I created a full Facebook Advert for the first time about a week ago.
My traffic has gone up by x5 which I'm very happy with and Facebook performance/relevancy score is 8 which means it's doing quite well.
However, none of this new traffic is resulting in adding to basket, reaching checkout or completing the orders, which means my conversion rate has gone from 1.8% down to a shocking 0.39%.
All I can assume is that the traffic I am getting is actually not relevant to me somehow? But I have set up my own audience profile based on my niche market so I don't see why this traffic would be too different from that I get when I boost a post or have a competition running...
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I took a look at your store and would recommend you to use less hash tags on your product page. It would be better to just write a good description for each product.
You said that your traffic is up, but the conversion rates are down. So obviously, your new traffic is not as good as the old one. Maybe the users you are targeting are not really the right audience. Don't forget on the purchase ability of your visitors. You have to target people who are interested in your products and have money to buy them.
And one more thing. You should make it easier for your customers to add products to cart by adding a quick add to cart button on your products. What I mean is to add a quick add to cart button to every product listed on your home page, collection list,... You can achieve this with an app called Add to cart button. It is the simplest solution and might work for you ;)
It is necessary to define the objective of the ad campaign very carefully. If you are currently opting for traffic/brand awareness, I would suggest that you try conversions. This will let facebook optimize in a way that your sales are maximised.
Your relevance score is quiet high which suggests that people have positive feedback for your ad (Nice creative/Not spammy etc) and most likely you have a relatively low CPA. However, this doesn't mean that the people who are clicking on your ads are your potential customers.
That leads to the next point - Quality of traffic. Not all traffic and clicks are good clicks. Here's a post we wrote about the quality of traffic. This should give you some pointers: Good traffic, bad traffic
So it seems like you are not attracting the right type of traffic. Unfortunately, the only solution there is - Iteration.
I would recommend that you start with a persona of your potential buyers and then test your targetting by experimenting with different audience sets by segmenting them on the basis of interest/age/location/Device etc). Start with smaller daily budgets and scale only after you start getting conversions with a particular audience.
As a side note, I wouldn't rule out on-site issues and would recommend that you install hotjar and see what your visitors are doing on your site. That might give you some hints as well.
Along with Ads, I'd strongly suggest building your organic following as well. You can then target these followers with ads and messages on your social channels. It'll be cheaper and more effective.