Eduardo Bentivoglio
- In a panel discussion from the 100 Startups to Watch series by PEGN, industry experts explored the forces reshaping retail — from AI and fintechs to digital personalization.
- Jaime Frenkel, Partner at EloGroup, highlighted the role of startups and the need to “reimagine consumer relationships” in an ecosystem increasingly shaped by AI agents.
- Building strong customer bonds through loyalty programs, driving inclusive and sustainable innovation, and leveraging fintechs to expand credit access and support the internationalization of SMEs were also identified as essential strategies.
Brazilian retail is undergoing rapid transformation. Digitalization, artificial intelligence (AI), and fintechs are reshaping both the consumer experience and business operations. According to Zebra Technologies, Brazilian retailers are set to increase technology investment by 71% by the end of 2025 — in line with global trends, as Salesforce’s Connected Shoppers Report found that 73% of the sector plans to boost AI investment in 2025.
These topics were the focus of the live session “Connect, Engage, Monetize,” held on October 6 as part of the 100 Startups to Watch series hosted by Pequenas Empresas & Grandes Negócios (PEGN). Panelists included Ingrid Barth (CEO of Pilotin, a technology platform built on Open Finance and Data Intelligence), Nara Iachan (CMO of Loyalme, a company specializing in loyalty technology and solutions), Paulo Rogério Nunes (Founder of Vale do Dendê, a social organization dedicated to fostering entrepreneurship, innovation, and creative ecosystems), and Jaime Frenkel (Partner at EloGroup). The discussion offered insights into how technology, consumer behavior, and purpose are redesigning the retail landscape.
Digital Transformation and the new consumer journey
According to Jaime Frenkel, Brazil’s retail transformation is driven by a unique combination of cultural and technological factors. He noted that the country’s population is highly engaged on social media and that its payment regulation is advanced — citing PIX, Brazil’s instant payment system, as a standout innovation. While acknowledging that Brazil still has less available capital than more developed markets, Frenkel pointed to companies like Nubank as proof that global-scale businesses can emerge from the local ecosystem.
Looking ahead, Frenkel sees AI as potentially as disruptive as the internet. He drew a parallel with the early days of price comparison platforms in Brazil, when startups began intermediating the relationship between consumers and brands. Today, platforms integrate full marketplaces. The next leap, he argued, will come through AI-powered intelligent agents that support purchasing decisions and personalize experiences across every touchpoint of the customer journey.
Ingrid Barth added to the perspective: fintech solutions are already empowering the retail sector, enabling businesses to offer credit and financial services with greater sophistication and expanding the role of small and medium-sized enterprises (SMEs). The Pilotin CEO also emphasized that AI accelerates internationalization, making it easier to scale businesses beyond Brazil’s borders.
Loyalty and personalization as strategy
Building strong customer relationships emerged as another central theme. Nara Iachan of Loyalme reinforced that retaining customers is more cost-effective than acquiring new ones. Data-driven loyalty solutions enable a deeper understanding of consumer behavior and allow brands to personalize experiences — because customers seek belonging and real value in their interactions. Among the tools driving engagement, Iachan highlighted gamification as a way to simplify the shopping experience.
Paulo Rogério Nunes of Vale do Dendê added that loyalty must be grounded in consistent and inclusive experiences. True personalization, he argued, requires understanding the diversity of the customer base in detail. Brands need to build with their customers, not just for them.
Brazilian innovation with global impact
Paulo Rogério emphasized that innovation is not the exclusive domain of global hubs. He argued that the world looks more like São Paulo and Brazil than like London or New York — and that while international references are valuable, Brazil is capable of creating and exporting homegrown innovations. The Vale do Dendê founder stressed that sustainability and diversity must be at the core of business strategy. The retail of the future, he said, will be inclusive and regenerative: everything is a point of sale — events, travel, the consumer’s home — and this demands a fluid, integrated omnichannel approach.
Jaime Frenkel also sees growing opportunities for collaboration between startups and large corporations, citing the recent partnership between Samsung and OpenAI to explore new experiences. He expects this type of collaboration to become increasingly common, including among SMEs.
AI and technology in practice
AI promises to fundamentally change how brands engage with customers. Frenkel projects that within a few years, AI agents will become commodities, assisting consumers at every stage of the purchasing process. Marketing campaigns will become more precise, with AI activating influencers across diverse profiles and expanding brand presence in a near-organic way.
Ingrid Barth reinforced that technology is not an end in itself, but a tool for solving longstanding problems and optimizing operations. Back-office automation, internationalization, and data analytics will generate real value for both businesses and consumers.
Paulo Rogério highlighted the role of voice and conversational technology. These tools, he noted, enable the inclusion of people with varying levels of digital literacy, including those who face barriers with traditional digital interfaces.
Fintechs and the rise of SMEs
The panel also examined the role of fintechs in expanding the retail sector. Ingrid Barth noted that SMEs depend heavily on credit and that financial technology opens new growth pathways. Traditional installment plans have evolved into sophisticated financial service offerings, and the integration of credit and commerce is unlocking unprecedented opportunities.
Jaime Frenkel added that AI allows SMEs to become more competitive — activating customers and creating personalized experiences that were once the exclusive domain of large corporations.
Trends shaping the future of retail
The panelists identified several strategic trends for the years ahead:
- True hyper-personalization, powered by AI.
- Seamless omnichannel, with integrated experiences across all contexts.
- Back-office automation and operational optimization.
- Strategic use of data for loyalty and engagement.
- Sustainability and diversity as brand differentiators.
- Digital inclusion and voice technology, expanding access and participation for new consumers.
Market data supports these projections. According to Adyen, 52% of consumers already use AI to assist with purchases, and Nvidia’s State of AI in Retail and CPG: 2025 Trends report found that 94% of companies say AI has helped reduce operating costs. The ecosystem is maturing rapidly and points toward a decade of convergence between technology, purpose, and experience.
Conclusion
Retail’s inflection point — driven by digitalization, artificial intelligence, and the growing influence of startups — requires companies to rethink their relationships with consumers. This means building strong bonds through loyalty, personalization, and digital inclusion, while embedding sustainable and diverse practices into their operations.
For Jaime Frenkel, the transformation lies at the intersection of technology and customer experience. Those who can turn this relationship into real value for the customer will remain relevant — and AI is already the tool capable of sustaining this new ecosystem. But companies must be deliberate about where they invest and how they differentiate.
According to Frenkel, opportunities are open to businesses of all sizes — from large corporations to SMEs that know how to leverage technology strategically. The challenge, he concluded, is to focus on exceptional delivery, create experiences that truly matter, and harness AI to enhance every interaction with the consumer.
Watch the full live session by PEGN below:
EDUARDO BENTIVOGLIO is Senior Writer and Editor at EloInsights
