The news: Meta’s latest ecommerce initiative has shed at least five senior executives in the past six months, per The Wall Street Journal.
More on this: The company, then known as Facebook, began its latest ecommerce push when it launched Facebook and Instagram Shops in May 2020.
A missed opportunity: The shopping rollout should have been ideal since ecommerce was surging in 2020 due to COVID-19 lockdowns.
Meta’s advertising issues: The ecommerce stumble comes as Meta’s many attempts to develop post-privacy update ad tracking solutions have failed to stick the landing and eroded advertiser trust, as well as the company’s market value.
The big takeaway: Facebook and Instagram Shops continue to have tremendous potential, but can’t recoup Meta’s ad losses on their own.