You're a little late to the party. I would said the peak was around 2015 - 2016. IG/FB can still work, but you need to know what you're doing. And the ROI isn't what it used to be. I wouldn't recommend it for someone just starting out.
I haven't done it in years so I could be wrong, but I believe the trend now is one product shops. Find one cool/useful product and just market that, instead of a store.
I'd look into getting organic traffic from Youtube, Instagram, etc first. If you're generating sales then it's a good sign to start looking into paid traffic.