Conversion rates are relative to the business and marketplace. A 1% conversion rate might be great for 1 company but not for another. The only axiom would be that the higher the conversion rate, the better.
For example, a clothing ecom store will have drasicatically different conversion rates compared to an inudstrial equipment supplier.
Is there a specific reason you are looking at evaluating your conversion rate?
Conversion rate strictly depends on the quality of the traffic coming to your website. If it's coming from people looking to buy your product [you use transactional keywords in your content, very specific, such as: "buy red polka dot Mary Jane girls shoes"], the conversion will be higher, but the traffic can be relatively low. If you use broader keywords [infomercial, more general, like: "girls shoes"], your traffic can be higher, but conversion lower. Also, if you blog regularly, you might be getting plenty of readers to your blog, but people won't be buying. That's when the conversion will also suffer. Work on getting more defined traffic by improving your keywords. Hope it helps.
Honestly, that isn't a bad conversion rate. Have you ever considered sending out abandon cart emails? These remind potential customers that they started adding to a cart and never purchased. If you are clever enough you will be able to get many people back to the site to purchase.
When you have more customers, try to import the customers into Facebook Ads Manager to create a lookalike audience. In this way, Facebook can help you to determine relevant users to display ads.
If you are a new store, it's very likely to have a low conversion rate. This is because you can't hit your target customers very well. Even you buy Facebook ads, you don't have a good custom audience.
If you want to improve your conversion rate, you need to improve the quality of your traffic sources. If you have high-quality traffic sources, you'll have more relevant visitors interested in your products.
I don't know your store but I would recommend you to generate organic traffics to improve conversion rate. You may try blogging, video channel, etc.
p.s. I am working on an ad targeting solution called socialport.io. It can help you build a better custom audience with good content. Feel free to ping me for a free trial.