To diagnose the issue, you should check your sales funnel, starting from the top.
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Traffic: The first thing to check is your traffic. If you’re not getting enough traffic (less than 1,000 views a month), it’s hard to get accurate data on your conversion rate.
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Conversion Rate: In your Shopify dashboard, check your conversion rate. An average rate is 1-3%. If it’s less than 1%, there’s a conversion issue.
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Landing Page: Make sure your ads are taking people to the most relevant page, not just the homepage. Every additional click a customer has to make can decrease your conversion rate.
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Product Page: A lot of the time, for higher-end or more complex products, there’s not enough information on the product page. You should create a product story with images, videos, and testimonials to convince people of your product’s usefulness and legitimacy.
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Shipping Rates: If you have a lot of abandoned carts, it could be an issue with your shipping rates being too high or not clearly communicated.
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Product/Market Fit: If everything else is optimized, you may have to face the uncomfortable possibility that there’s an issue with either your product-market fit or the product offering itself.
For our full response, see our stream recording. We start answering your question around 00:10:00.