(US and Canada) Wildfire Systems Inc., an innovative technology platform that powers reward programs, shopping companions, and content monetization today launched RevenueEngine, the industry's first solution for monetizing ecommerce transactions driven by generative AI-powered applications, plugins, and products.
As the AI economy accelerates, companies and startups are increasingly leveraging generative AI to create innovative applications that promise to transform industries - including retail, travel/hospitality, financial services, healthcare, and more. According to Bloomberg Intelligence, the generative AI industry may grow from $40 billion in 2022 to $1.3 trillion by 2032.
However, many companies lack a clear monetization strategy for their AI applications which prevents them from tapping into this market opportunity. Wildfire's platform solves this problem, transforming new AI applications into revenue-generating products.
"In dorm rooms, garages, and offices around the world, people are using AI to build innovative products and services, however, monetizing that content still remains a challenge, and that's where we come in," said Jordan Glazier, CEO, Wildfire Systems. "RevenueEngine is uniquely positioned to be the foundational layer which enables innovators to easily earn revenue from the services and generated content they are creating."
RevenueEngine turns AI-created product recommendations from general and specialized chatbots, predictive text, or other software that generates or enhances content into monetized, revenue-driving ecommerce links to nearly 60,000 online merchant programs around the world. Whenever products are mentioned in generated content, RevenueEngine transforms those product mentions into monetizable links so that creators can earn a share of purchases made through those links.
Rather than generating content itself, RevenueEngine provides the AI infrastructure layer for monetization that can be used by anyone developing LLMs, or building products on top of them. For example:
Publishers using AI to generate an article about "must-have" products for a new baby can leverage RevenueEngine to automatically populate the article with monetized links directly to the products mentioned in the article. When readers clicked the links and made purchases, publishers earn a share of the sale
A financial services company using AI to generate personalized product recommendations based on past spending habits can tap into RevenueEngine to automatically link recommended products to the retailers selling those items online. When users click the links and make purchases, the financial services company earns a share of the sale.
TravelArrow, an all-in-one travel assistant that helps consumers get the best deal on their next vacation, partnered with Wildfire in 2022 to power their MilesBack feature which allows their customers to automatically earn miles or cashback when they shop online. As the company began to develop ForgeMyTrip to provide AI-generated trip itineraries, they again turned to Wildfire.
"Wildfire was integral to making our MilesBack feature a success, enabling us to substantially improve the customer experience we deliver- so we knew they'd be key to the success of ForgeMyTrip as well," said Jaideep Patil, Co-founder, TravelArrow. "It makes sense to provide users with convenient links to learn more about AI recommended points of interest, book travel, and more. With RevenueEngine, the links are monetized and generate revenue nearly effortlessly for us. Integrating was quick and easy, taking less than a day because of the simplicity and efficiency of the Wildfire API."