IT firms bank on new tech spends by global retailers

Domestic information technology firms are likely to get more deals from the US and Europe-based retail players, who are increasing their tech spends. During their recent post earnings call, major retailers like Walmart, Home Depot, Carrefour, Target and others outlined their plans to scale up spends on digital technologies and Generative artificial intelligence.

“We’re setting the right capital priorities and you can expect us to continue investing in the areas we’ve talked about like technology, including automation, store and club remodels, and with new stores and clubs in select markets,” C Douglas McMillon, president, CEO and director, Walmart, said, in the company’s post-earnings call. He added that that company is approaching new tools like generative AI to focus on making shopping easier and more convenient for customers and members and helping the associates enjoy more satisfying and productive work.