In the modern era, digital marketing is gaining more importance and people are driven towards social media. These made digital marketing include social media platforms as an essential part to market their products and services. Social media platforms have rapidly emerged and gained more value and help to create and share information, interests, ideas, as well as one own expression through their platforms. Here we will see various social media platforms available on the internet and learn their impact on the market. The impact of social media trends is very important to understand the market, companies’ position, and branding. Since social media marketing is a new and specialized method of marketing, some of its areas may be unknown to business owners. This makes social media marketing challenging for people thus many are skeptical about using digital marketing strategies to grow their business. Thus, in this research, we have discussed various challenges and opportunities which will give a clear picture to all the readers.