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 May 2020 rollout of Facebook and Instagram Shops should have been ideal given that ecommerce was surging in 2020 due to COVID-19 pandemic lockdowns.
Not its first rodeo: Meta has long struggled to understand how to effectively leverage Facebook, Instagram, and Messenger’s massive user bases to drive online sales.
Meta’s advertising issues: 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.