Facebook and Instagram are managed under Meta. Along with these companies, TikTok is slowly moving away from the online business that it used to conduct through social media. Social or online commerce has to be rethought for many reasons including the possible economic recession after the corona epidemic.
Meta and TikTok spent a lot of money here after the pandemic led to a spike in online sales. It is not that they will now do a complete U-turn and completely withdraw from the social media business.
Perhaps it is time to define a new definition of online business or social media business. Because companies like Meta and Tiktok want to think differently from the traditional way of trading.
Meta said it will be shutting down Facebook’s Live Commerce option next month. Instagram ended its affiliate commerce program in August.
Meta may define a new way of doing business on e-commerce platforms. While TikTok hasn’t completely moved away from social commerce, it’s considering three new formats for advertising.
TikTok wants to make the process of doing business on social media easier for marketers. Social media companies are considering plans to do business in the US and Europe through mobile applications.
Another important point here is that people in many countries, including the UK, are going through a crisis due to inflation and the constant increase in commodity prices.
It is not easy for anyone to select a product and buy it at this time. Even these platforms have not made the process easy for marketers. On the contrary, in many other cases, trouble has to be faced.
Experts believe that it would be good for everyone if the big social media can come out with new innovations from the current way of social commerce.